COVID-19 hits Cyprus property sector

Пандемия коронавируса нанесла сокрушительный удар сектору недвижимости Кипра
26 November 2020 Liza Medvetskaya
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The provinces that held the wand in the real estate market are the ones that were most affected by the pandemic, as Limassol and Paphos received the most significant blow in the first half of 2020. 

According to PwC's "Cyprus Real Estate Market," the two provinces that attract mainly foreign buyers to their real estate market saw the value of their real estate transactions fall by 65% ​​(Limassol) and 61% (Paphos) in the first half of the year. 2020, compared to the first half of 2019.

Simultaneously, the volume of transactions in Limassol and Paphos decreased by 48% and 47%, respectively.

The province of Free Famagusta suffered a blow of 56% in the value of real estate transactions and 26% in terms of their volume.

All provinces fell in double digits, with Larnaca province down 36% (value) and 31% (volume) and Nicosia province, which mainly attracts domestic buyers to have the smallest losses, with 31% and 19%.

Although Limassol has suffered more from the consequences of COVID-19 than other cities in Cyprus, it still accounts for most transactions in the real estate sector.

So, in the first half of 2020, 33% of the total volume of transactions concerned Limassol, 25% - Nicosia, 21% - Paphos, 15 - Larnaca, and only 6% - Famagusta.

Although Nicosia became the leader in terms of the volume of transactions - it accounted for 31%. Then comes Limassol (26%), Larnaca (19%), Paphos (17%) and Famagusta (7%).

The total value of transactions in the residential sector in Cyprus in the first half of 2020 reached €828 000 000 and decreased by 60% compared to the first half of 2019.

In particular, transactions were made for 3500 housing units (2200 apartments and 1300 houses). Housing deals were down 42%. The residential sector accounted for 69% of total transactions in the first half of 2020 (apartments: 37%, houses: 32%), up from 77% in the same period last year.

 Пандемия коронавируса нанесла сокрушительный удар сектору недвижимости Кипра

Source: inbusinessnews.reporter.com.cy
Photos: pixabay.com, inbusinessnews.reporter.com.cy
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