Developments in the Cyprus real estate sector, recent market information and the use of funds as a growing trend for real estate projects were at the focus of the events organised by PwC Cyprus on 6 and 7 November in Paphos and Limassol respectively. Professionals from the sector had the opportunity to be informed, in detail, by PwC experts on the sector’s performance during the first half of 2018, as well as on the latest market trends.
Welcoming the events, Mr Constantinos Constantinou, Partner, Head of Advisory Services at PwC Cyprus, said that “The sector is a main pillar of the Cypriot economy as it contributes greatly to the Gross Domestic Product (GDP) as well as helps attract new investments and supports the labour market. The increased levels of activity, with regards to transactions as well as new permits for development, also continued in the first half of 2018, confirming the continuous improvement of confidence in the real estate sector”.
PwC experts presented statistical data on property transactions, building licences and the behaviour of price indices. As the speakers underlined, the interest of foreign buyers who are non-EU citizens continues to be the main driving force behind the real estate market. Furthermore, increased levels of demand in the local market as well as the construction of new houses due to the rejuvenation of the construction and real estate sector, further contribute to the growth that has been recorded so far.
During the events, PwC Cyprus announced the circulation of its 4th publication on the Cypriot land development market, entitled “Cyprus Real Estate Market – First Half in Review 2018”. The publication is directed at individuals and companies interested in developing, investing, purchasing or putting real estate up for rental or sale. It is a rich source of information for better understanding the current situation in the sector, as it analyses all the parameters involving a property, with geographical and time criteria, as well as depending on the type of the property.
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