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.
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.
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.