Positive economic growth has continued in 2018 for Cyprus, with GDP exhibiting an annual 3,9% increase (considerably higher than the EU average).
The Real Estate sector (including construction activities) has contributed c. 38,5% of the annual growth rate and 16% of the Cypriot economy Gross Value Added.
The issuance of Building Permits continued its upward trend in 2018, both in terms of volume (+12% year-on-year) and value (+20% year-on-year).
Famagusta district exhibited the biggest annual increase in terms of volume (36%) and in terms of value (77%).
Transactions activity remained strong, with the number of Contracts of Sale exhibiting an annual increase of 6%.
Limassol had the highest share (37%) of the market for 2018, same as in 2017, and Nicosia exhibited the largest year-on-year increase (+10%) in sales.
Non-nationals contributed 47% of total transactions activity.
Notable Real Estate Matters include:
- An annual increase of 27% in the volume of transactions for high value residential properties (> €1 million) in 2018
- New Building Permits for hotels have exhibited a growth of +122% in terms of m2 during 2018, when compared to 2017
- Bookings through Airbnb showed an annual increase of 71% in 2018.