Breaking news

Cyprus And Greece’s Real Estate Markets: Sustained Growth Amid Global Uncertainty

by THEFUTURE.TEAM

August 19, 2024

Cyprus and Greece have maintained strong momentum in their real estate markets, defying broader global economic uncertainties. Both countries have seen consistent demand from domestic buyers and foreign investors, driven by favourable economic conditions, strategic development projects, and the appeal of their real estate sectors. In Cyprus, the demand is particularly robust in residential and commercial properties, fuelled by foreign investment, government incentives, and the country’s stable economic environment.

Greece’s real estate market also continues to thrive, buoyed by a strong tourism sector, urban redevelopment projects, and investor interest in both residential and commercial properties. The introduction of various investment schemes, such as the Golden Visa program, has further enhanced Greece’s attractiveness to international buyers.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

For investors, these trends present significant opportunities. The sustained growth in property values and rental yields in both countries signals a healthy investment environment. Additionally, the stability of these markets amidst global uncertainties highlights the resilience and potential of real estate in Cyprus and Greece as reliable investment avenues.

Looking ahead, continued economic stability, supportive government policies, and ongoing development projects are expected to keep the real estate markets in Cyprus and Greece on a growth trajectory. However, stakeholders will need to stay attuned to global economic shifts that could impact these markets in the longer term.

Overall, the real estate sectors in Cyprus and Greece remain vibrant, offering promising prospects for both local and international investors.

The Future Forbes Realty Global Properties

Cyprus Construction Trends: Permit Count Slips While Value and Scale Surge in 2025

by THEFUTURE.TEAM

July 11, 2025

The Cyprus Statistical Service (Cystat) has reported a notable shift in the construction landscape for 2025. The latest figures reveal a modest 1.9% decline in building permits issued in March compared to the same month last year, signaling a nuanced trend in the nation’s developmental activities.

Permit Count Decline in March

In March 2025, authorities authorised 572 building permits—down from 583 in March 2024. The permits, which total a value of €361.5 million and cover 296,900 square metres of construction, underscore a cautious pace in permit approval despite ongoing projects. Notably, these permits are set to facilitate the construction of 1,480 dwelling units, reflecting an underlying demand in the housing sector.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Q1 2025: Growth in Value, Construction Area, and Dwelling Units

While the number of permits in the first quarter (January to March) decreased by 15.8% from 1,876 to 1,580, more significant, economically relevant metrics saw robust growth. Total permit value surged by 21.7%, and the authorised construction area expanded by 15.6%. Additionally, the number of prospective dwelling units increased by 16.7% compared to the corresponding period last year. This divergence suggests that although fewer permits were issued, the scale and ambition of the approved projects have intensified.

New Regulatory Framework and the Ippodamos System

Since 1 July 2024, a pivotal transition has taken place in permit administration. The responsibility for issuing permits has moved from municipalities and district administration offices to the newly established local government organisations (EOAs). The integrated information system, Ippodamos, now oversees the licensing process, streamlining data collection on both residential and non-residential projects across urban and rural areas.

Comprehensive Data Collection for Enhanced Oversight

The Ippodamos system categorises construction projects using the EU Classification of Types of Construction (CC). This platform gathers extensive data on the number of permits authorised, project area and value, and the expected number of dwelling units. It covers a broad spectrum of construction activities—from new builds and civil engineering projects to plot divisions and road construction—while excluding renewals and building divisions. The thoroughness of this new regulatory structure promises greater operational transparency and more informed decision-making for policymakers and industry stakeholders.