Developments in the Cyprus real estate sector and the important changes in International Financial Reporting Standards (IFRS) and tax legislation that affect the sector were the focus of an event organised by PwC Cyprus in Limassol on 7 November.
During the event, industry professionals had the opportunity to be briefed in depth on the current situation in the market, the new tax legislation affecting the real estate sector as well as the latest trends in the property market.
Addressing the event, Constantinos Constantinou, Partner, In charge of Advisory at PwC Cyprus, noted that “The confidence level that seems to prevail in the real estate sector reflects the positive developments in the economy of Cyprus. The sector contributes significantly to the economy and therefore, we should focus on providing support and the right incentives that will attract investments and encourage growth. Utilising PwC’s specialised expertise, we offer support to the companies of the sector by providing the solutions they are looking for in order to effectively respond to changing market conditions”.
The presentations featured extensive analysis of data on sales contracts, building permits and price levels. The provisions of new tax legislation as well as changes in IFRS that affect the sector were also presented. Speakers stressed that the sector is a basic pillar of growth for the Cyprus economy, with a large share of Gross Domestic Product (GDP) and contributes substantially to attracting foreign investments and to the labour market.
The event took place at a time when the real estate sector appears to be recovering from the adverse consequences of the economic crisis of the previous years and is part of PwC’s initiatives to support Cypriot companies.
During the event, PwC Cyprus also unveiled its second publication on the Cyprus land development market entitled “Cyprus Real Estate Market – First Half 2017”. The publication, which is aimed at individuals and companies interested in developing, investing in, buying or selling or renting real estate, is a rich source of information for the better understanding of the current state of the sector as it analyses all the parameters concerning a property geographically and by time period, as well as by type.