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26 February 2021

Deloitte Publishes Annual Cyprus Property Market Report

a:2:{s:4:"TEXT";s:3811:"<p><strong>Deloitte published on Thursday, February, 25 a report on the analysis of the Cyprus property market over the past year.</strong></p><blockquote><em>Deloitte is one of the largest and fastest-growing professional audit, tax, consulting and accounting advisory companies in Cyprus.</em></blockquote><p>The report includes information and analysis of the development of the Cyprus property market, an overview of the country's economy, as well as a survey, which was conducted in December 2020 among industry experts throughout the island regarding forecasts for 202.</p><p class="ql-align-justify">According to the report, the measures and restrictions during the blocking periods in 2020, as well as the unexpected closure of the Citizenship by Investment program, had a negative impact on the real estate sector, its transactions, construction activity, thus the housing prices fell, especially in the coastal elite real estate.</p><p><strong style="color: rgb(230, 0, 0);">The total number of transactions in 2020 decreased by 23%.</strong></p><p>7,968 sales and purchase agreements were concluded in total during the year, (10,366 in 2019). At the same time, the number of housing units sold also decreased by 18.5%. 14,663 properties were sold during last year, (18,000 in 2019). The total value of the properties sold was EUR 2.74 billion, which is 23% less than in 2019.</p><p class="ql-align-justify"><strong>But the value of almost all types of real estate in Cyprus fell, except for apartments, which actually did not succumb to the influence of price changes in the 2nd quarter of 2020.</strong></p><p class="ql-align-justify"><img src="" alt="Компания Deloitte опубликовала ежегодный отчёт об анализе рынка недвижимости Кипра"></p><p><strong>As for rent, prices in this segment increased in most categories of real estate in the 2nd quarter of 2020.</strong></p><p><strong style="color: rgb(230, 0, 0);">The exception is large shopping centers and shops, where rental prices continue to fall even now.</strong></p><p>It should be noted that the coronavirus pandemic has dealt the greatest blow to the elite real estate sector and large projects. Proof of this is the number of permits issued. For example, from January to November 2020, only 595 licenses were issued in Cyprus, (compared 5397 in 2019). At the same time, the future of many large projects remains very unknown, it is not known how many of these permits will be implemented in future.</p><p>It is noteworthy that apartments less suffered from the pandemic and the closure of the investment program.</p><p class="ql-align-justify"><strong>According to the results of the same survey, real estate investment is still the most popular form of investment among residents of Cyprus.</strong></p><blockquote class="ql-align-justify"><em>"The latest developments in the real estate sector, caused primarily by the coronavirus pandemic and the closure of the Cyprus investment program, give us serious problems, make us to support and empower local businesses, as well as start looking for offers of alternative forms of investment for foreigners and local residents, businessmen. Stabilization as well as improvement of the Cyprus real estate sector can be achieved through the development of technology parks, innovative projects, as well as large infrastructure projects such as the City of Dreams Mediterranean casino resort. At the same time, the strengthening of other resources in sectors such as energy, tourism and health is expected to have a positive impact on the economy of our country and, therefore, on the real estate sector" concluded George Martides, partner of Deloitte in Cyprus.</em></blockquote>";s:4:"TYPE";s:4:"HTML";}
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