Cyprus Real Estate News

Inspecting resale properties – part 1 (Sun, 24/10/2021 - 16:57)

Story: Given the long-standing issues with Title Deeds, more home buyers are restricting their search to resale properties that have been issued with their all-important Title Deed. (But please note that even properties with Title Deeds may have problems. It’s essential to ensure that the property has not been extended the property, a swimming pool or […] Read more...

Property values continuing to ebb and flow (Sat, 23/10/2021 - 12:06)

Story: WiRE FS has published its Q3 2021 edition of the WiRE Index for property and rental values. The WiRE Index covers all districts and main property types, with values from Q4 2009. Sale values Across Cyprus, on a quarterly basis, sale values increased by 0.9% for apartments, and decreased by 1.1% for houses, 1.4% for […] Read more...

Construction material price hikes continues (Wed, 20/10/2021 - 15:55)

Story: The price of construction materials continued to surge in September as the global economy picks up in the wake of the COVID-19 pandemic causing global demand to increase. The Cyprus Statistical Service reports that, compared to September 2020, the Construction material price index recorded an increase of 14.92%. Compared to September 2020, increases were recorded […] Read more...

People suffering at the hands of the Land Registry (Wed, 20/10/2021 - 13:42)

Story: The state of affairs at the Cyprus Land Registry is appalling, with people waiting many years to have their applications processed. In its article “Golgotha of suffering for citizens in the Land Registry”, the Greek-language Phileleftheros summarises the findings of an investigation undertaken by the Internal Audit Committee. The Audit Committee outlined the “labyrinthine procedures” […] Read more...

House prices fall, apartment values rise (Tue, 19/10/2021 - 23:30)

Story: A slowdown in the residential Cyprus property price indices has been recorded in the second quarter of 2021 due to a small decrease in house prices and an increase in apartment values. According to the Residential Property Price Index (RPPI) report for Q2 published by the Cyprus Central Bank, a quarterly increase of 0.3% was […] Read more...

Cyprus to revoke 45 golden passports (Sat, 16/10/2021 - 20:37)

Story: The government has decided to revoke the citizenship of 45 dubious investors who obtained a Cyprus passport through the disgraced citizenship by investment scheme, which collapsed under corruption scandals. The decision was announced on Friday by government spokesperson Marios Pelekanos. He said the cabinet based its decision on an independent inquiry into the programme, which […] Read more...

Al Jazeera Cyprus Papers awarded bronze (Fri, 15/10/2021 - 13:22)

Story: The investigative report ‘The Cyprus Papers’ earnt Al Jazerra a bronze at the New York TV & Film Awards, while Al Jazeera English’s coverage of international issues and universal themes earned the network the prestigious title of Broadcaster of the Year. The Cyprus Papers are a batch of leaked documents obtained exclusively by Al Jazeera’s […] Read more...

KPMG in Cyprus announces partnership with RICS (Fri, 15/10/2021 - 12:17)

Story: KPMG in Cyprus and RICS have signed a collaboration agreement for the provision of services for the issue of the quarterly “RICS Cyprus Property Price Index, with KPMG in Cyprus”. The two organizations will collaborate closely for the production and distribution of the Index, which has been published since 2009, based on a methodology developed […] Read more...

Property sales improve in all market segments (Thu, 14/10/2021 - 13:56)

Story: All market segments saw an improved number of property sales in September compared to the same period last year according to figures published by the Department of Lands and Surveys. Domestic sales Property sales to the domestic market, which accounted for 63% of all sales in September rose by 9% compared to September 2021 and […] Read more...

Cyprus bucks EU trend for rising rents (Mon, 11/10/2021 - 14:00)

Story: Cyprus and Greece are the only two EU countries where the cost of renting a flat or a house has decreased over the past decade, according to the latest data released by Eurostat. Rents decreased in only two countries between 2010 and 2021: Greece (-25%) and Cyprus (-3%). The highest rises were recorded in Estonia […] Read more...

Nicosia driving slow real estate market (Sun, 10/10/2021 - 21:02)

Story: Nicosia is driving the Real Estate market with total property sales in the capital in the first nine months of 2021, exceeding that recorded pre-coronavirus pandemic. Sales in the capital increased by a whopping 37% in the first nine months compared to the same period in coronavirus stricken 2020, and 38% more than the same […] Read more...

Cyprus house price index up 1.2% (Fri, 08/10/2021 - 10:58)

Story: The Cyprus House Price Index (HPI) rose by 1.2 per cent in the second quarter of 2021 compared to the previous quarter according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT). However, the HPI also reports that residential property prices in Cyprus fell by 4.9 per cent on an […] Read more...

Property sales rising steadily (Tue, 05/10/2021 - 17:49)

Story: The number of property sales continued to rise in September 2021 compared with the same month last year, according to figures released by the Department of Lands and Surveys earlier today. During September 2021, a total of 914 contracts for the sale of property were deposited at land registry office across the Republic, an increase […] Read more...

Rising costs push property prices through the roof (Sun, 03/10/2021 - 10:38)

Story: Building material prices in Cyprus soared in the first half of the year, sending the cost of construction to skyrocket to new highs and pushing property prices further up. This increase has also made it harder for the real estate and construction sectors to recover after the scrapping of the ‘golden passports’ scheme and the […] Read more...

Title Deeds backlog reducing (Thu, 23/09/2021 - 22:03)

Story: Interior Minister Nicos Nouris said that the Title Deeds backlog had reduced during his speech at the 15th Land Development Conference in Nicosia on Tuesday. This news will be welcomed by thousands who have been waiting many years, in some cases decades, to get the deeds to properties they purchased. In 2014, there were 120,000 […] Read more...

All pending golden passports applications reviewed (Wed, 22/09/2021 - 18:22)

Story: The government has finished examining all pending applications filed under the – now defunct – citizenship-by-investment programme, and has duly briefed the European Union, Interior Minister Nicos Nouris said on Tuesday. The Cypriot scheme was axed last November after an undercover Al Jazeera video showed former House president Demetris Syllouris and former Akel MP Christakis […] Read more...

Pissouri landslide victims slam state’s inaction (Sun, 19/09/2021 - 15:21)

Story: People who were living in Pissouri landslide homes accuse the government of double standards in comparison with fire-stricken areas. Residents of Pissouri homes that have either been destroyed or seriously damaged by a landslide have yet to receive a penny from the government or any assistance and have accused them of double standards. The comments […] Read more...

Construction material prices surge (Sun, 19/09/2021 - 14:36)

Story: For the second consecutive month, the price of construction materials surged in August 2021 compared to August 2020, recording an annual increase of 14.37% according to data published by the Cyprus Statistical Service. Crucial inputs such as steel, cement, sand, stone aggregates and wood-oriented materials have seen a price increase in the last one year, […] Read more...

New high rise building in Germasogeia (Sun, 12/09/2021 - 13:14)

Story: A further high rise building may soon be built in the Germasogia area of Limassol following the submission of an environmental impact assessment study by Cyagama Ltd for the Westminster Residences development. The proposed development comprises a central 81-metre-high skyscraper flanked by two outwardly identical 4 story buildings on a 7,925 square metre site approximately […] Read more...

Banking sector challenges lie ahead (Fri, 10/09/2021 - 14:04)

Story: The banking sector faces multiple challenges ranging from the large percentage of non-performing loans (NPLs) to climate change; despite progress made, speakers told the Association of Cyprus Banks AGM. Finance Minister Constantinos Petrides said although the pandemic isn’t over yet, the progress of the Cypriot banking sector is already remarkable and steadily moving towards sustainability. […] Read more...