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GAP Vassilopoulos

Ursula von der Leyen: The First Europeans Could Be Vaccinated By The End Of The Year

Petrides: Our Goal Is A Cyprus Settlement And Not Sanctions Against Turkey



The Cyprus Holiday Houses Market

The Cyprus Holiday Houses Market

Cyprus second home real estate has been grappling with subdued demand and low consumer sentiment for more than 8 months now, because of the pandemic. Structural changes and policy reforms regarding The Cyprus Investment Programme (CIP), imbibed some confidence and Foreign Investors began to reconsider this asset class.


The recent discontinuance of this Programme is a blow to this market. However, consumer sentiments have been severely shattered not only due to the scrapping of the CIP, but also due to rising uncertainty on the overall economic growth. This is also visible in the stock markets indices, as fear of pandemic grapples the institutional and retail investors alike. In our opinion, consumer sentiments are likely to remain weak for the rest of the year 2020 and 2021, also. 


DANOS/An Alliance of BNP Paribas Real Estate, think there will be negative effects on the entire economy, especially the sectors dealing with foreign investment. The effects will mostly be felt in the real estate sector, the loan repayment ability of businesses, employment and entrepreneurship. Foreign investment contributed a lot to the economy and cannot be replaced, especially when it comes to the expensive second homes market, mainly (80%) directed to those interested in the CIP. 





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