Shift in homeownership trends in Cyprus

Around 20-25 years ago, Cyprus was renowned for having one of the highest rates of homeownership globally, with figures nearly reaching 78-80%, as per the data available then. This statistical achievement often garnered admiration during discussions, both substantive and academic, as such high rates were uncommon in comparable contexts elsewhere.

This perception suggested a stable, almost constant variable rather than a subject of ongoing research interest. However, over the past quarter-century, the landscape has shifted significantly.

Today, Cyprus' homeownership rate stands at 69.8%, a notable decrease from the 78-80% observed previously. Conversely, the rental rate has surged from approximately 20-22% to its current 30.2%. Comparatively, these figures align closely with the European Union average, where homeownership averages 69.9% and rentals make up 30.1%.

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