Expert forecast of Cypriot real estate market 2021

As the year starts the experts in every field provide newsletters with new analysis or forecasts.

Evgenios Evgeniou, the CEO of PwC Cyprus, believes that during 2021 “Cyprus can transform into an ambitious, inventive and more diversified economy with sustainable growth. An economy that is attractive to productive investments”.

Panos Danos, the CEO of DANOS Group, made a comment on the following year in the real estate market.

As a substantial share of property investors are promising 2021 might be the year to make a positive change to the wealth of Cyprus, meaning there is expected an early pullback from the troubles in the economy associated with the pandemic outburst.

Investment funds that use leveraged funds and employ more aggressive, often riskier strategies than other investors predict that many unwanted sectors by 2020 will be new areas of focus in the coming years.

According to expert agents and developers listed on Goruhomes, 2021 might be a year for the market to prosper and offer new investment opportunities due to an explosion in deferred travel demand, leading to the phase of “growth” that will accelerate into 2022.

During the last year, overall prices of real estate in Cyprus along with the number of sales contracts have declined, mainly due to the effects of the coronavirus, which gave rise to the closure of interstate borders and travel restrictions around the world.

Moreover, since November 2020, the authorities have decided to end the Cyprus Investment Program, creating the possibility of precariousness and causing some doubts about the need to invest in Cyprus real estate has increased slightly, putting extreme pressure on the luxury properties that have been designed for the above investment program.

Despite any pessimistic prognosis that some properties may remain unsold and that developments for which permits have been obtained will not be implemented, there are projects that increase the depth and scale of the Cypriot market.