Cyprus Property Market in Review
- Sep 16, 2017
- 2 min read
by PwC Cyprus
The Real Estate and Construction sector, constitutes one of the main pillars of the Cypriot economy, accounting for 14,1% of the country's GVA in 2016. Following a period of severe market contractions, the number of real estate sale contracts dropped by 56% during the period 2010 - 2013. Throughout 2014 and 2015, there were signs of improved transaction activity and as a result of improved confidence in the Cyprus economy and the real estate market, a further significant increase was recorded in 2016 with total sales reaching a six-year high (YoY increase of 43%).
«Cyprus Real Estate Market – 2016 Year in Review» is PwC Cyprus’ first publication on the Cyprus Real Estate market. The publication provides a general overview of the sector and an analysis based on available market data up until December 2016. Specifically, through the use of PwC’s specialised expertise, the publication provides analysis of sales contracts, planning permits and prices among other, segmenting data based on geography and type of property.
The publication is intended for individuals and companies interested in developing, investing and buying as well as in renting or selling real estate. It constitutes a rich source of information without however substituting proper professional advice.
Commenting on the publication, Mr Constantinos Constantinou, Partner, in charge of Advisory at PwC Cyprus said: “The real estate and construction sector contributes significantly to the Cyprus economy (contribution to GVA, currently accounts for 14.1%), foreign investments and employment. This publication comes at a time when the Cyprus Real Estate sector is recovering after having suffered the consequences of the financial crisis of the previous years. We hope that it will serve as a useful tool for professionals, offering them an analysis of the current situation in the market.”
The “Cyprus Real Estate Market – 2016 Year in Review” is available in English on the website www.pwc.com.cy/real-estate-market
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