Cyprus real-estate market possible scenarios

There are hundreds of real estate agents operating in Cyprus, from Paphos to Limassol, closing the list with the ones in the capital city of Nicosia.

As far as the demand for the information is as high as it has never been, there are millions of possibilities permanent accommodations. Thus, it is essential to obtain the knowledge about the housing market. We are here to help you out with all the problems that might arise. Read our new expert material on housing in Cyprus.

As it always has been the market of housing and rental is still the most flourishing economy sphere of Cyprus, and, in spite of the pandemic outburst taking its place, it still increased its contribution to GVA by approximately 4–17% during this ending year, according to the last PwC report “Cyprus Real Estate Market 2020.”

In the data attached to the report exemplified a shift from reliance on foreign buyers to greater engagement of the domestic market.

The total value of transactions are as it had been expected went down during the first half of 2020, to €1.2 billion, which was 55% less comparing to the numbers of the same period in 2019.

Evgenios Evgeniou, PwC Cyprus CEO, outlined that the circumstances have made it a top priority to develop a much-needed strategy in the sphere of the market and participants to set their new goals and palns. He ended up saying that abandon now is not a feasible option.

Elaborating on the main topic of the report, Panos Danos, CEO of Danos, a real estate agency based in Nicosia assumed: “With construction now also at a standstill, there are plenty of projects that are not finished. The prominent marina, casinos and Larnaca port projects will all suffer in the short-medium term”.

It is believed by Danos that this year and the following one are going to be quite complex years, so the authorities will have to become involved in and reconsider the setting of investors so as to draw the interest back to the Cyprus real estate market.

The chairman of the Cyprus Property Owners Association, George Mouskides reviewing the year, summed up that the authorities ought to seek a way to grant citizenship to newcomers on easier terms. As far as he concerns, now the government should find a way to bring in third-party experts to analyse the program so that they can recoup the investors’ trust.