KPMG (Cyprus) has produced an annual property market report comparing 2019 and 2020 on a year-by-year basis. The report demonstrates a sharp decline in the number of contracts for property sales by 41%. The overall decline is forecasted to be 60%.
The Cyprus property market was fuelled by the Cyprus Passport for Investments Programme which was recently made stringent on the applicants. The property market has contributed about €3.2b to the Cyprus economy in 2019.