Cyprus Among Europe's Lowest for Housing Cost Burden Despite Lengthy Deposit Savings
Cyprus has one of the lowest housing cost burden rates in Europe, with only 2.6% of urban residents spending 40% or more of their income on housing, according to a recent report by bestbrokers.com. However, saving for a home deposit remains challenging, as it would take nearly two years of gross income to afford the 20% deposit on an average mid-sized home.
The report highlights that the average gross monthly income in Cyprus is 2,603 euros, while the average home price is approximately 305,296 euros, requiring a 61,059 euro deposit. By comparison, Greece has a higher housing cost burden, with 26.9% of urban residents spending at least 40% of their income on housing and a longer savings period of 29 months for a similar deposit.
Low housing cost burden in Cyprus is attributed to higher incomes, lower home prices, and higher home ownership rates. However, the report cautions that despite favorable averages, the housing market remains difficult for renters and first-time buyers due to the disparity between property prices and household incomes.
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