Real estate remains crucial to Cypriot economy: PwC report
Real Estate and Construction continues to be one of the most important sectors for the Cypriot economy, contributing 17% to the island nation’s Gross Value Added (GVA) in 2020, according to a PwC report cited by Cyprus Property News.
The sector’s GVA output fell only slightly (1%) in 2020, highlighting the sector’s resilience to disruptions caused by the pandemic and the sudden termination of the country’s Golden Visa programme in early November.
2020 saw 14,000 real estate transactions take place in Cyprus, compared to over 17,000 in 2019. At the same time, the value of real estate transactions fell by 32% to €3 billion in 2020, compared to €4.4 billion in the previous year.
According to analysis by PwC, while luxury real estate sales worth over €1.5 million were closed in the year, the number of units sold amounted to 176 in 2020, compared to 318 units in 2019.
All districts in Cyprus were hit by a double-digit fall in the value of properties sold last year. Limassol and Paphos, the areas most popular with overseas buyers, have suffered the most, with prices falling respectively by 36% and 47%, compared to 2019.