Since the beginning of the year in Cyprus an average of half (in terms of different cities on the island) fell sales in the luxury real estate sector, according to Philenews, according to PwC, an international network of consulting and auditing companies.

The total value of deals in the elite segment in the first half of 2020 was 1.2 billion euros – 55% less than the same period in 2019. Pafos and Limassol saw the largest decline in palaces sales, with 61 and 65% respectively. The smallest recorded in the capital: -31%.
A total of 51 real estate transactions worth more than 1.5 million euros were concluded during the reporting period (-78% compared to last year’s figure).

The main reason for the decline in the elite real estate market is definitely the COVID-19 pandemic. This segment will obviously face new upheavals, given the recent cancellation of the Cyprus Citizenship for Investment program.