Property sales to the domestic market in Cyprus showed a marked improvement in June, although sales to the overseas market have yet to show any signs of making a recovery, according to official figures published by the Department of Lands and Surveys.
Property sales to the domestic (Cypriot) market, which accounted for 70% of all sales in June, rose by 14% compared to June 2019.
What are the prospects for the future?
Credit rating agency Moody’s expects the major sectors of the Cypriot economy to recover within two or three quarters. In a credit rating report published last week, Moody’s says, that the tourism-related construction activity will likely remain below pre-crisis levels over several quarters, while residential construction will be more resilient. It’s also expected that the performance of the business services sector will be robust. As a result of these trends, the agency forecasts a gradual economic recovery in the second half of 2020 and in 2021.
