One of the main construction trends in Cyprus, as evidenced by the state statistics service – a decrease in the number of large projects. These are mainly high-rise buildings, which were intended for potential participants in the “Citizenship for Investment” program, which was closed in November.

Analysts are based on information about the issuance of construction permits from January to September 2020. Both the size and value of these licenses have declined significantly due to a decline in large projects. For example, 5,101 building permits were issued during that period, down 1.82% from the same period in 2019, with a combined value of 1.96 billion euros (-28.6%) and 1.89 million square meters (-13.9%).

Because of the closure of the Citizenship for Investment program, Cypriot developers will build less and in a lower price category over the next couple of years, real estate appraiser Polis Kourousides explained to StockWatch. The exception – office buildings: in this area recorded significant growth. For many years it was in stagnation and on the market there was a deficit of quality office space.