These highlights provide insights into the economic and real estate trends in Cyprus in July 2024, impacting investment decisions and market outlooks.

  1. Employment Growth:
    • Total employment for Q1 2024: 474,587 persons (425,090 employees, 49,497 self-employed).
    • Employment increased by 2.2% compared to Q1 2023, notably in Administrative Services, Education, and Accommodation/Food Services. Source
  2. GDP Growth:
    • Q1 2024 GDP growth: 3.5% year-over-year.
    • Positive growth driven by sectors like Hotels, Restaurants, Construction, Information/Communication, and Trade. Source
  3. Construction Material Prices:
    • June 2024 Price Index: 117.47 units, up 0.10% from May 2024, but down 0.70% year-over-year.
    • Significant decreases in metallic products (-5.29%) and increases in electromechanical products (3.86%). Source
  4. Real Estate Prices:
    • Apartments: Price increase of 3.5%, rent increase of 5.0% annually.
    • Houses: Stable prices, minor rent increase of 0.1%.
    • Warehouse rents: Decreased by 1.3% annually, stable prices. Source
  5. Inflation Rate:
    • Annual inflation in July 2024: 2.1%, down from 2.9% in June.
    • Decreased costs for housing, utilities, transport, and communication; increased costs for food, clothing, recreation, and restaurants. Source
  6. REALTYon Conference: