Cyprus Real Estate News

Cyprus property sales up 14% in February (Mon, 04/03/2024 - 19:06)

Story: In February 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,284; an increase of 14% compared to the 1,131 contracts deposited in February 2023, according to official sales statistics published by the Department of Lands and Surveys. Although sales fell in Famagusta and Limassol by 7% and […] Read more...

Cyprus Real Estate sector proved resilient in 2023 (Sun, 03/03/2024 - 15:55)

Story: PwC Cyprus presented its annual report for the Cypriot real estate market, which includes important information about the sector’s performance in 2023. The event titled, “Evolving landscape and the need for new policies and reforms,” was held on Thursday, February 29, 2024, at PwC’s Experience Center in Nicosia; in the presence of the Minister of […] Read more...

Cyprus ranks 12th in residence program index (Thu, 29/02/2024 - 16:28)

Story: Cyprus ranks 12th in the 2024 Residence Program Index published by Henley & Partners with a score of 59 out of 100. The index comprises the residence programs of 26 countries and considers 10 factors including Reputation, Quality of Life and Investment Requirements. The top spot is taken by Portugal, which scores 75 out of […] Read more...

Glamping bill back on government agenda (Wed, 28/02/2024 - 19:16)

Story: The bill proposing the establishment and management of up-market “glamping” campsites, which has been lingering in Parliament for nearly a year, is being reintroduced to the Plenary by the Parliamentary Committee on Tourism. During a review of the bill, postponed since July 13, 2023, the committee decided to present it to the full House at […] Read more...

Limassol topped the Cyprus property market in January (Sat, 24/02/2024 - 11:43)

Story: Ask Wire, a Cypriot real estate analytics firm, has released a report on the ten most expensive property transactions in Cyprus for January 2024. The top ten property sales across the island during January amounted to €14.3 million, with the most expensive transaction involving land and a building in Potamos Germasogeias, Limassol, which fetched €2.97 […] Read more...

RICS/KPMG property price & rental index Q4 2023 (Fri, 16/02/2024 - 23:01)

Story: The 57th 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. Speaking on behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, commented, “The upward trend in Cyprus […] Read more...

Faster Title Deeds issuance announced (Fri, 16/02/2024 - 19:27)

Story: Interior Minister Constantinos Ioannou on Thursday highlighted “significant improvements” in the examination and issuance of property Title Deeds, which, according to him, will help reducing the average processing time to three months from the previous one to three years. Addressing a seminar organised by the Pan-Cyprian Association of Land Development and Construction Entrepreneurs, Ioannou underlined […] Read more...

KEPIDES threatens pay up or we’ll auction your home (Thu, 15/02/2024 - 15:04)

Story: The Cyprus Asset Management Company Ltd (KEDIPES) has sent letters to a number of home buyers ‘inviting’ them to pay eye-watering amounts of money, otherwise it will auction their homes. This may not seem unusual applying the principle “if you can’t pay, we’ll take it away”. However, there’s a fundamental problem that KEPIDES appears to […] Read more...

The ripple effect of Limassol’s real estate (Mon, 12/02/2024 - 16:00)

Story: The ripple effect describes how property prices in one area influence those in others, as seen with London’s impact on the UK market, whereby changes in house prices in the UK are noted first in London before being observed in other regions. In price booms, for example, house prices have tended to rise first in […] Read more...

Cyprus houses & apartments see year-on-year price rises (Fri, 09/02/2024 - 13:11)

Story: On Thursday, the Cypriot real estate analytics firm Ask Wire published the Q4 2023 edition of its Ask Wire Index for property sale and rental values. The Index covers all districts and main property types (houses, apartments, commercial) with values from Q4 2009 Key findings houses & apartments Rental values remained stable over the quarter, […] Read more...

Popularity of short-term rental properties in Cyprus increasing (Fri, 09/02/2024 - 11:32)

Story: Short-term rental properties are increasing in popularity in Cyprus, quickly becoming a mainstay in the accommodation choices of both travellers and locals, according to Yiannis Kotzias, general manager of operations at Phaedrus Living, a proptech residential rental platform. “This is a natural progression considering the global momentum short-term rentals have gained, and Cyprus, being a […] Read more...

Cyprus property sales fell 3% in January (Fri, 09/02/2024 - 11:12)

Story: In January 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,056; a fall of 3% compared to the 1,091 contracts deposited in January 2023, according to official sales statistics published by the Department of Lands and Surveys. However, it’s only the fifth year in the last nineteen […] Read more...

Son sells mother’s property by forging her signature (Sat, 03/02/2024 - 18:36)

Story: A legal case involving a 67-year-old mother and her 31-year-old son is currently pending before the Limassol District Court. The mother has filed a complaint against her son, alleging misconduct. According to confirmed information from philenews, the accused is alleged to have secured €370,000 by selling his mother’s property without her knowledge. The 31-year-old, in […] Read more...

Cyprus real estate market sees 3,534 transfers worth €517.3 million (Sat, 03/02/2024 - 17:06)

Story: On Friday, the Cyprus Real Estate Agents Registration Council said that the local property market performed robustly during the fourth quarter of 2023, despite inflationary pressures, high interest rates, and soaring property prices. According to the comparative property sales data compiled and presented in the council’s quarterly property market update bulletin, a total of 3,534 […] Read more...

Limassol dominated the Cypriot property market in 2023 (Tue, 30/01/2024 - 15:22)

Story: Cypriot real estate data analytics firm Ask Wire on Monday released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, along with additional analysis pertaining to the Cypriot property market. In its report, the company highlighted key trends, which again showed the dominance of high-value deals, particularly in the district […] Read more...

Cyprus property buyers get increased legal protection (Tue, 30/01/2024 - 14:08)

Story: The legal protection offered to those property buyers in the Republic of Cyprus has been enhanced by  amendments to ‘The Sale of Real Estate (Special Execution) Laws of 2011 to 2020’. Among other things, the amendments require the vendor (seller) of the property to include a Search Certificate in the contract of sale, which must […] Read more...

‘Photovoltaics for all’ given the green light (Sun, 28/01/2024 - 11:00)

Story: The Cabinet has given the green light to implementing the ‘Photovoltaics for All’ scheme, subsidising up to 6,000 homeowners to install solar systems on their roofs, which will be up and running from the end of next month. The subsidy scheme comprises five distinct categories, each crafted to “democratise access to solar energy and roof […] Read more...

Market-driven property price reductions may be short-lived (Sat, 27/01/2024 - 15:22)

Story: Marinos Kineyirou, the president of the Cyprus Council for Registration of Real Estate Agents, expects that the Cyprus property market will face challenges in the upcoming year by a combination of market-driven price reductions and supply chain disruptions due to geopolitical conflicts. Reflecting on 2023, Kineyirou highlights persistent issues from the previous year, including the […] Read more...

Bill to halt auctions for ‘Mortgage-to-rent’ applicants passed (Fri, 26/01/2024 - 16:28)

Story: By a unanimous vote the House on Thursday passed legislation that provides for halting the auctioning off of properties where the mortgage debtor has applied for the ‘Mortgage-to-Rent’ scheme. It concerns auctions on first dwellings. And under an amendment that also passed, suspending these auctions was expanded to include debtors who applied to the ‘Mortgage-to-Rent’ […] Read more...

Another Limassol balcony collapses (Fri, 26/01/2024 - 15:34)

Story: A balcony collapsed and fell from an apartment building in Germasogeia early on Friday morning, just over a month after a previous incident, also in the Limassol area. No one was injured on Friday as the collapse happened just before dawn. Parts of the stone from the building on Georgiou A Street fell onto a […] Read more...