Business and Finance
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Business and Finance
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Cyprus outpaced Eurozone in housing loan costs in October

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The Central Bank of Cyprus (CBC) on Monday released its late report on interest rates across all monetary financial institutions (MFIs) for the month of October. The report showed fluctuations in mortgage loans,
In October, Cyprus experienced a significant increase in housing loan costs, surpassing the Eurozone average. According to data from the Central Bank of Cyprus, the interest rate for housing loans in Cyprus rose to 5.12%, compared to the Eurozone's average of 4.01%. This rise is attributed to the European Central Bank's (ECB) efforts to combat inflation through higher interest rates. The increase in borrowing costs has made homeownership more challenging for Cypriots, potentially slowing down the real estate market. Additionally, the report highlights that while Cyprus's rates are higher, the overall trend of increasing rates is consistent across the Eurozone, reflecting the ECB's monetary tightening policy.

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[ https://cyprus-mail.com/2024/12/16/cyprus-outpaced-eurozone-in-housing-loan-costs-in-october ]