2020 Cyprus Country Report

Construction & Real Estate
Sector Profile
NEO Penthouse, Pafilia
Pafilia is
focused on
conceptoriented
premium
projects
that appeal to high-net-worth
individuals for both lifestyle
and investment. Cyprus has
a new, more discerning,
type of client that expects
world-class finishes, facilities
and service in addition to an
outstanding property with
exceptional construction
quality and specifications. This
has been our focus, reflective
in our flagships large-scale
developments Minthis, ONE and
NEO, as well as our extensive
range of classic projects.
We will continue to deliver
outstanding resorts that offer
long-term value to our clients.
In the first seven months of 2020, property
sales were down by 37% compared to the same
period in 2019, with sales falling in all districts,
according to official figures from the Department
of Lands and Surveys. However, considering
there was an 80% fall in April, 71% in May, 10%
in June, and only 8% in July compared to July
2019, the trajectory of the figures is encouraging
given the on-going Covid-19 situation.
DEMAND FOR OFFICE AND
COMMERCIAL SPACE
Following the success of the Oval project, there
has been much action in the office space segment,
with an important change happening as many
companies are now increasingly interested in
downtown locations for business. With the completion
of the office development schemes currently
under construction, Cyprus should reach
a staggering 260,000 square metres of office space
in its market by the end of 2020. Among the
major office projects that are planned to be delivered
on the market in Nicosia are the signature
lifestyle commercial development Nicosia City
Centre (NCC), the Capital Gate and the Asteroid
Tower, as well as upcoming projects such as the
Cymiva Office Tower.
The industrial and land sector is also set to experience
expansion in the future. In 2019, more
than 10,000 square metres of modern industrial
and logistics facilities have been completed, with
the current total supply in Cyprus of over 340,000
square metres.
The retail sector is also seeing a revival with
significant investments and 2020 will bring new
shopping destinations such as the Neo Plaza in
Nicosia and the Metropolis Centre in Larnaca.
Once these facilities are completed, Cyprus will
have 450,000 square metres of modern retail
space, which will facilitate the entry of many new
brands to the market.
Evangelia Eliadou
Executive Director
Pafilia Property Developers Ltd
Vida Apartments, Pafilia
68 Country Report CYPRUS 2020