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Cypriot banks raised mortgage interest rates in August 2024, while simultaneously cutting interest rates on one-year deposits for households, according to data released by the Central Bank of Cyprus (CBC).
The CBC’s report, published on Wednesday, highlighted a decline in interest rates for short-term household deposits, which fell to 1.79 per cent in August, down from 1.96 per cent in July. In contrast, the deposit rate for businesses (non-financial companies) increased slightly to 2.33 per cent, up from 2.28 per cent the previous month.
Meanwhile, interest rates on consumer loans saw a small decline, dropping to 6.59 per cent in August from 6.67 per cent in July. However, mortgage rates edged up to 4.65 per cent from 4.59 per cent.
For business loans, there was also a downward trend. Rates on loans under €1 million for businesses fell to 5.36 per cent from 5.61 per cent. Similarly, rates for loans above €1 million decreased to 5.42 per cent from 5.64 per cent.
Sharp Decline in New Loans
A significant drop in the total value of new loans was observed in August, with the figure plummeting by 33 per cent compared to July. The value of total new loans fell to €395.5 million, down from €596.3 million in the previous month.
This trend in rising mortgage rates and the simultaneous fall in deposit interest for households may continue to influence the dynamics of Cyprus’ real estate market. To explore current property listings and potential investment opportunities, check out https://index.cy/for-sale/.
source: Cyprus Mail
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