Insider Economy Coronavirus: Cyprus real estate sector already hit

Coronavirus: Cyprus real estate sector already hit

March is a very difficult month for the real estate market in Cyprus even though it is still not easy to ascertain the consequences of the coronavirus outbreak, Phileleftheros reports.

The sector’s key players are afraid it will be difficult to return to the positive climate of the past and the reasons are twofold.

Firstly, the imposed security measures constrain the implementation of projects, and, secondly, investor interest has slumped given the threat to global economy.

The property market was numb since last May when changes were imposed on the island’s popular citizenship by investment scheme the investment, but now it is completely frozen.

And real estate key players also predict that not much activity will be recorded for a while considering that a big share of foreign buyers comes from China – a country which is in crisis since last December.

Head of the Association of Land Development Entrepreneurs, Pantelis Leptos, told Phileleftheros that economy at large and not just the construction industry has been affected.

“What is of utmost importance now is the proper management of the crisis with health issues being top priority. And then we should gradually seek to re-start all sectors of the economy, particularly that of tourism and construction which raise most of the country’s GDP,” Leptos also said.

“Uncertainty prevails in the real estate sector and we believe that the market to be completely frozen for up to two months. Both March and April will be low-speed months,” he added.

To start with, foreign buyers cannot come to Cyprus to look at properties and developers cannot travel abroad to present their projects, he said.

But even though construction activity is now at a reduced pace, work at sites continues.  At the same time, Association members are monitoring the situation and when the storm is over they will submit proposals and measures aiming to stimulate the real estate market, he said.

Meanwhile, construction sites follow the government’s recommendations concerning vulnerable groups and all security measures are implemented, he added.

By Demetra Landou


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