A new report published in May 2023 by the renowned accounting organization KPMG (one of the "Big Four") attests the real estate sector in Cyprus a more than positive assessment, despite macroeconomic headwinds in Europe and the rest of the world. "The Cypriot economy and the Real Estate sector in particular, have proven their robustness and resilience. [...], however the real estate sector performance has exceeded our expectations.", summarizes the report.

The cypriot economy reached in 2022 a slightly better performance than the Eurozone both in GDP and inflation, although lagging behind in employment. This led to a growth of 6% for the real estate sector, which employs more people (42.721) than any other sector of the economy in the country (yes, even tourism!), despite construction cost still continuing their fast rise (17% YoY).

The majority of building permits (81%) are related to residential developments and non-Cyprus-nationals account for 44% of the sales. This pushed prices higher - not only for property purchases but also for rents.

Taking a look at the geographical distribution of the market, almost half of the real estate market is concentrated in Limassol (€1,8 Billion), but Paphos records the highest increase (93% YoY).

Read the full report at Cyprus' Real Estate Insights - 12th Edition.

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