Cyprus’ real estate sector is continuing to thrive, building on the upward trend of previous years, with experts confident that sales transactions for 2018 will peak at an eight-year high.
A PWC REPORT on the Cyprus Real Estate Market “First Half in Review H1 2018” showed that sale transactions reached 4,470 with the Land registry in H1, creating hopes that sales will surpass 2017’s eight-year high of 8,734. The number of 2018 H1 sales represent an uplift of 24% compared to the 3,610 sale contracts filed at the land registry during H1 2017. According to PwC, the messages in the report are clearly positive despite the market still being heavily depended on foreign buyers and the investment for citizenship scheme. PwC’s real estate advisor told the Financial Mirror that an increase in demand from local buyers has also been recorded “helping the diversification of the market”. Constantinos Savvides, director of PwC’s real Estate Advisory department said: “We are not talking about only an increase in absolute numbers, but also of an increase in the value of projects for which licenses have been issued in the first six months of the year which amounts to EUR 750 million. In the same period in 2017, projects obtaining licenses were worth EUR 650 million.”
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