Very good year ahead, gas to boost in­ter­est; Brexit will have lit­tle im­pact on Bri­tish buy­ers in Cyprus

Financial Mirror (Cyprus) - - FRONT PAGE -

We ex­pect 2016 to be a very good year for the real es­tate sec­tor.

Ac­cord­ing to the o?cial sta­tis­tics by the Cyprus Land Reg­istry De­part­ment, there was a 27% in­crease in the first quar­ter of 2016 com­pared to the first quar­ter in 2015. (Q1 2016 units sold 1881 vs Q1 2015 units sold 1479). The in­creased de­mand on prop­er­ties de­rived pri­mar­ily from the Rus­sian, Chi­nese, Mid­dle East and the Arab Gulf mar­kets.

The Bri­tish mar­ket shrank in 2010 and to­day rep­re­sents only a very small per­cent­age of prop­erty sales.

There­fore any Brexit ef­fects will min­i­mal.

Look­ing ahead, the Cyprus econ­omy has turned around. The gov­ern­ment pre­dicts some 2.7% growth for 2016, which is one of the high­est growth rates in the Euro­pean Union. Tourism saw a record in ar­rivals in 2015 with 2.7 mil­lion tourists – an 8.9% in­crease com­pared to the pre­vi­ous year and in­di­ca­tions are that 2016 will build on this growth.

Ac­cord­ing to the Cyprus Tourism Or­gan­i­sa­tion this year’s tourist ar­rivals are ex­pected to be close or even ex­ceed the 3 mil­lion mark.

The dis­cov­ery of sig­nif­i­cant nat­u­ral gas re­serves in the exclusive eco­nomic zone of Cyprus and the nearby Ta­mar and Le­viathan ?elds in Is­rael, as well as re­cent finds in Egypt, has in­di­cated enor­mous pe­tro­leum and nat­u­ral gas po­ten­tials in the re­gion, deem­ing the cir­cum­stances for ex­ploita­tion

be and pro­duc­tion of oil and gas in Cyprus ex­tremely pos­i­tive and at­tract­ing great in­ter­na­tional in­ter­est from ma­jor en­ergy providers.

All these facts will def­i­nitely have a very

pos­i­tive im­pact on the real es­tate in­dus­try.

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