Cyprus Real estate market
Tourism has always been the backbone of Cyprus’s growth, with its “sun & sea” branding playing a pivotal role in drawing tourists. Recognizing this, the Cyprus government is now focusing on promoting tourism throughout the year and enhancing what Cyprus has to offer.
In the realm of real estate and construction, these sectors accounted for 16% of the Gross Value Added (GVA) in 2022. The industry has witnessed a robust recovery since 2013, largely fueled by external demand.
When it comes to financial, professional, and other services, Cyprus stands out due to its appealing tax system, comprehensive legal and regulatory framework, and a well-educated workforce. These factors collectively drive the nation’s “service economy.” The services sector, with financial and insurance activities contributing 8% and professional, scientific, and technical activities adding another 11%, stands as one of the most robust pillars of the Cypriot economy.