Cyprus admin services lead second quarter growth, real estate up 10.5 per cent

Administrative, support and real estate services in Cyprus performed well during the second quarter of 2024, according to the latest services turnover value index report.

Specifically, according to the Cyprus Statistical Service (Cystat), administrative and support service activities saw an increase of 11.3 per cent compared to the same period in 2023.

Real estate activities also performed well, recording a 10.5 per cent rise, while accommodation and food service activities grew by 6.3 per cent.

The information and communication sector experienced a modest increase of 2.5 per cent.

Conversely, the professional, scientific, and technical activities sector saw a decline, with the turnover value index dropping by 1.9 per cent compared to the second quarter of 2023.

When looking at the first half of 2024, there were noticeable increases across several sectors relative to the same period in 2023.

Administrative and support service activities led with a 12.3 per cent rise, followed by accommodation and food service activities at 8.8 per cent, information and communication at 8.5 per cent, and real estate activities at 3.6 per cent.

The professional, scientific, and technical activities sector, while declining in the second quarter, showed a slight increase of 0.8 per cent for the first half of the year.

Breaking down the performance by specific divisions within these sectors, the food and beverage service activities division saw a year-on-year increase of 6.4 per cent in the second quarter, with a 9.0 per cent year-on-year rise for the first half of the year.

The information service activities division recorded the most significant growth, with a 55.7 per cent year-on-year jump in the second quarter and a 67.5 per cent year-on-year increase in the first half of 2024.

Meanwhile, the real estate sector’s strong second-quarter performance was underpinned by a 10.5 per cent year-on-year increase, contributing to a 3.6 per cent rise year-on-year over the first six months of the year.

In contrast, legal and accounting activities experienced a downturn, with a 2.5 per cent year-on-year decrease in the second quarter and a 5.4 per cent year-on-year decline over the first half of the year.

Architectural and engineering activities, along with advertising and market research, also faced challenges, showing year-on-year decreases of 4.4 per cent and 3.3 per cent respectively in the second quarter.

Other notable performances include a 21.3 per cent year-on-year increase in other professional, scientific, and technical activities, and a 20.2 per cent year-on-year rise in office administrative, office support, and other business support activities during the second quarter of 2024.