Cyprus recorded the largest increase in housing transactions among EU countries in 2023, according to data released by the European Union’s statistical office (Eurostat).

Eurostat reported that in 2023, the number of housing transactions decreased in 13 out of the 16 EU countries for which data is available, compared to 2022.

This marks the second consecutive year that the majority of countries have seen a decline in sales.

The largest decreases in transaction numbers in 2023 were observed in Luxembourg (-43.3 per cent), Austria (-26.4 per cent), and both Hungary and Finland (-24.5 per cent each).

Conversely, increases were recorded in Cyprus (+31.0 per cent), Poland (+3.9 per cent), and Ireland (+0.6 per cent).

What is more, in 2022, 10 out of the 16 countries that submitted data reported a decrease in the number of sales.

It should be noted that the housing market was noticeably impacted by the outbreak of the Covid-19 pandemic in 2020, leading to a general decline in housing transactions due to quarantine measures.

Only four out of the 16 EU countries for which data is available recorded increases in sales during this year. However, in 2021, housing sales rose in 14 EU countries.