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KPMG Cyprus real estate report

KPMG’s ‘Cyprus Real Estate Market Report – The Insights’, now in its ninth edition, provides an overview of the Cypriot economy and assesses the performance of the real estate sector.

KPMG Cyprus real estate report KPMG has published the 9th edition of the ‘Cyprus Real Estate Market Report – The Insights‘, which summarises the key trends and major drivers of the Cyprus real estate market focussing on Q1-Q3 2018, the latest period for which data is available.

KPMG notes that overcoming the challenges of recent years, the Cypriot economy continued its positive growth in 2018, with GDP year-on-year growth expected to reach 4% (almost twice the EU average) and unemployment dropping to 7.5% in August 2018.

The positive economic growth has led to a series of upgrades of the Cyprus sovereign rating from international credit rating agencies; the latest upgrade to “Investment Grade” with a stable outlook was given by Fitch in October 2018, Cyprus’ first exit from “Non-Investment” grade since 2012.

Building permits continued their upward trend both in volume (+8%) and value (+20%) in the 1st half of 2018. Larnaca saw the biggest increase in volume (25%) and Famagusta in value (86%), when compared to the previous year.

Real Estate activity continued its upward movement in 2018, with Contracts of Sale increasing by 21%. Limassol had the biggest share (37%) of the market, while Famagusta the biggest increase (+37%) in sales. Non-Cypriots accounted for 48% of the overall number of contracts in 2018.

Notable Real Estate Matters, include the increase in the number of transactions for high value properties (more than €1 million) with a Compound Annual Growth Rate (CAGR) of 88% from 2013-2017. New building permits for hotels have grown 219% in terms of their square meterage during the first half of 2018 when compared to the first half of 2017. Bookings through AirBnB showed an increase of 49% for the first nine months of 2018.

Further reading

Cyprus Real Estate Market Report – The Insights

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  • Deanna says:

    Dear Ed – Just to say thank you for your choice of pics in top RH-box. That’s the Cyprus I fell in love with back in the ’80s.

    Wishing you and all readers a Happy Christmas and healthy New Year.

    Ed: Thank you Deanna and I wish you a very Merry Christmas and a Healthy and Happy 2019.

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