Key information about House Prices Growth

• Cyprus house prices grew 6.5% YoY in Sep 2024, following an increase of 8.0% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2007 to Sep 2024, with an average growth rate of 0.9%.
• House price data reached an all-time high of 25.3% in Sep 2007 and a record low of -9.4% in Mar 2014.

The Direct Real Estate Activities industry have come up against numerous headwinds in recent years, ranging from the COVID-19 outbreak in 2020 to the high base rate environment in the years since, which has inflated borrowing costs for potential buyers. This is a sharp contrast to the ultra-low interest environment seen over the decade following the 2008 financial crisis. Still, revenue is forecast to edge upwards at a compound annual rate of 0.6% over the five years through 2025 to €622.9 billion, including an anticipated rise of 0.8% in 2025. Despite weak revenue growth, profitability remains strong, with the average industry profit margin standing at an estimated 18.9% in 2025. Central banks across Europe adopted aggressive monetary policy in the two years through 2023 in an effort to curb spiralling inflation. This ratcheted up borrowing costs and hit the real estate sector. In the residential property market, mortgage rates picked up and hit housing transaction levels. However, the level of mortgage rate hikes has varied across Europe, with the UK experiencing the largest rise, meaning the dent to UK real estate demand was more pronounced. Commercial real estate has also struggled due to inflationary pressures, supply chain disruptions and rising rates. Alongside this, the market’s stock of office space isn’t able to satisfy business demand, with companies placing a greater emphasis on high-quality space and environmental impact. Properties in many areas haven't been suitable due to their lack of green credentials. Nevertheless, things are looking up, as interest rates have been falling across Europe over the two years through 2025, reducing borrowing costs and boosting the number of property transactions, which is aiding revenue growth for estate agents. Revenue is slated to grow at a compound annual rate of 4.5% over the five years through 2030 to €777.6 billion. Economic conditions are set to improve in the short term, which will boost consumer and business confidence, ramping up the number of property transactions in both the residential and commercial real estate markets. However, estate agents may look to adjust their offerings to align with the data centre boom to soak up the demand from this market, while also adhering to sustainability commitments.

Housing Index in Cyprus increased to 113.71 points in the first quarter of 2025 from 112.47 points in the fourth quarter of 2024. This dataset provides - Cyprus House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Companies operating in the third-party real estate industry have had to navigate numerous economic headwinds in recent years, notably rising interest rates, spiralling inflation and muted economic growth. Revenue is projected to sink at a compound annual rate of 0.6% over the five years through 2025, including an estimated jump of 1.2% in 2025 to €207.6 billion, while the average industry profit margin is forecast to reach 35.1%. Amid spiralling inflation, central banks across Europe ratcheted up interest rates, resulting in borrowing costs skyrocketing over the two years through 2023. In residential markets, elevated mortgage rates combined with tightening credit conditions eventually ate into demand, inciting a drop in house prices. Rental markets performed well when house prices were elevated (2021-2023), being the cheaper alternative for cash-strapped buyers. However, even lessors felt the pinch of rising mortgage rates, forcing them to hoist rent prices to cover costs and pricing out potential buyers. This led to a slowdown in rental markets in 2023, weighing on revenue growth. However, this has started to turn around in 2025 as interest rates have been falling across Europe in the two years through 2025, reducing borrowing costs for buyers and boosting property transactions. This has helped revenue to rebound slightly in 2025 as estate agents earn commission from property transactions. Revenue is forecast to swell at a compound annual rate of 3.7% over the five years through 2030 to €249.5 billion. Housing prices are recovering in 2025 as fixed-rate mortgages begin to drop and economic uncertainty subsides, aiding revenue growth in the short term. Over the coming years, PropTech—technology-driven innovations designed to improve and streamline the real estate industry—will force estate agents to adapt, shaking up the traditional real estate sector. A notable application of PropTech is the use of AI and data analytics to predict a home’s future value and speed up the process of retrofitting properties to become more sustainable.

Over the five years through 2024, IP leasing revenue is projected to fall at a compound annual rate of 4.5% to €29.7 billion. IP leasing demand has benefitted from increasing technological complexity in vehicles, software and pharmaceuticals. Tax incentives have also driven up IP leasing by reducing the R&D costs, thereby cutting the prices charged for leasing IP. Demand from the radio frequency spectrum leasing market has surged thanks to the rollout of 5G across the majority of European geographies. However, IP leasing demand slumped at the height of the COVID-19 pandemic, which caused business confidence and research and development spending to tumble. Revenue has since bounced back, though, and is slated to swell by 0.2% in 2024 as European businesses continue to realise the benefits of leasing IP rather than developing it themselves. Revenue is forecast to surge at a compound annual rate of 4.8% over the five years through 2029, reaching €37.7 billion. Rising research and development expenditure across Europe will boost the pool of registered designs, patents and trademarks available in the market, fuelling revenue growth. European business and consumer sentiment is projected to strengthen moving forward, supporting demand for IP leasing. The ongoing trend of technological manufacturers across Europe becoming fabless will also drive up the need for leasing IP.

Cyprus CY: GDP: Growth: Gross Value Added: Services data was reported at 2.555 % in 2016. This records an increase from the previous number of 1.909 % for 2015. Cyprus CY: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 5.462 % from Dec 1976 (Median) to 2016, with 41 observations. The data reached an all-time high of 19.193 % in 1977 and a record low of -4.662 % in 2013. Cyprus CY: GDP: Growth: Gross Value Added: Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Cyprus – Table CY.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

Building contractors and developers depend on various socio-economic factors, including property values, underlying sentiment in the housing market, the degree of optimism among downstream businesses and credit conditions. All of these drivers typically track in line with economic sentiment, with recent economic shocks spurring a difficult period for building contractors and developers. Nonetheless, the enduring need for building services, particularly to tackle housing shortages across the continent, ensures a strong foundation of work. Revenue is forecast to grow at a compound annual rate of 2.3% to reach €1.3 trillion over the five years through 2025. Operational and supply chain disruption caused by the pandemic reversed the fortunes of building contractors and developers in 2020, as on-site activity tumbled and downstream clients either cancelled, froze or scaled back investment plans. Aided by the release of pent-up demand and supportive government policy, building construction output rebounded in 2021. Excess demand for key raw materials led to extended lead times during this period, while input costs recorded a further surge as a result of the effects of rapidly climbing energy prices following Russia’s invasion of Ukraine. Soaring construction costs and the impact of interest rate hikes on both the housing market and investor sentiment led to a renewed slowdown in building construction activity across the continent. However, falling inflation and the start of an interest rate cutting cycle have spurred signs of a recovery in new work volumes, supporting anticipated revenue growth of 2.3% in 2025. Revenue is forecast to increase at a compound annual rate of 6.7% to €1.7 trillion over the five years through 2030. Activity is set to remain sluggish in the medium term, as weak economic growth and uncertainty surrounding the impact of the volatile global tariff environment on inflation and borrowing costs continue to weigh on investor sentiment. Contractors and developers will increasingly rely on public sector support, including measures to boost the supply of new housing, as countries seek to tackle severe housing shortages. Meanwhile, the introduction of more stringent sustainability requirements will drive demand for energy retrofits.

The size of the Greece Property And Casualty Insurance Market was valued at USD 7.60 Million in 2023 and is projected to reach USD 9.78 Million by 2032, with an expected CAGR of 3.67% during the forecast period. The Greece property and casualty insurance industry plays a crucial role in the country's financial landscape, providing coverage against a range of risks associated with property damage and liability. This sector encompasses various types of insurance products, including homeowners insurance, automobile insurance, commercial property insurance, and liability coverage. With a growing economy and increased focus on risk management, the industry has evolved to meet the diverse needs of both individuals and businesses. In recent years, the demand for property and casualty insurance in Greece has been driven by factors such as rising property values, increased vehicle ownership, and a heightened awareness of the importance of financial protection. The industry is characterized by a mix of local and international insurers, which fosters competition and innovation in product offerings. Regulatory frameworks established by the Bank of Greece and the European Insurance and Occupational Pensions Authority (EIOPA) ensure that insurers maintain adequate reserves and operate transparently, enhancing consumer confidence. Recent developments include: December 2022: European Reliance and Allianz Greece announced the formation of an Executive Committee (ExCom) to oversee their joint expansion journey and facilitate the effective integration of the two companies. The composition of the ExCom members has been carefully chosen with the primary goal of ensuring a seamless integration process.., February 2022: The European Commission unconditionally cleared the acquisition of Ethniki Hellenic General Insurance Company S.A. of Greece by CVC Capital Partners SICAV FIS S.A. of Luxemburg. Ethniki offers life and non-life insurance services, insurance distribution, and reinsurance services in Cyprus, Greece, and Romania. CVC and its subsidiaries manage investment funds and platforms and control many companies, including the Hellenic Healthcare Group, which offers private hospital services in Cyprus and Greece.. Key drivers for this market are: Digitalization is Driving the Market. Potential restraints include: Economic Disparities are Restraining the Market. Notable trends are: Technological Advancements are Driving the Market.

The industry includes the renting and leasing of goods like automobiles, computers, consumer goods and industrial machinery and equipment to customers in return for a lease or rent payment. Services are broken down into the renting of motor vehicles, the renting of recreational and sports equipment and household equipment, the leasing of other machinery and equipment for business operations and the leasing of intellectual property products.

The Greece Property and Casualty (P&C) insurance market presents a steady growth trajectory, exhibiting a Compound Annual Growth Rate (CAGR) of 3.67% from 2019 to 2024, reaching a market size of €7.60 billion in 2024. This growth is fueled by several key factors. Increased awareness of risk and the growing penetration of insurance products, especially in the burgeoning home and motor segments, are driving demand. Furthermore, a strengthening economy and rising disposable incomes are empowering more individuals and businesses to secure insurance coverage. The market is segmented by insurance type (home, motor, other) and distribution channel (direct, agency, brokers, others). While the direct channel gains traction with technology's advancements, traditional channels like agencies and brokers continue to hold significant market share due to established relationships and trusted advice. Regulatory changes promoting market transparency and consumer protection could further influence the landscape. Competition among major players like Allianz Greece, AXA Greece, and Ergo Insurance, amongst others, remains intense, spurring innovation and service improvements. Looking ahead to 2033, the market is projected to continue its moderate expansion. While the specific market size for 2033 is not provided, extrapolating the CAGR of 3.67% from the 2024 value of €7.60 billion indicates a significant increase in market value over the forecast period. The continued growth will depend on factors such as economic stability, government policies, and the success of insurers in adapting to evolving consumer expectations and technological disruptions. The motor insurance segment is anticipated to remain dominant, given the rising vehicle ownership and usage in Greece. Furthermore, evolving risk profiles (e.g., climate change impacting home insurance) will necessitate adaptation and new product offerings. Recent developments include: December 2022: European Reliance and Allianz Greece announced the formation of an Executive Committee (ExCom) to oversee their joint expansion journey and facilitate the effective integration of the two companies. The composition of the ExCom members has been carefully chosen with the primary goal of ensuring a seamless integration process.., February 2022: The European Commission unconditionally cleared the acquisition of Ethniki Hellenic General Insurance Company S.A. of Greece by CVC Capital Partners SICAV FIS S.A. of Luxemburg. Ethniki offers life and non-life insurance services, insurance distribution, and reinsurance services in Cyprus, Greece, and Romania. CVC and its subsidiaries manage investment funds and platforms and control many companies, including the Hellenic Healthcare Group, which offers private hospital services in Cyprus and Greece.. Notable trends are: Technological Advancements are Driving the Market.

The European legal services industry is in a phase of consolidation, signified by a surge in both intranational and international M&A activity. This is as firms aim to expand into new markets and enhance specialisation amid intense competition and growing client expectations. Legal service providers benefit from demand from households and businesses across all sectors of the economy, limiting revenue volatility. The provision of countercyclical services like advising on restructuring and insolvency issues has helped support revenue from the corporate market during volatile economic conditions. Industry revenue is projected to expand at a compound annual rate of 1.5% to €234.2 billion over the five years through 2025, including a 3.3% hike in 2025. The corporate law service industry has been adversely affected by fluctuating economic conditions. M&A activity and business expansionary activity rebounded strongly in the two years through 2022, driving demand for corporate law work. However, a severe inflationary environment and geopolitical tensions have heightened economic uncertainty, hindering revenue growth. Despite some businesses having in-house legal teams, many businesses continue to outsource complex legal needs to external expert legal professionals, creating a consistent revenue inflow for law firms. Faced with client demands for greater cost transparency, law firms are increasingly adopting fixed-fee billing models. Competitive pressures, investment in technology and staff costs have weighed on profitability over the past five years. Revenue is forecast to swell at a compound annual rate of 7.9% to €342.6 billion over the five years through 2030. Anticipated improvements in economic conditions, including easing inflation and revived business sentiment, should drive renewed demand for commercial legal services. At the same time, growing regulatory complexity (like ESG mandates, AI legislation and data privacy) will sustain the need for specialist expertise, benefitting firms focusing on these niches as they can command premium fees. Driven by the need to scale, diversify and tap into new markets, both intranational and international M&A activity is expected to continue, with larger firms seeking to acquire specialist boutiques and expand their international footprints to better serve cross-border clients. Technological advancements offer further opportunities for legal services as they enable greater efficiency by automating repetitive tasks and allowing firms to deliver more valuable, tech-driven solutions. However, competition will continue to intensify, providing some threats to legal services providers.

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Revenue is forecast to swell at a compound annual rate of 3.1% over the five years through 2025 to €291.2 billion. Electrical contractors serve the construction sector, so procyclical commercial and residential construction trends influence revenue prospects. Hence, economic uncertainty associated with rampant inflationary pressures and reduced budgets has caused year-on-year revenue volatility for the Electricians industry. Weak economic conditions have restricted the number of new projects coming to fruition, hindering the number of big-ticket tender opportunities available for electricians to bid for and obtain. Businesses have remained cautious amid an uncertain economic outlook, opting to preserve cash and postpone or cancel significant construction projects. Over the two years through 2024, inflationary pressures have persisted and retaliatory increases to the base rate have ballooned the cost of borrowing. Despite public funding and support for new residential properties, a cooling housing market has limited demand from property developers. In 2024, as inflation began to ease, central banks responded by lowering interest rates to support economic growth. This move has encouraged property and commercial building investors to initiate construction and renovation projects, thereby boosting opportunities for electricians to bid for new contracts. Despite ongoing economic uncertainties that continue to challenge revenue prospects, the push for net-zero emissions has significantly bolstered demand for energy-efficient electrical systems. This shift is diversifying and enhancing the demand for new electrical installations. Revenue is expected to climb by 1.2% in 2025. As inflationary pressures subside and business and consumer sentiment rebound, revenue prospects will grow and more large tender opportunities will come to fruition. Businesses will increase spending budgets in line with recovering economic conditions and recovering house prices will spur new opportunities in the residential market, contributing to a recovery in income. Ongoing efforts to achieve carbon neutrality will continue to drive innovation in the industry and prompt electricians to upskill to ensure they can delivery energy-efficient electrical solutions to clients. Revenue is forecast to expand at a compound annual rate of 5.3% over the five years through 2030 to €377.6 billion.