Hospitality & tourism sector plays an important role in Cyprus economy, contributing significantly to the national GDP every year. However, over the previous year, it suffered a severe crisis due to COVID-19 and the implications of worldwide travel restrictions. In this survey, we will examine how coronavirus affected popular areas of Cyprus, the most resilient areas that keep growing despite the pandemic break out & the expectations of the industry for the future.
The report delves into key economic conditions, aiming to outline an overview of the Greek economy. It further includes an assessment of the real estate sector’s performance, while providing invaluable insights about the Greek economy, the banking and the tourism industry. The report also provides certain observations portraying 2020 conditions and the effects of the Covid-19 pandemic.
In 2020, a year marked by the onset of the coronavirus pandemic, the building activity in Cyprus slumped after a five-year increase. The major causes for the decline in the construction industry are mainly the coronavirus outbreak & the cancellation of the Cyprus Naturalisation program. Specifically, building permits dropped slightly by 2.7%, from 7,218 in 2019 to 7,023 in 2020.
In 2020, Private Building Activity in Greece seems still unaffected by the pandemic breakout, keeping up its positive trend for fourth consecutive year. However, the actual impact on the construction industry will be clearly measured in a couple of years. More specifically, the building permits went up 8.9% compared with the corresponding period in 2019 recording 18,768 issued building permits.
In a country that is still recovering from years of austerity, the coronavirus pandemic is an additional destabilizing factor. In 2020, the volume of conducted auctions in Greece decreased significantly by 45% compared to previous year’s volumes. More specifically, total conducted auctions reached 9,464 in 2020 vs. 17,165 in 2019 vs. 19,521 in 2018.
Before COVID-19, travel and tourism had become one of the most important sectors in Greece, accounting for 21.5% of the country’s GDP. Unfortunately, the global pandemic has severely affected the transfers either for business or pleasure.
As the effects of COVID-19 are felt throughout the world, real estate markets are being significantly impacted in different ways. The effects are felt in Greece, too.
The specific report aims to outline the foreign investment trend in Greece & the attractiveness of the Greek golden visa program. Furthermore, the report presents the trends in the current asking prices of the commercial assets.
In an effort to get a sense of how the real estate market in Greece behaves during the COVID-19 period, Delfi Analytics examines property transfers in the Attica area and how they have been impacted.
It has been more than six months since the COVID-19 pandemic has struck the Greek society, with the effects being intense on the wider economy. As in all European countries, along with the public finances, significant sectors of activity have been affected, and inevitably the real estate sector.
Greece, Israel and Cyprus signed a deal Thursday to build an undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to continental Europe.
A report of construction costs of Cyprus property completed in the private sector between 2000 and 2017 has recently been published by the Cyprus Statistical Service.
Anchesmou street, as referred to in maps dated back in 1880, was the road connecting Stadiou street to Lycabettus. Back then, the road was not bestowed of the recognition and the commercial value it has today. It took decades for Anchesmou street to transition from an ordinary street with residential properties to one of the most significant streets in Athens, the road known today as Voukourestiou Street.
Koukaki is located on the southeastern side of the Filopappou Hill in Athens, a district with a strong historical, archeological and architectural element, classifying it as the most popular tourist destination in Athens. It is a densely populated area since the 1960’s, due to its location, exactly below the Acropolis and very close to the historical center of Athens. As a residential area located in the center of Athens it has also evolved as a center of entertainment during recent years.