Cyprus Real Estate News

Expect many foreclosure notices today (Wed, 01/02/2023 - 14:09)

Story: Yesterday, Tuesday, January 31, 2023, marked the end of the most recent three-month suspension of divestments imposed by a resolution of the House of Representatives. Starting today, February 1, a flood of foreclosure letters are expected to be sent out. Many foreclosure proceedings will begin in mid-March, 45 days after the letters are sent, a […] Read more...

Five year property sales exceed €17 billion (Sun, 29/01/2023 - 11:38)

Story: Property sales worth €17 billion have been recorded by the Land Registry since 2018, with 2022 being the best year, according to the latest data. The value of the property sold between 2018 to 2022 will increase as transactions for some sales documents submitted have yet to be completed. According to Land Registry data, the […] Read more...

Government revokes two more passports (Sun, 29/01/2023 - 11:18)

Story: The government on Thursday said that it revoked the citizenship of two more individuals who had obtained Cyprus passports through the citizenship-by-investment scheme. Interior Minister Nicos Nouris said the decision was taken by the cabinet. He did not name or otherwise identify the individuals whose citizenship was revoked. Nouris said only that the move was […] Read more...

Limassol could have an additional 8,000 apartments (Sun, 29/01/2023 - 09:40)

Story: The city of Limassol could have an additional 8,000 apartments, with many swathes of land currently being undeveloped, according to a report by Cypriot fintech Ask WiRE, which also raised the question of whether these vacant plots should be taxed. The report was released on account of the fact that the demand for real estate […] Read more...

Real estate sales generated €6 bln in 2022 (Tue, 17/01/2023 - 11:29)

Story: Despite the property market generating €6 billion in sales in 2022, real estate agents expect a challenging 2023. Releasing its quarterly “Real Estate Market Bulletin”, the Cyprus Real Estate Registration Council said that the value of real estate sold last year was €5.85 billion. The Council appeared satisfied, noting that “against the challenges, the real […] Read more...

Building permits continue downward trend (Mon, 16/01/2023 - 17:24)

Story: The number of building permits authorised in Cyprus during October 2022 stood at 646. The total value of these permits reached €203.7 million and their total area 186.6 thousand square metres. These permits provide for the construction of 793 dwelling units. Compared to October 2021, the number of permits issued fell -2.6%, while their total […] Read more...

House price index up 5.3% year-on-year (Sat, 14/01/2023 - 20:03)

Story: The Cyprus House Price Index (HPI) rose by 5.3 per cent on an annual basis in the third quarter of 2022 according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT). The HPI also rose by 5.8 per cent in the third quarter of 2022 compared to the previous quarter. […] Read more...

Can’t buy, unable to rent (Wed, 11/01/2023 - 12:58)

Story: Increased mortgage rates have dashed dreams of owning a home, leaving many in a catch-22 situation as rents are rising, exceeding what families pay in monthly instalments for a housing loan. Interest rates on mortgages could reach 5%, from 2.5% by the end of next year, affecting the buyer’s cost. Meanwhile, the housing market has […] Read more...

Amend property VAT laws or else! (Tue, 10/01/2023 - 08:56)

Story: The European Commission has given Cyprus until mid-February to enact new legislation governing the levying of reduced VAT on properties, otherwise it will move infringement proceedings forward. Brussels is breathing down Cyprus’ neck, letting Nicosia know that unless it amends current legislation by February 15, it will advance infringement proceedings it initiated last summer. Complicating […] Read more...

Mortgage-to-rent scheme to get green light (Mon, 09/01/2023 - 17:11)

Story: Brussels hinted at approving the mortgage-to-rent scheme for distressed borrowers, urging Cypriot authorities to create a company dedicated to managing it. The European Commission’s Directorate-General of Competition has instructed the Ministry of Finance to speed up procedures for establishing a company that manages the mortgage-to-rent scheme. According to reports, it has instructed the Finance Ministry […] Read more...

Female lawyer struck off the roll (Sun, 08/01/2023 - 08:51)

Story: A female lawyer has been struck off the roll by the Cyprus Bar Association’s Disciplinary Board following a hearing that found her guilty of professional misconduct. The Disciplinary Board found the lawyer (who has not been named) guilty on eight charges involving the administration of a deceased’s estate; the lawyer failed to appear the hearing. […] Read more...

Looking ahead to 2023: House prices in Cyprus (Thu, 05/01/2023 - 16:51)

Story: The end of 2021 saw Europe’s and Cyprus’ economies gradually recovering from the two-year rollercoaster ride of lockdowns, the stock market at record highs, and inflation increasing. One year later, the disruptions in the supply chain are less severe (e.g. the global container freight index is down 74% from $9,304 to $2,404), the stock market […] Read more...

Mortgage-to-rent scheme in trouble (Thu, 05/01/2023 - 09:14)

Story: The Mortgage-to-Rent scheme, the government’s latest lifeline for distressed borrowers, is in rough seas after the Finance Ministry claimed to be in the dark over the exact number of eligible applicants. The Finance Ministry said the potential number of eligible applicants could not be determined accurately as borrowers will not reveal their true income. Applications […] Read more...

Best year for property sales since 2008 (Thu, 05/01/2023 - 07:58)

Story: There was a significant increase in the number of property sales contracts deposited at Land Registry offices in 2022 compared to the number deposited in 2021. According to official figures from the Department of Lands & Surveys, a total of 13,409 contracts were deposited during 2022; a 30% increase in the number deposited in 2021 […] Read more...

Limassol most expensive city, Larnaca next (Wed, 04/01/2023 - 17:08)

Story: Limassol is the island’s most expensive city, as Limassolians need to spend hundreds more euros monthly than residents in other towns every month to live. According to Numbeo data, compiled by Phileleftheros daily, a Limassol-based family of four needs around €4,239.46 a month to make ends meet, with at least €1,600 going towards rent or […] Read more...

Property market pinning hopes on foreign buyers (Wed, 04/01/2023 - 08:25)

Story: Cyprus’ property market is feeling the brunt of hiking building costs and interest rates as Cypriots see their dream of owning a home dashed, with real estate stakeholders pinning their hopes on foreign buyers. Real estate agents and developers say a rise in demand from foreign investors will balance the gap caused by the loss […] Read more...

2022 in review: cheaper housing in short supply (Mon, 02/01/2023 - 13:15)

Story: There’s a lot to whine about and I’m generally pretty good at it, so here goes: decent housing is largely unaffordable. Students renting in the north, changing demographics, the passport scandal, rising interest rates and cultural shifts – the surging costs in the real estate and rental market has it all. It’s a story which […] Read more...

Annus Horribilis for Cyprus banks (Sun, 01/01/2023 - 08:29)

Story: Over the last three years, Cyprus banks had struggled to deal with their past and unload non-performing loans from their balance sheets when governments were fighting the worst pandemic in a century. It was a hard fight that produced many loan restructurings and some new NPLs, but the banks fared well overall. Only last month, […] Read more...

Real estate will stabilise after mini-boom (Sun, 01/01/2023 - 07:54)

Story: Cyprus’ real estate sector will stabilise after hitting a record number of sales since 2008, as a growth trend following the pandemic is halted by rising building costs and interest rates. According to Land Registry data, the sales documents filed in the first 11 months of 2022 were 12,074, up from 9,063 last year, marking […] Read more...

Europe issues VAT ultimatum on new homes (Wed, 28/12/2022 - 23:16)

Story: The European Commission has sent an ultimatum to Cyprus regarding the island’s abuse of the European Directive on reduced VAT when buying or building a primary residence. This ultimatum requires Cyprus to amend the VAT legislation within two months. If parliament fails to amend the legal framework by 15th February, Cyprus faces a significant risk […] Read more...