Cyprus Real Estate News

Story: Cyprus is facing a housing crisis, as young couples are locked out of the property market by skyrocketing prices, while supply is quickly diminishing due to thousands moving to the island. President Nikos Christodoulides recently called it “an unprecedented housing crisis, affecting mainly younger generations”. “The particularly high cost of building a house and the […] Read more...

Story: Cypriot MPs made a U-turn over a compromise on reduced VAT for smaller first homes, backed by the European Commission. MPs increased the total area of the home entitled to reduced VAT of 5% from 19%. After Monday’s session of the Finance Committee behind closed doors, the initial deal of 150 square metres has gone […] Read more...

Story: Cyprus is facing an unprecedented housing crisis, which primarily affects the younger generations, President Nikos Christodoulides said on Friday as he laid the foundation stone for the new social housing development ‘Ianthi’ created by the Cyprus Land Development Corporation (Koag) in Larnaca. Christodoulides said the government has been called to immediately manage this crisis. “The […] Read more...

Story: Out of the total of 52,259 buildings in the city and suburbs of Limassol, approximately 806 are new properties up to 10 years old, but the majority are over 50. In the category of 10-20 years, there are 1503 properties, while in the 20-30 years category, there are 11,264 properties. Ask Wire, a company that […] Read more...

Story: MPs are seeking a compromise on the thorny issue of reduced VAT for first homes, under pressure to beat the 8 June deadline of introducing legislation to harmonise Cyprus’ laws with the EU. Reports say that MPs are close to resolving the issue following a proposal tabled by social democrats EDEK. The House has picked […] Read more...

Story: The 54th quarterly publication of the RICS Cyprus Property Index with KPMG in Cyprus records the property price and rental index, tracking property and rental prices across all Cyprus districts and main property types. Market values year-on-year A year-on-year comparison of values shows an increase in all asset classes, with the largest evident in Apartments, […] Read more...

Story: Demand for housing loans dropped by almost 40% in the first quarter of the year, as Cypriot households are put off by rising interest rates, according to the Central Bank of Cyprus. Last Thursday, the European Central Bank pushed interest rates up by 0.25%, announcing its seventh increase since July 2022 in a bid to […] Read more...

Story: Annual real estate transactions in Cyprus continued to rise in the first quarter of the year, as sales documents submitted are 26.6% higher compared to the same period last year, according to the Real Estate Registration Board. The Board’s latest quarterly report showed that 6,188 property transactions were recorded in Q1 this year with a […] Read more...

Story: The relentless rise in property sales continued in April, with the number of properties sold rising by 27 per cent compared to April 2022 according to official statistics from the Department of Lands and Surveys. The total number of sales (as measured by the number of contracts deposited at Land Registry offices) in April 2023 […] Read more...

Story: Almost 10,000 highly skilled and highly paid Ukrainian refugees have joined the island’s work force, paving the way for a number of socioeconomic and demographic changes to the structure of Cypriot society. In just over a year since Russia’s invasion of Ukraine, 9,000 highly skilled Ukrainians were granted a working permit, employed by high tech […] Read more...

Story: UK and other non-EU pensioners eyeing a retirement home in Cyprus need to rethink their plans as authorities have raised the bar for permanent residence permits. The government has tweaked regulations by tightening criteria for residency permits, in a bid to comply with EU anti-money laundering directives, with expats seen as suffering collateral damage. The […] Read more...

Story: The Independent Anti-Corruption Authority has hired a team of internationally accredited legal experts to investigate claims involving high-ranking officials in the golden passport scandal. The previous administration set up the anti-corruption watchdog under President Nicos Anastasiades to investigate “as a priority” claims that he and cabinet members were involved in the golden passport debacle. It […] Read more...

Story: In an attempt to attract foreign investments to the Island and help economic growth, the Cyprus government in March 2021 revised Regulation 6(2) of the Aliens and Immigration Regulations. These amendments were in tune with the government’s general objectives at the time to stimulate and increase foreign investment in areas other than real estate. Last […] Read more...

Story: Ask Wire, combining real estate know-how with technology, has published its Q1 2023 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. Prices Across Cyprus, on an annual basis, prices increased by 12.3% for apartments, 3.1% […] Read more...

Story: Cyprus has been attracting foreigners for tourism, real estate, and business purposes for the past 30 years. This has brought in significant amounts of money into the economy, transferred expertise to locals, and boosted businesses with more affluent clients. However, since the Russia-Ukraine war broke out in early 2022, over 20,000 Ukrainians, Belarussians, and Russians […] Read more...

Story: The European Parliament has recently passed a new bill that aims to tackle climate change by reducing carbon emissions. This new legislation has significant implications for the real estate markets of Cyprus and Greece, where there is a large stock of buildings that are over 30 years old and require energy upgrades. If and when […] Read more...

Story: Construction materials prices rose by 8.15% on an annual basis this March but recorded a slight drop compared to the previous month, according to official figures released by the Cyprus Statistical Service. The Price Index of Construction Materials for March 2023 reached 135.89 units (base year 2015=100), recording an increase of 8.15%, compared to March […] Read more...

Story: As we reported last week, March saw the second highest number of property sales in the month since records began in 2000. But these figures face conflicting market forces. On the one hand Cyprus, which has always ‘benefitted’ from trouble in the region, has strong interest from abroad due to Vladimir Putin’s war in Ukraine […] Read more...

Story: Approximately 6,000 foreclosure sales per year are anticipated to take place in 2023 and 2024 due to the large number of properties that have accumulated that need to be disposed. The COVID-19 pandemic and the subsequent suspension of divestments since 2020 have led to the creation of a considerable volume of properties for disposal that […] Read more...

Story: Cyprus’ long running swimming pool saga made headlines in the Cyprus Mail yesterday in an article “Swimming pool law damaging Cyprus property and tourism” by Beejay Browne. Beejay reported that the Cyprus tourism and property market are being damaged by outdated and unworkable laws governing swimming pools, which have seen many complexes closing theirs over […] Read more...