Breaking news

Cheers To 2025? Sparkling Wine Production And Exports In The EU Decline By 8%

As the New Year has already passed, many had eagerly anticipated a glass of bubbly to ring in the celebrations. However, this year, fewer bottles were available for toast, as production and exports of sparkling wine from the EU saw a sharp decline in 2023 due to the impact of extreme weather on vineyards.

According to the latest Eurostat data, the EU produced 1.496 billion litres of sparkling wine in 2023, a decrease of 8% compared to the previous year. Italy remained the leader in production, contributing 638 million litres, followed by France with 312 million litres and Germany with 263 million litres.

In terms of exports, the EU shipped 600 million litres of sparkling wine to non-EU countries in 2023, marking another 8% drop. Italy’s Prosecco claimed the top spot in exports, representing nearly half of the total, while French Champagne followed at 15%, Spanish Cava at 10%, and sparkling wines from fresh grapes at 17%.

Climate Change’s Role In Production Decline

One of the key factors behind the production slump is the changing climate. Heavy rains, droughts, and storms, all exacerbated by climate change, are having a direct impact on vineyards, altering the taste of wine and, in some cases, threatening the very existence of certain varieties.

In Italy, extreme weather events and soil degradation have led to reduced grape yields, endangering Prosecco production, which is expected to decline by up to 20%. Similarly, Spain’s Cava is facing challenges from severe droughts, particularly in Catalonia, where many villages depend on water-intensive viticulture. Despite hopes that 2025 will bring more rainfall, major producers are urging the Spanish government to adopt irrigation solutions and other measures to address the growing threat of water shortages.

In response to the region’s chronic water shortages, Catalonia’s regional government has unveiled a €2.3 billion investment plan, set to span until 2040. The plan includes a €200 million seawater desalination plant on the Costa Brava, but financial backing from the Spanish government will be crucial for its success.

Cyprus Residential Market Surpasses €2.5 Billion In 2025 With Apartments Leading the Way

Market Overview

In 2025, Cyprus’ newly built residential property market achieved a remarkable milestone, exceeding €2.5 billion. Data from Landbank Analytics indicates robust activity countrywide, with newly filed contracts reaching 7,819, including off-plan developments. This solid performance underscores the market’s resilience and dynamism across all districts.

Transaction Breakdown

The apartment sector clearly dominated the market, constituting 81.6% of transactions with 6,382 deals valued at €1.77 billion. In contrast, house sales represented a smaller segment, encompassing 1,437 transactions and generating €737.9 million. The record-high transaction was noted in Limassol, where an apartment sold for approximately €15.2 million, while the priciest house fetched roughly €6.2 million.

Regional Analysis

Nicosia: The capital recorded steady domestic demand with 2,171 new residential transactions. Apartments accounted for 1,836 deals generating €349.6 million, compared to 335 house transactions worth €105.5 million, anchoring Nicosia as a core market with average values of €190,000 for apartments and €315,000 for houses.

Limassol: As the island’s principal investment center, Limassol led overall activity with 2,207 transactions. Apartments dominated with 1,936 sales generating €824.1 million, while 271 house transactions added €157.9 million. The district enjoyed premium pricing, with apartments averaging over €425,000 and houses around €583,000.

Larnaca: This district maintained robust activity with a total of 2,020 transactions. The apartment segment realized 1,770 transactions worth €353 million, and houses contributed 250 deals valued at €96.3 million. Average prices hovered near €200,000 for apartments and €385,000 for houses, positioning Larnaca within the mid-market bracket.

Paphos: With a more balanced mix, Paphos completed 1,078 transactions. Ranking second in overall value at €503.2 million, the district saw house sales generate €287.8 million and apartments €215.4 million. Consequently, Paphos achieved the highest average house price at approximately €710,000 and an apartment average of €320,000, emphasizing its premium housing profile.

Famagusta: Distinguished by lower transaction volumes, Famagusta was the sole district where house sales outnumbered apartment deals. Out of 343 transactions, 176 involved houses (yielding €90.4 million) and 167 were apartments (at €32.4 million). The segment’s average prices were about €194,000 for apartments and over €513,000 for houses, signaling its focus on holiday residences and coastal developments.

Sector Insights and Forward View

Commenting on the report, Landbank Group CEO Andreas Christophorides remarked that the analysis demonstrates an ecosystem where apartments are the cornerstone of the real estate market. He emphasized, “The apartment sector is not merely a trend; it is the engine powering the country’s real estate market.” Christophorides also highlighted the diverse regional dynamics: Limassol leads in apartment pricing, Paphos commands premium house prices, Nicosia remains pivotal to domestic demand, Larnaca sustains competitive activity, and Famagusta caters to holiday home buyers.

In a market characterized by these varied profiles, informed monitoring of regional and sector-specific dynamics is crucial for investors aiming to make targeted and strategic decisions.

eCredo
Uol
Aretilaw firm
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter