House prices in Cyprus have fallen by -3.3% during the third quarter of 2016 compared to the same period last year, the EU’s statistical service Eurostat reported on Thursday.
In contrast, prices in the euro-area and the EU rose by 3.4% and 4.3% respectively.
Cyprus (-3.3%) along with Italy (-0.9%) were the only two countries where decrease in prices have been observed on an annual basis.
Compared with the second quarter of 2016, house prices rose by 1.3% in the euro area, by 1.5% in the EU and by 0.2% in Cyprus, for the third quarter of 2016.
Among the member states for which data is available, the highest annual increases in house prices in the third quarter of 2016 were recorded in Hungary (+11.6%), Latvia (+10.8%), and Bulgaria (+8.8%).
Compared with the previous quarter, the highest increases were recorded in Malta (+5.4%), Ireland (+4.7%), Estonia, Lithuania, and Hungary (all +3.4%), while a decrease was observed in Romania (-0.7%).
Source: CNA
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