REAL ESTATE MARKET -COVID19

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Real Estate is the fastest-growing sector in Cyprus and despite the pandemic, it still increased its contribution to Gross Value Added (GVA) by 4% to 17% during the 12 months to 30 June 2020, according to the recently released PwC report “Cyprus Real Estate Market H1 2020.” The report documents a shift from reliance on foreign buyers to greater engagement of the domestic market.

Furthermore, the increased supply of properties provides the interested party with a plethora of options in comparison with last year. In addition, the stability of the Real Estate Property Market gives opportunities that could have not been available in the past. Even though the economy is always fluctuating, Cyprus time after time has proven that in difficult times it always prevails. According to the report of the Central Bank of Cyprus, there is an annual increase of 1.8% in the Residential Property Price Index and therefore predicts a positive outcome for the forthcoming months. (Source: Cyprus Mail, 06/12/2020)

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