You can find the full Annual report by KPMG outlining the key trends and major drivers of the Cyprus Real Estate Market for 2018 by clicking on this link.
REPORT HIGHLIGHTS
Positive economic growth has continued in 2018 for Cyprus, with GDP exhibiting an annual 3,9% increase (considerably higher than the EU average).
The Real Estate sector (including construction activities) has contributed c. 38,5% of the annual growth rate and 16% of the Cypriot economy Gross Value Added.
The issuance of Building Permits continued its upward trend in 2018, both in terms of volume (+12% year-on-year) and value (+20% year-on-year).
Famagusta district exhibited the biggest annual increase in terms of volume (36%) and in terms of value (77%). Transactions activity remained strong, with the number of Contracts of Sale exhibiting an annual increase of 6%. Limassol had the highest share (37%) of the market for 2018, same as in 2017, and Nicosia exhibited the largest year-on-year increase (+10%) in sales.
Non-nationals contributed 47% of total transactions activity.
Notable Real Estate Matters include:
• An annual increase of 27% in the volume of transactions for high
value residential properties (> €1 million) in 2018
• New Building Permits for hotels have exhibited a growth of +122%
in terms of m2 during 2018, when compared to 2017
• Bookings through Airbnb showed an annual increase of 71% in 2018.