The interest rate on housing loans in Cyprus has reached 4.91 percent

According to the report from the Central Bank of Cyprus (CBC) on monetary, credit, and financial statistics, in October 2023, the interest rate on housing loans reached 4.91 percent.

At the same time, the interest rate on time deposits for the population with a maturity of up to one year decreased to 1.58%.

Meanwhile, the deposit rate for non-financial corporations increased to 2.26%, compared to 1.67% in the previous month.

In addition, interest rates on consumer loans increased from 6.05% to 6.27%.

Interest rates on loans for non-financial corporations up to 1 million euros increased from 5.72% to 5.77%.

Interest rates on loans exceeding 1 million euros reached 6.26%, compared to 5.59% in the previous month.

Despite these fluctuations, in October 2023, the total value of new loans increased to 693.4 million euros, compared to 578 million euros in the previous month.

In particular, the portfolio of loans for the purchase of new homes increased to 218.1 million euros (from 172.6 million euros), and new consumer loans increased to 24.6 million euros (from 24.5 million euros).