Hellenic Bank Told About the Cyprus Property Market in the Near Future

Hellenic Bank рассказал, что ждёт рынок недвижимости Кипра в ближайшем будущем
13 April 2021 Liza Medvetskaya
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Hellenic Bank published on Monday, April 12th their annual report on real estate market trends.

Despite the positive forecasts of experts in the field of housing, specialists from a Cypriot financial institution are convinced that the market will return to pre-crisis levels no earlier than 2022.

In their opinion, everything will depend on the speed of the vaccination process after which normal economic activity in the country can return. According to the Hellenic Bank report, in 2021 a partial recovery of the real estate sector is expected as well as GDP growth of about 4%.

If there is no new wave of the coronavirus pandemic requiring strict quarantine, the public health situation will continue to drive sector growth in the first half of 2021. At the same time, despite the growing popularity of the COVID-19 vaccine, uncertainty still prevails in the country. If cases of the disease continue to spread and another strict quarantine is introduced, this will lead to adverse economic consequences, which will directly affect the real estate market. We will not feel the results of the vaccination campaign until the second half of 2021, the bank said.

Hellenic Bank рассказал, что ждёт рынок недвижимости Кипра в ближайшем будущем

Regarding the rise in property prices in Cyprus, the Hellenic Bank report says that in the short term there are no significant prerequisites for an increase in the cost of housing.

In the baseline scenario, domestic (commercial) property prices are expected to fall by 1% (2%) in 2021, reflecting sluggish economic activity, and then rise by 1.5% (2%) in 2022. In the worst case, private property prices will decline by 1% in 2021 and 3% in 2022, and commercial property prices will fall by 4% in 2021 and by 2.5% in 2022.

The report also notes that the Cyprus property market is currently facing the negative impact of the COVID-19 pandemic as a result of the abrupt cessation of economic activity.

The slowdown in activity, which is mainly due to lower demand from foreign investors, is likely to continue in the short term due to the impact of the coronavirus pandemic. However, in the face of financial uncertainty, investors continue to seek security. And since the real estate market plays a role in providing access to reliable income and physical assets, interest in housing in Cyprus will continue.

Source: philenews.com
Photos: pixabay.com
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