The economic growth and fiscal performance of Cyprus continued to surpass expectations during H1 2018, with GDP expected growth of 3,6% for 2018, positioning Cyprus amongst the high accelerating economies of Europe.<\/p>\n
Employment is growing across most sectors of the economy leading to a sharp reduction of the overall Cyprus unemployment rate. According to Eurostat data, in August 2018, Cyprus recorded the largest annual unemployment drop in Europe, shrinking to 7,5% compared to 10,5% in August 2017 and 8,1% for the Euro Area average.<\/p>\n
In early Autumn 2018, the key international credit rating agencies upgraded the sovereign\u2019s rating by one notch, while maintaining at the same time a positive outlook. Notably, in September 2018, Standard & Poor\u2019s (S&P) upgraded Cyprus\u2019 credit rating to investment grade, after maintaining a junk rating for almost seven years.<\/p>\n
Increased activity levels both in terms of transactions and new permits for development, continued through to H1 2018, demonstrating the improved confidence in the property sector.<\/p>\n
Interest from foreigners, and predominantly from non-EU buyers, continues to be the driving force for the market and is mainly fuelled by the continuation of the government schemes encouraging further investment in Cyprus.<\/p>\n
In addition, increased levels of demand from domestic market and increased supply of new housing stock as a result of the reactivation of the private construction and property development sectors, contribute to the growth being observed.<\/p>\n
Further growth in all property price indices was recorded during 2018, reflecting the increased demand and activity levels in the real estate sector.<\/p>\n
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The economic growth and fiscal performance of Cyprus continued to surpass expectations during H1 2018, with GDP expected growth of 3,6% for 2018, positioning Cyprus amongst the high accelerating economies of Europe. Employment is growing across most sectors of the economy leading to a sharp reduction of the overall Cyprus unemployment rate. According to Eurostat… Read more »<\/a><\/p>\n","protected":false},"author":20,"featured_media":2335697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n