2020 Cyprus Country Report

Construction & Real Estate
Sector Profile
LOCATION
CYPRUS
360, Cyfield
The last few years have been the start of a boom time for the Cyprus construction
and real estate sector with multiple high-end residential and commercial
developments under construction and growing property sales to foreign buyers.
The 2020 pandemic has undoubtedly had a big impact, but the industry is
ready to adapt with hopes this will be a temporary setback for the sector.
With new high-rise and luxury
developments springing up
in city centres and along
the coast, and large-scale
projects worth around €8
billion seeking investors, the
Cyprus construction and real
estate market has been on an
upward trajectory over the last couple of years.
New residential and commercial properties, an
increasing demand for top-tier office space and
sales driven by foreign buyers have boosted the
sector and Cyprus’ cosmopolitan appeal both as a
second-home location and headquartering destination
for multinational companies.
The island has long been a firm favourite for
property hunters worldwide thanks to its ideal
Mediterranean climate, high quality of life and
one of the lowest crime rates in Europe. Other
key factors are its EU member status, its thriving
international business centre and strategic position
between three continents, which have been
appealing aspects for companies looking for a
location to set up a regional base to service their
clients in the EMEA region.
Cyprus has steadily been laying the foundations
to further develop its real estate sector and
showed strong market performance until the
end of 2019, but like in many other countries
the global coronavirus outbreak and subsequent
KEY
contacts
Department of Lands
and Surveys
https://portal.dls.moi.gov.cy
Cyprus Land and
Building Developers
Association (LBDA)
www.lbda.com.cy
66 Country Report CYPRUS 2020