House prices, in Cyprus dropped by -0.9% in quarterly and by -8,9% in annual basis in the second quarter of 2016, according to Eurostat`s housing index. That decrease was also the largest in the EU in both accounts.
Meanwhile in the euro area house prices rose by 2.9% and by 4.0% in the EU in the second quarter of 2016 compared with the same quarter of the previous year.
Compared with the first quarter of 2016, house prices rose by 1.4% in the euro area and by 1.6% in the EU in the second quarter of 2016.
Among the Member States for which data are available, the highest annual increases in house prices in the second quarter of 2016 were recorded in Hungary and Latvia (both +10.3%), Austria (+9.0%), the United Kingdom (+8.8%) and Sweden (+8.7%), while falls were observed in Cyprus (-8.9%) and Italy (-1.4%).
Compared with the previous quarter, the highest increases were recorded in Latvia (+6.6%), Estonia, Lithuania and Portugal (all +3.1%) as well as the United Kingdom (+3.0%), while falls were observed in Croatia and Cyprus (both -0.9%), Italy (-0.4%) and Hungary (-0.2%).