Cyprus Administrative and Real Estate Services Lead Q2 Growth, Real Estate Rises 10.5%

Administrative, support, and real estate services in Cyprus performed strongly in the second quarter of 2024, according to the latest services turnover value index report from the Cyprus Statistical Service (Cystat).

Administrative and support service activities saw a notable increase of 11.3 per cent compared to the same period in 2023, continuing a positive trend in the sector.

Real estate activities also showed solid growth, recording a 10.5 per cent rise during the same period. Additionally, accommodation and food service activities posted a 6.3 per cent increase. The information and communication sector registered a more modest gain, with a 2.5 per cent rise in the turnover value index.

However, not all sectors experienced growth. The professional, scientific, and technical activities sector saw a decline, with the index dropping by 1.9 per cent compared to the second quarter of 2023.

Looking at the first half of 2024, there were notable increases across several sectors relative to the first half of 2023. Administrative and support service activities led the way with a 12.3 per cent rise, followed by accommodation and food service activities, which grew by 8.8 per cent. The information and communication sector experienced an 8.5 per cent rise, while real estate activities posted a 3.6 per cent increase for the first half of the year.

Despite its second-quarter decline, the professional, scientific, and technical activities sector showed a slight overall improvement for the first half of the year, registering a 0.8 per cent increase.

Breaking down the performance within specific divisions, the food and beverage service activities division saw a year-on-year increase of 6.4 per cent during the second quarter, with a 9.0 per cent rise for the first half of 2024. The information service activities division recorded particularly impressive growth, with a 55.7 per cent year-on-year increase in the second quarter, contributing to a 67.5 per cent year-on-year surge for the first half of the year.

Meanwhile, the real estate sector’s strong second-quarter performance, marked by a 10.5 per cent rise, played a key role in its overall 3.6 per cent year-on-year growth over the first six months of the year.

On the other hand, legal and accounting activities faced challenges, with a 2.5 per cent year-on-year decrease in the second quarter and a more significant 5.4 per cent decline for the first half of the year. Architectural and engineering activities, along with advertising and market research, also struggled, showing year-on-year decreases of 4.4 per cent and 3.3 per cent respectively in the second quarter.

However, other professional, scientific, and technical activities posted a notable 21.3 per cent year-on-year increase in the second quarter. Similarly, office administrative, office support, and other business support activities saw a robust 20.2 per cent year-on-year rise during the same period.

These mixed results highlight the varied performance across sectors, with administrative and real estate services leading the way in growth while some professional services faced headwinds. 

By fLEXI tEAM