Demands for home, car loans in Cyprus rising from May

Demand for home, car loans suppressed in May compared to March and early April

Demand for home and car loans in Cyprus was suppressed in May compared to March and early April and this is attributed to the ongoing growing inflation and rising costs.

Also under consideration by both households and businesses is the possibility of increased interest rates and the growing inflationary pressure on salaries, according to analysts.

Cyprus Central Bank latest data shows that, in April 2022, the total new loans decreased to €264.5 million, compared to €506.7 million the previous month.

And new consumer loans in April fell to €13 million, compared to €14.1 million in March. New home loans in April decreased to €73.1 million, compared to €205.1 million in March.

As for new loans to companies for amounts up to €1 million these decreased to €51 million in April, compared to €79.3 million last month. New loans to companies in April for amounts over €1 million decreased to € 120.5 million, compared to €199.9 million last month.

In March, the picture of borrowing was completely different. Total new loans had increased to € 506.7 million, compared to €437.4 million in February.

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