Cyprus Real Estate News

Positive messages about the prospects of Larnaca and the certainty that the development of the Larnaca port & marina will be completed at all cost, was the conclusion of the “Larnaka Property Show 2024” organised by FMW Conferences. More than 20 speakers referred to Larnaca’s development prospects, the new projects being planned, the coastal town’s […]

A booming economy (projected 2.7% growth in 2024), resurgent tourism, and impressive fiscal discipline (budgeted surpluses averaging 2.3% of GDP from 2023 to 2028) create a narrative of prosperity. Construction flourishes, with coastal hotspots like Limassol leading the charge. However, beneath this sun-drenched exterior lies a tale of two markets, each with its own set […]

The Council of Ministers has submitted a bill to Parliament to reduce the frequency of general property valuations carried out by the Department of Lands & Surveys from three years to five years. General property valuations Originally, general property valuations were based on an assessment of a property’s value at 1st January 1980. This 1980 […]

Cyprus is considering easing residency permit requirements for wealthy foreign nationals under a proposed bill. The proposed legislative changes would grant residency permits to third-country nationals who invest €250,000 in housing and have an annual income of €40,000. According to the bill, a residence permit may be granted to a wealthy third-country national who intends […]

It might be a common assumption by now that the €1.2 billion investment in the Larnaca marina and port is up in the air, however, the managing company, which has not yet paid the contentious guarantee, is attempting in the midst of this situation to increase its income. As sailors revealed to Phileleftheros, they were […]

External reasons, combined with Cyprus’ economic conditions, are affecting both local and international demand in the local property sector, according to Michalis Tsangarides, director of Delfi Partners, who noted that foreign investors continue to sustain the market domestically. In a recent analysis piece, Tsangarides noted that during the first quarter of 2024, the market showed […]

The investment of €1.2 billion in the Larnaca port and marina is unprecedented, and with the current data, it seems to be hanging by a thread. Until Tuesday afternoon, when the telegram given by the Minister of Transport to Kition Ocean Holdings expired, not only was the contentious guarantee for the port not deposited, but […]

A protest against high rents in Limassol will be held on Saturday, April 27 starting at 17:00 at the square in front of the District Administration Office in Anexartisias Street. The event is being organised by the Initiative for Housing, a grassroots citizens group focusing on problems surrounding housing in Cyprus. In its statement, the […]

New legislation will end the need for a swimming pool lifeguard on complexes of less than five residential units will be met with huge relief from smaller development complexes. Following years of complaints and concerns regarding the outdated and unworkable regulations on public and some private swimming pools in Cyprus, the obsolete laws are on […]

Parliament has passed a law, with 34 votes in favour and one against, granting beneficiaries to request a reduced 5% VAT rate within a year of acquiring a main residence. Proposed by the AKEL parliamentary group, the bill aims to modify the Value Added Tax Law, enabling the Tax Commissioner to accept submissions from eligible […]

Kition Ocean Holdings, the consortium responsible for the development of Larnaca’s port & marina, has agreed to renew its financial guarantee after a meeting chaired by President Nikos Christodoulides on Monday at the Presidential Palace. The amount of the financial guarantee under the contract amounts to €10 million. However, the amount placed by the consortium […]

In March 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,257, falling 7% compared to the 1,352 deposited in March 2023, according to official sales statistics published by the Department of Lands and Surveys. Although sales in Nicosia and Larnaca rose by 38% and 2% respectively, they […]

Cypriots are being squeezed out of the property market as they can’t afford climbing rents. Hiking construction costs and interest rates are making homes unaffordable, with the need for the government to step in, more than ever. While the island’s real estate sector is showing a significant recovery despite the uncertainty triggered by the energy […]

Rent control in Cyprus has turned into a cumbersome obstacle, casting a shadow over the local property market and stifling both development and investment opportunities, according to the Cyprus Real Estate Agents Registration Council. Specifically, the council referred to the Rent Control Law of 1983. This law intervenes in the relationship between landlord and tenant, […]

The Aura project, which is set to become the tallest building in Cyprus at 181.5 metres with 44 floors, has finally received approval for construction on Limassol’s seafront. However, the journey to this point has been marked by controversy and heated debates among municipal groups in Limassol. Initially, there were serious disagreements among Limassol’s municipal […]

Interior Minister Constantinos Ioannou addressed the 18th Real Estate, Land Development, Planning, and Construction Conference on Wednesday, outlining recent developments in the real estate sector, as well as the government’s priorities regarding urban development. Ioannou commenced his speech by commending the initiative taken to organise the conference, providing professionals in the real estate and land […]

Cypriot real estate market analytics firm Ask Wire on Tuesday released a report outlining the ten most expensive property transactions completed in February 2024, shedding light on the state of the local property market. According to Ask Wire’s findings, the top 50 property transactions in February amounted to over €55 million in total value, with […]

In the second half of 2024, regulations for developing and operating “RES communities” is expected to come into force, according to the Minister of Energy George Papanastasiou. The regulations are expected to pave the way for the installation of photovoltaic systems in apartment buildings, which have shared roofs, as energy communities are the cooperatives that […]

An alarming 2% of dwellings in Cyprus are now listed on Airbnb, raising concerns regarding housing availability and regulatory oversight. This data, exclusively focusing on Airbnb listings, reflects a broader trend of properties being repurposed as investment assets rather than addressing housing demands. With a staggering 8,510 homes listed on Airbnb alone, estimates suggest that […]

Last Wednesday, the European Commission decided to send a reasoned opinion to Cyprus (INFR(2019)2303) for failing to properly assess projects that may have a significant impact on Natura 2000 sites as required by the Habitats Directive (Directive 92/43/EEC). The Directive is one of Europe’s primary tools for protecting biodiversity. The Habitats Directive requires that plans […]