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The total value of transactions in the Cypriot Real Estate and Land Development market reached €3.8 billion in 2021, recording an annual increase of 26% (-14% compared to 2019), according to the new PwC Cyprus publication on the real estate sector, which refers to "signs of recovery" in the sector, "following the significant drop in activity seen in 2020, mainly as a result of the pandemic and the termination of the Cyprus Investment Programme, as of 1 November 2020".
Foreign buyer transactions recorded an increase of 24%, the PwC Cyprus publication said, noting that "on a monthly basis from August 2021 onwards, transactions by foreign buyers are even exceeding pre-pandemic levels, highlighting the dynamics of the Cypriot real estate market".
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