Cyprus Real Estate News

Warning of unsafe areas to build in Cyprus (14 hours 20 min ago)

Story: The Cyprus Geological Survey Department is warning citizens regarding the protection of their immovable properties, reviewing the geological suitability zones where investment is not recommended. The Department has defined 13 areas including parts of Pera Chorio, Nisou, Tochni, Athienou, and Pissouri where no new development/building/construction can occur. The Department also defined another 113 areas where […] Read more...

Sales up 18 per cent in first nine months (Mon, 03/10/2022 - 14:28)

Story: The Department of Lands & Surveys reports that 1,157 property sales contracts were deposited at Land Registry offices across Cyprus in September compared with 914 in September 2021; an increase of 27%. Sales rose in all districts with Limassol leading the way with 398, followed by Paphos (240), Larnaca (226), Nicosia (215) and Famagusta (78). […] Read more...

No quick remedy to spiralling rents (Sun, 02/10/2022 - 10:07)

Story: Rents in Cyprus are up by 50 per cent in some areas – and not just in Limassol – with some students in Nicosia now renting cheaper apartments in the north. The Sunday Mail spoke to experts in the real estate sector who explained the factors which are leading to higher prices – and they […] Read more...

Real estate market boosted by demand for offices (Tue, 27/09/2022 - 18:00)

Story: The Cyprus real estate sector is proving remarkably resilient, shrugging off the effects of hiking inflation as demand for housing units and office space continues to grow. The property market is backed by a heightened demand for housing projects, but stakeholders report interest in high-end office space has also taken off. In comments to the […] Read more...

Construction material prices up 16.69 per cent (Sat, 24/09/2022 - 15:10)

Story: The price index of construction materials rose 16.69 per cent in August on an annual basis compared with July when they rose 17.52 per cent according to the Cyprus Statistical Service. Compared to August 2021, the Cyprus Statistical Service reports price rises in metallic products of 19.66%, minerals 15.81%, products of wood, insulation materials, chemicals […] Read more...

MPs seek deal on reduced VAT for new homes (Sat, 24/09/2022 - 12:42)

Story: MPs seek a compromise on reduced VAT for first homes after the European Commission initiated infringement proceedings against Cyprus over the discount. Green MP Stavros Papadouris has tabled a bill that sees a reduced 5% VAT applied for the first 180 square metres of a house that does not exceed 220 square metres, with a […] Read more...

Property prices & rents continue to rise (Sat, 24/09/2022 - 11:42)

Story: Ask WiRE, combining real estate knowhow with technology, has published its Q2 2022 edition of the Ask WiRE Index for property sale and rental values. The Ask WiRE Index covers all districts and main property types, with values from Q4 2009. Across Cyprus, on a quarterly basis sale values increased by 2.9% for apartments, 0.5% […] Read more...

Fast-tracking building permits a success (Wed, 14/09/2022 - 13:30)

Story: The fast-track licensing – town planning and building permits – has proven immensely successful and there will now be an overhaul for larger projects too, Interior Minister Nicos Nouris said on Monday. He said that bureaucracy has been slashed and that the new phase of the programme will greatly boost the economy and will also […] Read more...

Building permits faltering (Thu, 08/09/2022 - 00:40)

Story: The number of building permits authorized in Cyprus during June 2022 stood at 626. The total value of these permits reached €220.1 million and their total area 202.1 thousand square meters. These building permits provide for the construction of 1,146 dwelling units. Compared to June 2021, the number of permits issued fell -24.8%, while their […] Read more...

Construction industry riddled with uncertainty (Wed, 07/09/2022 - 12:43)

Story: Despite building materials falling in price, the ongoing energy crisis has Cyprus developers unwilling to greenlight new construction projects until they have a clearer picture of where building costs are heading. Cyprus construction sector stakeholders are wary of the price decrease, which they believe to be temporary as large industries producing building materials have threatened […] Read more...

Best eight months for real estate since 2008 (Tue, 06/09/2022 - 20:58)

Story: According to official figures from the Department of Lands & Surveys, 972 real estate sale contracts were deposited at Land Registry offices in August compared with 724 during August last year; an increase of 34%. The first eight months of 2022 have been the best eight-month period for the property market since 2008 (when 11,088 […] Read more...

Compromise VAT bill on new homes (Mon, 05/09/2022 - 17:25)

Story: The government has retabled a bill for reduced VAT on first homes, aiming to find the sweet spot between MPs’ concerns and the European Commission, which has initiated infringement proceedings against Cyprus over the discount. A European Union directive to reduce the size of homes entitled to a lower 5% VAT had the House and […] Read more...

The story that keeps on giving (Sat, 03/09/2022 - 14:43)

Story: Cyprus’ disgraced ‘golden passport’ scheme, officially known as the Citizenship for Investment scheme, is a story that just keeps giving with numerous reports and allegations appearing in the local media. On 23 August 2020 Al Jazeera’s investigative unit broke the news concerning a leak of around 2,500 people who paid to become citizens of Cyprus […] Read more...

Credit acquiring companies and ‘bad’ practices (Wed, 31/08/2022 - 17:06)

Story: The latest Financial Stability Report published by the Central Bank of Cyprus (CBC) states “Credit Acquiring Companies (CACs) must possess the tools available to credit institutions, in order to be able to provide prompt, effective and viable solutions to their borrowers and/or to proceed to the recovery of underlying collateral, under certain circumstances”. The CACs […] Read more...

Law firms failed due diligence for golden passports (Wed, 31/08/2022 - 14:48)

Story: According to the Bar Association, some of Cyprus’ largest law firms lacked due diligence checks on foreign investors granted a Cypriot passport via the now defunct Citizenship for Investment scheme. In comments to Phileleftheros daily, Christos Clerides, the head of the Cyprus Bar Association, said it reviewed actions taken by some 20-25 big law firms […] Read more...

Cyprus real estate overcoming price shocks (Thu, 25/08/2022 - 11:55)

Story: Momentum in Cyprus’ real estate market after two years of Covid lockdowns and restrictions is surviving the cost-of-living crisis and raw material hikes powered by the Ukraine war, say stakeholders. In comments to news site Stockwatch, Marinos Kineyirou, chair of the Real Estate Agents Council, argued that high demand for buying and renting, combined with […] Read more...

Golden passport scheme ‘rotten’ to its core (Wed, 24/08/2022 - 14:03)

Story: The Cyprus Citizenship for Investment (a.k.a Golden Passport) scheme was “rotten” to its core, while several actions of government officials could constitute criminal acts, said the Audit Office on Monday. Releasing an almost 200-page dossier containing the findings of a probe into 3,517 cases of foreign investors who acquired citizenship through the Golden Passport scheme, […] Read more...

Property Price Index second quarter 2022 (Wed, 17/08/2022 - 21:45)

Story: In its overview of real estate activity in Cyprus during the second quarter of 2022 RICS Cyprus with KPMG in their Cyprus Property Index reports relative increases in most property values, however they still remain below the base, which was set in the fourth quarter of 2009. Residential properties are performing well with the prices […] Read more...

Construction material prices continue to rise (Mon, 15/08/2022 - 22:13)

Story: Construction material prices rose 17.52 per cent in July on an annual basis compared with June when they rose 19.42 per cent according to the Cyprus Statistical Service. Compared to July 2021, the Cyprus Statistical Service reports price rises in metallic products of 21.50%, minerals 16.35%, products of wood, insulation materials, chemicals and plastics 16.17%, […] Read more...

Building permits fall in value and area (Mon, 15/08/2022 - 16:41)

Story: The number of building permits authorized in Cyprus during May 2022 stood at 761. The total value of these permits reached €248.0 million and their total area 224.8 thousand square meters. These building permits provide for the construction of 893 dwelling units. Compared to May 2021, the number of permits issued rose by 20.2%, while […] Read more...