17% of the Cyprus GDP derived from the Real Estate sector for 2019, according to the 11th edition of KPMG for Real Estate.
With € 3.24 billion contributed by the real estate sector to the Cyprus Economy last year, far exceeding the contribution of the Financial and Insurance activities (€ 1.53 billion) and the Manufacturing sectors (€ 1.14 billion) for 2019.
In addition to contributing to the country’s GDP, the real estate sector absorbs a large number of employees. Real Estate employs 42,770 professionals, more than double the number of 20,380 employed by banks and related services.
The data provided by the 11th edition of KPMG, highlights the importance of the real estate and construction sector for the Cyprus economy, which is one of its strongest pillars.
The Cyprus Investment Programme is proving to be of great importance, which since 2013 has helped the Real Estate industry to recover significantly and should continue to be supported by the Government in the future. The real estate sector should be assisted as a whole with reforms and necessary measures taken, such as the targeted industry support interventions announced by the Cyprus Government recently.
Source: KPMG 11th Edition