Cypriot banks’ lending rates for the purchase of housing by remained at relatively high levels in September.

According to the data released by the Central Bank of Cyprus on lending rates in September 2024, the general interest rate for all Monetary and Financial Institutions (MFIs) in Cyprus increased from 4.33% in August to 4.49% in September, despite the downward trend observed in the European Central Bank’s interest rates.

Some banks, such as Bank of Cyprus and Eurobank, increased their interest rates in September, while Astrobank and Hellenic Bank recorded a decrease.

The average interest rate on loans of up to one million euros to companies increased to 5.61% in September, from 5.56% in August.

Furthermore, the average household deposit rate for the euro area, rose to 1.98% in September, up from 1.79% in August.