Cyprus real estate market is going through one of the best periods since 2008 in terms of the investment appetite and the transaction activity exhibited across the island. Cyprus is currently highly attractive to real estate investors and has long-term growth prospects as it has always been a magnet for international buyers looking to invest in real estate outside their country.
This report delves into fleshing out the importance of the Greek tourism and travel industry for the Greek economy and its flexibility and resilience during tough COVID-19 years. Furthermore, it aims to provide useful insights on the current industry status and its potential for the coming years, focusing on key indicators such as tourist arrivals, total contribution of travel and tourism to the Greek GDP, airport arrivals, hotel turnovers, surveys from expert panels etc.
Given ongoing market war-driven uncertainties & covid-driven challenges, 2022 will be a year full of contrasts & contradictions. According to ECB, Europeans will in the short term be confronted with higher inflation and slower economic growth. On the other hand, the real estate market remains on an upward trend and there are some indications that have already returned to pre-pandemic levels.
In 2022, the world still faces a difficult array of challenges such as the resurgent of COVID-19 pandemic, the inflation risks etc. However, from a dealmaking perspective, 2022 will be a busy & dynamic year for the island of Cyprus as we anticipate renewed cross-border activity & a steadily increased pace of deal activity at a domestic level.
Despite the global recession caused by the pandemic, house prices & rents continues its positive trajectory in the main markets of EU. According to Eurostat's findings, over the period 2010 until Q3 2021, rents increased by 16% and house prices by 39% across EU. In particular, house prices increased by 8.8% y-o-y in EU & 9.2% y-o-y in European Union during Q3 2021.
Greece experienced a deep recession since the end of 2009.
2021 was a year defined by the many ongoing consequences of COVID-19. The world got vaccinated, but not in equal measure. The island of Cyprus was suffering from multiple waves of COVID-19 infections, however, the housing market of Cyprus gradually returned to pre-COVID level. In particular, the transfers of sales increased slightly by 5.1% in 2021 compared to 2019. Likewise, the amount of mortgages totaled €5,492 bn, up by 77.4%.
After the last year’s major pause due to the coronavirus outbreak, Cyprus’ housing market sees first signs of recovery. In particular, the transfers of sales increased slightly by 3.4% y-o-y in November 2021 compared to the same period in 2019. Likewise, the amount of mortgages totalled €5,093 bn, up by 82.2%. However, even if the Cypriot real estate market is recovering, the amount of mortgages dropped slightly by 4.4%, whilst, the contracts of sales fell by 4.2% over the same period compared to 2019.
As we roll into the second year of COVID-19, the world has seen excess mortality rates, economic downturn and anxiety on an unprecedented degree. IMF trims 2021 GDP forecast, citing "vaccine divide" & Greece fears a possible 5th wave of COVID-19. However, even though COVID-19 has forced the country to impose lockdown which have cost many billions of euros to an economy slowly emerging from a decade-long crisis, Greek real estate showed significant resilience & set to rebound.
After a year's pause due to COVID-19, the real estate market is on a recovery trajectory in Cyprus. Our report aims to provide an overview of the real estate market in Cyprus focusing on the key pillars such as transfers of sales, contracts of sales, number of mortgages & amount of mortgages. The report also captures the impact of the pandemic outbreak on the residential prices across the country & how they vary across the country's districts.
This report aims to explore the COVID-19 impact on tourism & travel industry & its recovery on greek & international level. Evidence shows that even though the COVID-19 shock (61.2% decrease in contribution of travel and tourism to Greek GDP during 2020), the Greek tourism & travel industry shows slow & gradual improvement from mid-May 2021.
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.