Cyprus Real Estate News

Cypriot passport in fourteenth place (4 hours 18 min ago)

Story: A Cypriot passport ranks in fourteenth place out of 227 countries worldwide, according to the Henley Passport Index for 2022. The Index is the original, authoritative ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa. The index is based on exclusive data from the […] Read more...

VAT rate on first homes rethink (6 hours 32 min ago)

Story: Faced with pushback from MPs and building industry stakeholders, the government on Monday agreed to – again – rethink parts of a bill providing for reduced VAT on first homes. The matter relates to new legislation drafted by the government that aims to find the sweet spot between local concerns and the European Commission, which […] Read more...

New lifeline for defaulted borrowers (Sun, 26/06/2022 - 13:13)

Story: Cyprus is to throw another lifeline to distressed borrowers to help them keep their homes following its ESTIA scheme for toxic mortgages, which failed to cover all applicants. This time, the Finance Ministry is preparing to launch a mortgage-to-rent scheme aiming to bail out borrowers with a first home or an SME linked to a […] Read more...

Cyprus mulls raising bar for expat retirees (Sun, 26/06/2022 - 10:12)

Story: UK pensioners eyeing a retirement home in Cyprus may have to rethink their plans, as changes proposed by the government on granting residence permits to non-EU nationals raise the bar for newcomer retirees by €130,000. Amid a surge of demand from retirees from the UK, Israel and Germany, real estate stakeholders in coastal areas are […] Read more...

Pissouri homeowners plead with MPs (Fri, 24/06/2022 - 15:05)

Story: Residents of Pissouri on Thursday pleaded with MPs to help with mounting problems as a result of continuing landslides in the area, including the banks coming after them. They sought assistance so that a decision can be requested from the banks for all those affected by the Pissouri landslides in terms of facilities for their […] Read more...

Small annual fall in construction material prices (Mon, 20/06/2022 - 16:15)

Story: The year-on-year prices for all construction materials rose by 21.81 per cent from May 2021 to May 2022, according to the Cyprus Statistical Service; a small decline from the 24.54 per cent increase recorded in April. The price increases make it harder for the construction and real estate sectors to recover from the fallout from […] Read more...

Paphos, Limassol property market booming (Sun, 19/06/2022 - 13:52)

Story: Real estate agents in Limassol and Paphos are reporting the highest demand from foreign buyers and Cypriots for homes since 2020 when the government ended the disgraced citizenship for investment scheme. The boom is amid a global crisis, with the war in Ukraine raging and sanctions hitting Russian investors, who up to 2020 were the […] Read more...

Ministry passes the buck on Aglandjia rockslides (Sat, 18/06/2022 - 13:35)

Story: The state has no responsibility for rockslides on private plots, the interior ministry reiterated on Friday, a day after MPs and the Aglandjia mayor plead for financial assistance to clean up debris following such slides near to homes. The ministry was referring to the issue of rockslides at a residential area in Aglandjia municipality in […] Read more...

Cyprus has least crowded & costly homes (Sat, 18/06/2022 - 10:35)

Story: Eurostat data reveals that in 2020, 17.5% of the EU population lived in over-crowded households. I.e., they did not have a sufficient number of rooms for the number of people in the household, their family situation and their ages. Lack of space in overcrowding households is amplified by having kids playing in the same room […] Read more...

Reduction in building permits authorised in March (Sun, 12/06/2022 - 12:15)

Story: The number of building permits authorized in Cyprus during March 2022 stood at 642. The total value of these permits reached €209.7 million and the total area 176.7 thousand square meters. These building permits provide for the construction of 962 dwelling units. Compared to March 2021, the number of permits issued fell by 14.1%, their […] Read more...

Wealth gap reshaping property sector (Sun, 12/06/2022 - 10:03)

Story: The Cyprus property sector is reinvented by a growing wealth disparity, creating a wider gap among potential buyers for homes and apartments. The trend is set to continue as the economy hits the buffers. Real estate agents report a high number of Cypriots with cash in the market to buy houses and flats, boosting residential […] Read more...

Construction hit by staff shortages & rising costs (Sat, 11/06/2022 - 10:27)

Story: Construction companies and other industry stakeholders continue to be faced with the persisting challenges posed by rising domestic inflation, as well as the adverse effects of global supply chain disruption and the war in Ukraine. Building Contractors Associations of Cyprus (Oseok) president land development president Stylianos Gabriel echoed these thoughts during a roundtable discussion. The […] Read more...

New Jointly-Owned Buildings Law drafted (Wed, 08/06/2022 - 10:34)

Story: Anyone who’s had dealings with the Jointly-Owned Buildings Law will agree that it’s in dire need of revision. I get as many complaints and queries about this particular law (two this morning) as I get about Title Deeds. It seems that, at long last, the law is about to change. A draft law for the […] Read more...

Lawyer Andreas Pittadjis fined (Wed, 08/06/2022 - 08:17)

Story: Andreas Pittadjis, a prominent Famagusta lawyer implicated in Al Jazeera’s golden passport scandal expose, which ended the citizenship for investment scheme, was fined €4,000 by the Cyprus Bar Association for demeaning the profession. Andreas Pittadjis was found guilty by the Bar Association disciplinary council on two out of five disciplinary charges following social media posts […] Read more...

Relentless rise in property sales (Sun, 05/06/2022 - 12:26)

Story: For a fifth consecutive month, the number of property sales in Cyprus hit a 14 year high in May as measured by the number of contracts deposited at Land Registry offices. Property sales include domestic dwellings, retail premises, offices, warehouses and land (fields and plots). The reasons for the growth in sales in unclear, bearing […] Read more...

Lenders told not to foreclose on properties (Fri, 03/06/2022 - 20:10)

Story: The financial ombudsman has advised banks and credit-acquiring companies to refrain from foreclosing on mortgaged properties before the definitive conclusion of procedures within the Estia housing loan subsidy scheme, otherwise they would be breaking the law. In a memo he circulated publicly, Pavlos Ioannou cited a recent judgment by Nicosia district court – dated April […] Read more...

Rises reported in most real estate categories (Mon, 30/05/2022 - 20:53)

Story: In its overview of real estate activity in Cyprus during the first quarter of 2022 RICS Cyprus with KPMG in Cyprus reports that transactions continued to recover from the pandemic, showing significant year on year increases. During Q2 a 31% increase in transactions were observed compared with the first quarter of 2021, together with a […] Read more...

Danger of electrocution in older homes (Fri, 27/05/2022 - 21:00)

Story: Residents of some 60 to 70 per cent of homes face possible electrocution due to the age of the power supply switch, which fails to work – and the lack of a neutral earth, Philenews reports. This is what experts told the House Refugees Committee, adding that the problem is bigger in older electrical installations. […] Read more...

Cyprus justice system performance worst in EU (Fri, 20/05/2022 - 11:30)

Story: The performance of the Cyprus justice system, as measured by the time taken to complete court cases, places it at the bottom of the list compared with other European Union member states. The 2022 EU Justice Scoreboard, which was published yesterday, provides a relative overview of the independence, quality and effectiveness of judicial systems in […] Read more...

British Bases deal triggers real estate prospects (Thu, 19/05/2022 - 20:38)

Story: Cypriots owning land in non-military areas inside the British Bases can sell or develop their property, following a milestone agreement between Cyprus and the UK. The British Bases are lifting restrictions on property development within non-military areas, allowing for business and tourism growth stunted for decades, with local authorities expecting an avalanche of applications. The […] Read more...