The Cypriot real estate sector is set to undergo significant changes in the near future, according to the statistics service. Judging by the structure of building permits issued in 2020, the emphasis will shift to the construction of office and industrial buildings.

Compared to 2019, the number of approvals for office buildings rose by 54.5% in 2020 and for industrial buildings by 47.4%. Developer demand for apartment buildings also increased by 6.1%.
At the same time the category of “entertainment buildings” lost 48,1%, multi-storey complex buildings (housing plus offices, shops, restaurants) – 45,3%, hotels – 36,7% and commercial buildings – 35,8%.

There is no doubt that the COVID-19 pandemic and related restrictions have had a significant impact on the market, principally the closure of Cyprus to foreign tourists, potential buyers of accommodation in Cyprus. The abolition of the citizenship for investment programme and Brexit have also done their bit.