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REAL ESTATE

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PwC Cyprus: New Publication on Real Estate and Development Sector

PwC Cyprus: New Publication on Real Estate and Development Sector

The new publication of PwC Cyprus relating to the real estate and development sector, named “Cyprus Real Estate Market – Year in Review 2018”, is a valuable tool for industry professionals, investors and other stakeholders interested in learning more about the latest trends and prospects of the sector. In this publication, PwC’s specialised real estate experts provide information about the Cyprus economy in general and a snapshot of key real estate market trends, providing an in depth analysis of the performance of the sector, both geographically and also by type of property, during 2018.

This publication includes an extensive analysis of investment activity levels exhibited across the island, activity relating to the high-end residential property segment, latest trends in the construction sector and the behaviour of property prices.

According to PwC analysis, 15.800 properties were transacted across Cyprus through the Land Registry Office in 2018, representing a marginal annual growth of 1,9%. Total investment value of sector transactions stood at €4,2bn. Limassol continues to absorb the majority of transactions and with annual transaction value of €1,9bn, accounts for 46% of the annual transaction value. At the same time, the total annual value of transactions recorded in the capital, reached €700mln making up 16% of total.

Based on the same analysis, total investment value relating to residential properties (apartments and houses) stood at €3,1bn, corresponding to 73% of total. Land transactions reached €0,8bn, accounting for 19% of annual transaction value.

Additionally, in 2018, 4.367 properties in terms of sale contracts were acquired by foreigners (excl. transfers), of which approximately 67% relate to non-EU buyers. Limassol and Paphos continue to be the preferred districts for foreign buyers (together comprising 70% of transactions to foreign buyers).

According to PwC data, the total number of high-end residential properties (≥ €1,5mln) sold during 2018 reached 324, recording a marginal annual growth of 2%. The district of Limassol attracted the majority of such transactions, with 61% of total.

Indicative of the growth observed in the sector is the continuous increase in the value of building permits secured for new developments, with an increase of 20% being recorded during 2018.

Constantinos Constantinou, Head of Advisory at PwC Cyprus, highlighted that through this publication, PwC’s objective is to provide all interested parties with substantiated and comprehensive analysis of the sector. “Our analysis is based on available market data up to the end of 2018, capitalising on the rich and in-depth market knowledge of the experienced sector-focused PwC Cyprus professionals, using advanced data analytics tools. Our real estate team is flexible, adapting its expertise to our customers’ needs, bringing a whole different perspective to real estate», he said.

The publication is available online at www.pwc.com.cy/real-estate    

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