Cyprus real estate market review
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April 12, 2021
PwC Cyprus ‘Cyprus Real Estate Market – Year in Review 2020’ provides insights into the behaviour of the Cyprus economy in general and presents key real estate market developments, focusing on the performance of the sector during 2020.
PwC reports that the Real Estate and Construction sector continues to be one of the key pillars of the Cyprus economy and it contributed 17% to the Cyprus Gross Value Added (GVA) in 2020.
Despite the disruption caused by the pandemic and the abrupt termination of the Citizenship-by-Investment scheme (aka Golden Passport) at the start of November, the sector’s GVA output dropped marginally (1%) during 2020, highlighting the resilience of the sector and its importance to the overall Cypriot economy.