The real estate sector in Cyprus is booming, following the country's miraculous economic recovery over the past few years. Various commercial and residential investments continue to offer opportunities in both new and existing projects, while sales activity shows continuous growth.
The economy of Cyprus depends heavily on the real estate sector, which contributed 14 per cent to the country’s Gross Value Added (GVA) rate in 2017. It is a fact that the island has one of the highest home ownership rates in Europe, while there is also strong interest from the overseas market with regard to holiday and second homes.
The confidence level that is currently unveiled across the island's real estate market rose steadily in 2016 and 2017, showing strong market performance with the upswing continuing through to 2018.
This ongoing rise mirrors the positive developments in the economy of Cyprus, as well as the improvement of economic performance indicators, such as the growth in GDP of 3.4 per cent in 2017 (source: PWC - Cyprus Real Estate Market, First Half in Review, H1 2018).