COVID-19 has a significant impact on the development of the real estate sector in Cyprus
The coronavirus’s impact on the real estate sector during the lockdown period and the signs of recovery in the coming months are recorded by an in-depth market data survey conducted by Delfi Partners & Company.
According to the research, the total value of transfers and sales during the eight months of the year was reduced to €1.9 billion, reduced by 55% compared to the corresponding period of 2019, when it had reached €4.4 billion.
The reduction has a corresponding effect on government coffers due to reduced VAT revenues, transfer fees, and capital gains tax, estimated at hundreds of millions.
It is indicative that during the lockdown period, the total value of sales decreased by 66% in March, the market reached a nadir in April with a decrease of 91%, while in May the decline was 83%, compared to the corresponding months last year. Concerning the number of transactions, 844 transactions were made in March this year. Only 335 transactions were made in April, and it was the month in which the market was dramatically affected. Most of the transactions concerned residential properties. In May, a month in which travel restrictions began to be lifted and the public service began to adjust to the new data; there were 766 transactions with a total value of €140 million compared to 1500 transactions worth €356 million in February 2020.[…]
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