Cyprus derives its economic strength from its crowded tourism sector, which is closely linked to its real estate sector, as tourists and expatriates flock to it from all countries of the world who are looking to move and settle there, and the country is witnessing an increasing number of new construction projects that have benefited the real estate sector in achieving steady and stable growth, where analysts reveal that the real estate market in Cyprus has achieved a high growth rate of 3.5% annually until 2022, and this boom had positive consequences and results for the Cypriot economy, as the International Monetary Fund (IMF) expects the Cypriot economy to grow by 3% by the end of this year, however, the Ministry of Finance has a more optimistic view, forecasting growth of 4.5% to 5%.
Going back, the real estate sector witnessed successive leaps during the crazy boom in the mid-2000s which was built on an increase in demand by foreign investors, which led to a rise in house prices by 22.06% in 2007, but with the global financial crisis that We’ve seen, prices fell by 30% in the years since the crisis to 2016, according to Cypriot central bank figures. The housing market in Cyprus began to stabilize in the first quarter of 2017, amid the improvement in the economic situation, and house prices nationwide increased by 2.2% at the end of each year from 2017 to 2019. During this period, the government took several initiatives to revive and strengthen the real estate sector, from developing Residential and commercial projects and new companies, to the development of modern infrastructure, these measures have paid off remarkably, and contributed to paving the way for a stable and prosperous ecosystem.
In recent years, Cyprus has emerged in the European real estate scene in an unprecedented way, during which the country has witnessed unprecedented growth, due to many infrastructure and property development projects that have revived the Cyprus economy and its real estate market, as the residential construction activity has rapidly recovered, according to the figures of the Department of Land and Survey In Cyprus For the first five months of 2021, total property sales in Cyprus rose strongly by 36.2% year-on-year to 3,577 units. Limassol recorded the highest percentage among other Cypriot cities with around 450 real estate sales transactions valued at around 126 million Euros, according to For the latest data for the second quarter of this year, these promising numbers predict a bright future for the real estate market in Cyprus, which provides you with a suitable environment full of diverse investment opportunities that will be the beginning of your way to achieving your goals, whatever they are.
