27.03.2024
The development and transformation of the real estate sector in 2023 was presented by Ioann Charalambous, Director of PwC Cyprus. In the face of an ever-changing global landscape, the Cypriot property market appears to have embarked on its own journey of transformation, with stakeholders recognizing the need for constant renewal, notes Ioanna Charalambous. According to a market review based on PwC reports, 2022, despite geopolitical challenges, will see a peak in transactions.
In an ever-changing global landscape, the Cypriot property market appears to have embarked on its own journey of transformation. As the situation continues to change, real estate markets face new challenges and opportunities. Emerging trends highlight the need to innovate and adapt to new conditions.
New technologies, changes in consumer needs and new sustainability issues are creating an environment that requires creative thinking and entrepreneurship. These factors make the real estate market a sector of interest to investors and entrepreneurs looking for new opportunities and prospects.
Stakeholders recognize both the need for continuous innovation and the need to change the way economic value is created, delivered and captured.
Looking back to last year, the presentation demonstrated the stabilization of the real estate market and the activation of the private sector in relation to supply/demand imbalances, as evidenced by property purchases and new residential development permits.
“Institutional investors in Europe appear to be in the position of net buyers of property, with a focus on specialist residential property sectors,” she stressed, finally highlighting the need for continuous transformation of sector strategies and products in Cyprus property, “so that we remain competitive and attractive.”
