Estate Briefing

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Georgia·Poland·Bulgaria·Cyprus·Romania·Greece

Evidence network

Sources behind our reporting
GeorgiaHomeRadar

Project-level intelligence for Georgia’s fast-moving development market

European UnionEurostat

Comparable European housing indicators

GeorgiaNational Statistics Office of Georgia

Georgia prices, construction and population

GeorgiaNational Bank of Georgia

Mortgage, credit and financial stability

PolandStatistics Poland

Official Polish housing statistics

PolandNational Bank of Poland

City prices, rents and mortgage context

BulgariaNational Statistical Institute Bulgaria

Transaction-based house-price indices

CyprusCentral Bank of Cyprus

Residential price indices by district

RomaniaNational Institute of Statistics Romania

Romanian official housing statistics

GreeceHellenic Statistical Authority

Official Greek construction and housing statistics

Latest news

Cyprus tourist arrivals fell 7% in 2026, testing holiday-rental demand

Cyprus received 581,880 tourists in August, down 3.3% year on year, while arrivals for January-August fell 7.0% — a softer backdrop for tourism-linked property even as recent sales activity remains firm.

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MARKET PULSE

The latest verified signal from each market

Latest property reporting

Ten latest materials

🇵🇱Poland · NewsPoland construction output returned to growth in August as the housing pipeline kept expandingStatistics Poland reported that construction and assembly production was 6.7% higher than a year earlier in August 2026, while separate housing data still showed more completions, more starts and many more permits in the first eight months of the year.→🇨🇾Cyprus · AnalysisCyprus has Europe's most under-occupied homes — but that does not mean housing is easy to accessFresh Eurostat-based figures reported on 21 September show that 69.4% of people in Cyprus lived in under-occupied homes in 2025, far above the EU average of 33.4%, even though the island still has affordability pressure in parts of the rental market.→🇵🇱Poland · Investor WatchNBP revised Poland's historical resale price data — old charts need checkingThe National Bank of Poland's housing database now covers Q3 2006 through Q2 2026 and retrospectively revises secondary-market transaction-price histories following data integration work.→🇨🇾Cyprus · AnalysisCyprus property demand is still strong — but supply, costs and tourism now pull in different directionsCyprus entered autumn 2026 with property sale contracts up about 14%, planned housing units up 63.7%, construction materials up 3.39% and tourist arrivals down 7% year to date.→🇵🇱Poland · NewsPoland construction costs rose 6.2% as the housing pipeline stayed activeConstruction and assembly prices in Poland increased 6.2% year on year in August 2026 and 0.3% from July, keeping a firm cost floor under new development.→🇨🇾Cyprus · NewsCyprus construction-material inflation reaches 3.39% as the housing pipeline expandsConstruction-material prices in Cyprus rose 3.39% year on year in August 2026, with metals and wood, insulation, chemicals and plastics each up 4.60%, adding a cost-side pressure to a rapidly expanding residential pipeline.→🇧🇬Bulgaria · Investor WatchBulgaria's hotel revenue rose 11% even as July demand weakenedAccommodation revenue reached EUR346.4 million in July 2026, up 11.4% year on year, although arrivals fell 3.1%, occupancy lost 2.5 percentage points and available bed capacity contracted.→🇧🇬Bulgaria · NewsBulgaria's building output stayed strong but monthly momentum cooledConstruction production rose 4.9% year on year in July 2026, led by a 9.5% expansion in building construction, but total output fell 0.6% from June on a seasonally adjusted basis.→🇬🇪Georgia · AnalysisGeorgia's wages rose 8%, but construction pay barely movedAverage monthly nominal earnings reached GEL2,389.3 in the second quarter of 2026, up 8.0% year on year, while construction wages increased only 0.8% to GEL3,496.6.→🇬🇷Greece · NewsGreek building output rose 17.6% while infrastructure fell 10.7%Greece's construction index increased 7.1% year on year in Q2 2026, but the headline concealed a sharp split between strong building activity and falling civil engineering output, while seasonally adjusted momentum was almost flat.→🌍Europe · AnalysisBranded residences are shifting to resorts, raising the test for Black Sea projectsKnight Frank expects branded residence schemes to grow by more than 60% by 2031, with over half of projects now outside major cities, creating opportunity and a tougher credibility test for resort developments in Georgia, Cyprus, Greece and Bulgaria.→🇨🇾Cyprus · NewsCyprus housing pipeline jumped 64% as apartment permits acceleratedBuilding permits issued in January-May 2026 covered 8,978 planned homes, 63.7% more than a year earlier, with apartment units almost doubling and the authorised project value passing EUR2.1 billion.→🇷🇴Romania · AnalysisRomania completed 30% more homes as the future pipeline weakenedRomania delivered 31,958 homes in the first half of 2026, up 29.9% year on year, but the surge in current completions contrasts with weaker new construction starts and points to a two-speed supply cycle.→🇨🇾Cyprus · NewsCyprus tourist arrivals fell 7% in 2026, testing holiday-rental demandCyprus received 581,880 tourists in August, down 3.3% year on year, while arrivals for January-August fell 7.0% — a softer backdrop for tourism-linked property even as recent sales activity remains firm.→🇵🇱Poland · Investor WatchPoland mortgage capacity slipped in September as fixed rates roseAverage maximum borrowing capacity in a Bankier.pl bank survey fell by PLN 8,000 from August to PLN 1.155 million for its model household, adding a new affordability constraint even as mortgage demand remains above last year.→🇷🇴Romania · NewsRomania residential construction starts fell about 30% in H1 2026The value of newly started multi-unit housing projects in Romania was about 30% lower in the first half of 2026 than a year earlier, pointing to a weaker future supply pipeline even as work already under way remains active.→🇨🇾Cyprus · NewsCyprus building permits jump 21% in May as the housing pipeline acceleratesCYSTAT recorded 735 building permits worth €428.2 million in May 2026; across the first five months, planned dwelling units surged 63.7% year on year to 8,978.→🇬🇪Georgia · NewsGeorgia plans to lift the property-tax exemption threshold to GEL 100,000Revenue Service says around 81,000 families could leave the property-tax net this year, removing roughly GEL 22 million in liabilities under the current rules; the amendment is being fast-tracked.→🇬🇷Greece · NewsGreek apartment prices still rise, but the pace is clearly coolingBank of Greece data for Q2 2026 show nationwide apartment prices up 5.5% year on year, with growth slowing from 8.3% in 2025 and shifting away from the biggest cities.→🇨🇾Cyprus · NewsCyprus says its housing push has passed €300m and 5,500 units — the two new schemes are only part of itA fresh presidential update puts a scale on Cyprus’s housing policy: more than €300 million committed across government schemes, more than 5,500 residential units being added to the market, and fast-track licensing used by over 15,000 families.→🇬🇪Georgia · NewsWhite Square plans up to $100m of residential investment as Georgia’s property sector keeps attracting foreign capitalThe developer says it plans to invest more than $80 million in residential construction in 2026, potentially reaching $100 million, while company sales are running about 40% above last year. Official Q2 data show real estate absorbed $119.9 million of foreign direct investment.→🇷🇴Romania · AnalysisRomania, part 2: more homes are completing now — while permits point to a tighter futureFresh INS data show 31,958 dwellings completed in the first half of 2026, almost 30% more than a year earlier. At the same time, residential building permits were down 9.6%. The two numbers are not contradictory: they describe different moments in the construction cycle.→🇵🇱Poland · AnalysisPoland is developing two classes of land: plots with planning certainty, and plots with promisesThe end of the transition period has not frozen Polish development, but it has made planning status more valuable. A plot with a valid local plan or an earlier zoning decision now carries a materially different timing and liquidity profile from land that still depends on a municipality completing the new planning framework.→🇷🇴Romania · AnalysisRomania's housing paradox: prices are still rising while fewer apartments change handsRomania is not behaving like a market in a classic correction. Apartment transactions fell about 9% nationwide in the first half of 2026, yet asking prices were still around 9% higher year on year by mid-summer. The explanation sits less in booming demand than in limited supply and sharply different city-level conditions.→🇪🇺Europe · Investor WatchEU housing rules are moving from debate to a legal framework — investors in tourist cities should pay attentionThe Commission’s Affordable Housing Act proposal would give authorities a clearer EU-law framework for measures affecting short-term rentals, second homes and long-vacant dwellings in areas formally shown to be under housing stress.→🇬🇪Georgia · NewsBatumi’s July slowdown hides a stronger resale market — and foreign buyers still account for 48%Registered apartment sales fell 11.8% year on year in July, but new-project resales rose 19.1%. The split matters more than the headline decline.→🇵🇱Poland · NewsPoland’s housing communities could gain a direct route to claims over defects in shared partsA government bill would let housing communities pursue statutory warranty claims over defects in common property on behalf of apartment owners, reducing today’s dependence on individual assignments of claims.→🇵🇱Poland · NewsPoland wants to end the rule that can make one co-owner pay the entire property taxA Finance Ministry proposal would tie property-tax liability to each owner’s share and could also remove a separate filing step after many residential transactions.→🇨🇾Cyprus · AnalysisForeign buyers are surging in Cyprus. Are they actually driving the housing market?Foreign demand is clearly gaining share in Cyprus, but the headline number is easy to misuse: deposited contracts, completed transfers and price pressure are not the same thing.→🇨🇾Cyprus · Social Radar“Who can still afford a home?” Cyprus housing frustration is becoming a market signalA fresh public discussion on Cyprus is not a survey of the market, but its central complaint — that housing feels increasingly out of reach — is consistent with official price and demand data.→
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Investor Watch

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🇵🇱

Poland mortgage capacity slipped in September as fixed rates rose

This matters because mortgage-market volume and mortgage affordability can move in opposite directions. If borrowing capacity keeps falling, buyers in higher-priced Polish cities will face tighter purchase budgets even while headline lending activity remains strong.

Social Radar

Public conversations shaping market sentiment.

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