EY Cyprus COVID-19 Updates
COVID-19 Industry Pulse Report: Real Estate
Executive Summary
The unprecedented humanitarian effect of the COVID-19 crisis comes along with an all but certain economic downturn. We are in unchartered territory that is beset with further shocks, both to the local and global economy. The Real Estate (“RE”) sector has traditionally been a key pillar of the local economy and played a critical role in the country’s remarkable economic growth of recent years.
The sector is also expected to be a key driver for the economic recovery from this current crisis. Given its importance we have attempted to capture today’s sentiment with regards to the potential impact of the COVID-19 crisis on the sector through a survey. The results of the survey together with further analysis and research carried out are presented in this Pulse Report.
As part of the survey we approached key stakeholders and experts of the sector and invited them to provide their views, expectations and sentiment in relation to the COVID-19 impact. The stakeholders considered included RE developers, construction companies, RE agents, lenders, RE appraisers and other advisors.
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For additional information with respect to this Alert, please contact the following:
Stelios Demetriou
Partner, Strategy and Transactions
+357 22 209 746
+357 99 629 728
Alexandros Pericleous
Director, Strategy and Transactions
+357 22 209 793
+357 96 795 017
Alexandros.Pericleous@cy.ey.com
Andreas Anastasiou
Director, Strategy and Transactions
+357 22 209 750
+357 95 561 628
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