By the end of 2020,the Statistics Service of the Republic of Cyprus published data on the issuanceof building permits from January to September this year. It can beunambiguously stated that the new decade begins with new trends in the Cyprusproperty market. Local developers, for the next couple of years, are planningto build less and in a lower price category, focusing primarily onthird-country nationals wishing to obtain a permanent residence permit inCyprus, as well as local residents. Last year, Cyprus became the second largestresidence permit issued, after Malta.
Contrary to theglobal trend, the number of building permits for office buildings increased by139.7%. Real estate appraiser Polis Kurusoulides stated:
“Stabilization is observed in all sectors of theindustry. The exception is office buildings, where significant growth has beenrecorded. There has been no growth for many years and there is a shortage ofgood quality offices in the market”.