Administrative, support, and real estate services in Cyprus performed well during the third quarter of 2024, according to the latest services turnover value index report.
Specifically, according to the Cyprus Statistical Service (Cystat), real estate activities recorded an 11.5 per cent increase compared to the same period in 2023.
Information and communication activities followed, rising by 8 per cent, while accommodation and food service activities grew by 6.4 per cent.
Administrative and support service activities also saw a 5.7 per cent rise, while professional, scientific, and technical activities recorded a more modest 4.6 per cent increase.
When examining the January to September 2024 period, there were noticeable increases across several sectors relative to the same period in 2023.
Administrative and support service activities led with a 9.8 per cent rise, followed by information and communication at 8.3 per cent, accommodation and food service activities at 7.8 per cent, and real estate activities at 6.7 per cent.
Professional, scientific, and technical activities grew by 2 per cent over the nine months.
Breaking down specific divisions, accommodation activities saw a 7.7 per cent year-on-year increase in the third quarter and an 8.4 per cent rise over the first nine months of 2024.
Food and beverage service activities grew by 4.6 per cent in the third quarter, contributing to a 7.4 per cent increase year-to-date.
The information and communication sector stood out, with the information service activities division recording a 42 per cent year-on-year increase in the third quarter and a 57.6 per cent rise for the January to September period.
Computer programming, consultancy, and related activities also posted strong results, rising by 11 per cent in the third quarter and 6.6 per cent year-to-date.
Meanwhile, real estate activities maintained strong momentum, with an 11.5 per cent year-on-year increase in the third quarter contributing to a 6.7 per cent rise over the first nine months of the year.
In contrast, some divisions faced challenges. Legal and accounting activities grew by 3 per cent in the third quarter but declined by 3 per cent over the nine months.
Advertising and market research recorded a 4.9 per cent year-on-year increase in the third quarter but only a 1.5 per cent rise for the January to September period.
Notable performances included a 9.8 per cent rise in office administrative and support activities during the third quarter, leading to a 14 per cent increase year-to-date, and an 11.3 per cent year-on-year growth in security and investigation activities, which saw a 14.5 per cent rise over the first nine months.
