The Real Estate sector in Cyprus is booming, following the country's miraculous economic recovery of the past few years. Various commercial and residential investments keep pouring, in new and existing projects, while sales activity is on a continuous growth.
The economy of Cyprus heavily depends on the real estate sector, which contributed 14% on the country’s Gross Value Added (GVA), in 2017. It’s a fact that the island has one of the highest home ownership rates in Europe, while there is also a strong interest from overseas market in regards to holiday and second homes.
The confidence level that is currently unveiled across the island's Real Estate market, has been steadily rising with 2016 and 2017 showing strong market performance and the upswing continuing straight through to 2018.
This ongoing rise, mirrors the positive developments in the economy of Cyprus, as well as the improvement of economic performance indicator, such as the growth in GDP of 3,4% in 2017. (source: PWC - Cyprus Real Estate Market, First Half in Review, H1 2018)