Real estate is still a critical sector for Cyprus, but recent changes suggest that the sector needs a rethink. A report from PwC, along with comments from industry leaders, suggest new directions.
Real estate is still the fastest-growing sector in Cyprus, and, despite the pandemic, it still increased its contribution to Gross Value Added (GVA) by 4 per cent to 17 per cent during the 12 months to 30 June 2020, according to the recently released PwC report “Cyprus Real Estate Market H1 2020.”
The report documents a shift from reliance on foreign buyers to greater engagement of the domestic market.
“The developments have prompted an urgency to pursue a much-needed sector reform and for the market participants to set new priorities and strategies,” writes PwC Cyprus CEO Evgenios Evgeniou. “Going back to the old-normal is not a viable option.”