Cyprus real estate was 3.2% of GDP in 2005

The Statistical Service Cystat has produced the publication “Real Estate Activities 2004-05”.

The report contains detailed information on  employment, gross output and value added, production, administrative and other expenses, investments and stocks in the sector of real estate activities.

In 2005 gross output in the real estate sector amounted to CYP 430.6 mln, compared with CYP 250.4 mln in 2002.

Valued added was CYP 251.4 mln (3.5% of total gross value added and 3.2% of GDP), compared with CYP 156.1 mln in 2002 and the sector grew in real terms by 7.8%.

Fixed assets in the sector reached CYP 5.4 mln, compared with CYP 4.9 mln in 2002.

Cystat noted that growth of the sector mainly depends on the development and selling of real estate, which contributes 84% of value added and 87.9% of gross output.

Real estate agencies contributed 9.3% and letting of own property 3%.