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PwC has recently released its ‘Cyprus Real Estate Market – Year in Review 2020’ publication, which states that despite the disruption caused by the Covid-19 pandemic to Cyprus and global econony, and the abandonment of the Cyprus Investment Program early in November 2020, a local Real Estate and Construction sector in Cyprus still contributed a whole 17% to the country’s Gross Value Added (GVA) during last year.
In Cyprus there were 14,000 property transactions in 2020, compared to 17,200 in 2019; a fall of 19%. The value of property transactions fell by 32% to €3.0 billion compared to €4.4 billion in 2019.
Based on the PwC’s analysis, the number of high-end property sales (i.e. those costing €1.5 million or more) stood at 176; a fall of 45% compared to 2019 when 318 were sold. High-end sales reached €400 million - a fall of 40% compared to 2019 when sales totaled €720 million.
Nevertheless, the construction sector’s resilience has been impressive. According to the report: “The construction sector’s contribution to GVA output dropped marginally (1%) during 2020, highlighting the resilience of the sector and its importance to the overall local economy”.
Prime Property Group is a pioneer in the real estate development field, providing one-stop services including real estate development and property management to the real estate market and its target customers. And the core advantage of Prime Property Group lies in the fact that this company is not only a real estate agent, but also a real estate developer. It has super economic strength and brand service awareness. It provides relevant services to international customers. Consultancy services on all matters of real estate and construction projects in Cyprus, including villas, new apartments and town-houses.
Please contact Prime Property Group (https://www.prime-property.com/en/Contacts/) for detailed information about rent, sale or property management services.
Continue to read full publication at PwC website >>
Более подробную информацию о налогах и сборах при покупке недвижимости на Кипре вы можете получить на нашей странице.
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