Cyprus Real Estate 2020
Not sure what to expect for Cyprus real estate market in 2020? Well we have gathered expert opinions to guide you.
It is not surprising that some 2019 was a spectacular, transformative year for the Cyprus real estate industry. The market underwent rapid change and transformations, with a wide array of multi-faceted innovations and developed upgrades.
Experts believe that this a trend that is expected to continue for Cyprus real estate 2020, as the year has a great many innovations in store for the industry.
Progress & Transformation
Predictions reveal that the retail sector of the Cypriot real estate market is expected to witness a massive scale of investments. In 2020, Cyprus is poised to welcome a great many retail projects and large scale shopping centers, for instance Larnaca’s Metropolis Centre, or the Neo Plaza in Nicosia. Aside from these developments, experts believe that Cyprus will allocated around 450,000 square meters of space for contemporary retail outlets.
Properties in Paphos
Cyprus’ residential market is developing at a rapid pace, and the island has welcomed a wide range of large-scale residential complexes and neighborhoods. Many of these developments are presently under construction, such as Limassol Del Mare, Larnaca’s Kition, and Nicosia’s 360. In 2020, the Cypriot residential sector will undertake significant developments in the luxury residential sector.
Several significant changes are expected to take place in the corporate sector of the Cypriot real estate landscape. New office spaces and locations are expected to emerge as a wide array of global businesses and companies have shown interest in relocation and obtaining office spaces in downtown markets.
Experts predict that towards the end of 2020, Cyprus will allocated around 260,000 square meters of its real estate market to office spaces and corporate locations. Nicosia has welcomed a wide array of corporate development projects, including the Asteroid Tower, the Nicosia City Center, the Cymiva Office Tower, and the Capital Gate.