The coronavirus pandemic and protracted quarantine have had a negative impact on all sectors of the Cyprus economy. The real estate sector has become one of the top destinations that have been hit hardest.
The global flight ban has significantly reduced the number of home sales transactions in the country, especially among foreign investors.
But experts of the Cyprus real estate market are not losing their optimism. Moreover, many of them predict a quick recovery of interest from foreign investors.
So, according to experts as soon as all international restrictions on movement are lifted, Cyprus can count on a large influx of Arab investments.
It should be noted that despite the contraction of the economy of Cyprus by 6.2% last year, the real estate market in the country still occupies a relatively strong position. Thus, according to the Real Estate Price Index published earlier by the Central Bank, the cost of housing in the country did not fall, and even increased by 2% this year.
We must admit that one of the main reasons for the interest in real estate in Cyprus, especially in the midst of the coronavirus pandemic, was the excellent epidemiological indicators in the country.
Thus, the current performance allows developers to be optimistic that the summer of 2021 will be particularly active for the real estate sector. Moreover, the Cyprus housing market has something to offer not only to foreign investors, but also to local buyers.
Have you decided to buy an apartment or a house in Cyprus? Contact the DOM Rea Estate! The website has a large selection of real estate objects, both residential and commercial. Experienced agency specialists will be happy to help you make the right choice.