Cyprus Real Estate News

Cyprus still considering Golden Passport applications (4 hours 30 min ago)

Story: Despite numerous warnings from the European Commission, Cyprus is still considering ‘golden passport’ applications that were pending at the time the disgraced Citizenship-by-Investment (CBI) scheme was ‘irrevocably terminated’ in November 2020. In October 2020 the European Commission launched infringement procedures against Cyprus and Malta by issuing letters of formal notice regarding their ‘golden passport’ schemes. […] Read more...

Cyprus property prices continue to fluctuate (Mon, 26/07/2021 - 17:01)

Story: According to Q2 data processed by WiRE, the effects of the coronavirus pandemic are still felt by the Cyprus Real Estate market, with sale prices recording a quarterly drop across all property types. The same applies to rental prices, with a few exceptions. The annual drop recorded in the sale and rental prices for commercial […] Read more...

News from the Cyprus banking sector (Sun, 25/07/2021 - 10:47)

Story: Non-performing loans (NPLs) in the banking sector increased in April according to a report that the Central Bank of Cyprus issued on Friday. NPLs in reached €5.14 billion in April compared with €5.13 billion in March, while the ratio of NPLs to total loans rose to 18.1% and total loans fell to €28.44 billion from […] Read more...

Limassol man duped in house sale (Sat, 24/07/2021 - 14:56)

Story: A Limassol man paid €60,000 over the internet for a house in Cyprus, which turned out to be a fraud, police said on Saturday. The man reported to police that on July 13 he had transferred €60,000 as down payment on a village house in the district of Limassol but it turned out that the […] Read more...

Cyprus first-time home buyers’ market (Sat, 24/07/2021 - 13:10)

Story: LionGlobal reports that the pandemic and the abolition of the Cyprus Investment Programme may have caused a crack in the Cypriot real estate market and intense concern among the business community, but a second reading of the data shows that the picture is not so blurry. If it focuses on the needs of other groups, […] Read more...

Moody’s upgrades Cyprus’ rating (Sat, 24/07/2021 - 12:06)

Story: Moody’s ratings agency has upgraded Cyprus’ sovereign rating to Ba1 from Ba2 and changed its outlook to stable from positive on a decrease in banking sector risks and the economy’s resilience to the pandemic shock. The agency said Cyprus also showed a robust medium-term GDP growth prospects being supported by sizeable European funds. The stable […] Read more...

Why hands-on real estate asset management matters (Sun, 18/07/2021 - 09:46)

Story: From our experience, the value of any real estate asset – and ultimately the return on investment – is proportional to the amount of attention it will receive and the management practices that you will follow. In Cyprus, the concept of good asset management practices has yet to enter the mainstream. Most property owners are […] Read more...

Paphos marina takes a small step (Fri, 16/07/2021 - 14:47)

Story: The Paphos marina project has taken a small step closer to becoming a reality with the Tenders Review Authority’s rejection of an appeal by Ernst and Young Cyprus Ltd against the Contracting Authority (the Deputy Minister of Tourism) in May. The Authority’s unanimous rejection of the appeal will enable the tender to construct the marina […] Read more...

Cyprus failing to comply with EU VAT rules for dwellings (Fri, 16/07/2021 - 08:58)

Story: The European Commission has decided to send a letter of formal notice to Cyprus for its failure to properly apply EU VAT rules for dwellings purchased or constructed in Cyprus. Cyprus allows a reduced rate of VAT of 5% on the first 200m2 of dwellings used as the principal and permanent residence by the beneficiary, […] Read more...

Building of 955 new homes authorised in Cyprus (Sun, 11/07/2021 - 12:37)

Story: April 2021 saw another surge in the planned number of new homes to be built in Cyprus according to the building permit statistics published by the Statistical Service. During April a total of 627 building permits were authorised by the municipal authorities and the district administration offices in Cyprus; an increase of 221.5% compared to […] Read more...

Living in a Cyprus kleptocracy (Sun, 11/07/2021 - 09:56)

Story: Soon after the report on the ‘citizenship by investment’ scheme, fellow economist George Koumoullis convincingly made the case that Cyprus is a kleptocracy – a system of government in which political leaders use their positions to enhance their personal wealth. As it is now known, the government completely ignored legal opinions provided in 2015 and […] Read more...

Cyprus only EU state with falling house prices (Sat, 10/07/2021 - 11:53)

Story: Cyprus was the only EU member state that experienced a fall in annual house prices during the first quarter of 2021 and only one of three that experienced a quarterly fall, according to Eurostat. Annual house prices in the EU member states rose by an average of 6.1% compared with the same quarter in 2020. […] Read more...

Freeze on foreclosures extended despite warnings (Fri, 09/07/2021 - 09:21)

Story: MPs on Thursday passed a law to further extend a moratorium on home foreclosures despite warnings of the potential consequences from the government and banking industry. This will extend the current moratorium on repossessions from July 31 – when it was set to expire – to October 31. The amendment passed with 27 votes in […] Read more...

No signs of compromise over foreclosures (Tue, 06/07/2021 - 12:29)

Story: Authorities and financial regulators on Monday poured cold water on a parliamentary bill seeking to further extend a moratorium on home repossessions, warning of the dangers it could pose to the banking system – but opposition MPs are determined to press on regardless. Lawmakers invited officials from the finance ministry, the Central Bank of Cyprus […] Read more...

Cyprus property market recovering steadily (Tue, 06/07/2021 - 11:54)

Story: The Cyprus property market continues its recovery with sales to the domestic and EU market leading the way, but sales to non-EU citizens are not performing so well following the termination of Cyprus’ disgraced ‘Citizenship by Investment Scheme’ (a.k.a. Golden Passport.) During June a total of 924 contracts for the purchase of real estate comprising […] Read more...

Cyprus property market to continue to recover (Fri, 02/07/2021 - 10:32)

Story: Cyprus has long been a popular holiday destination. Many of us have relied on this fact for our financial stability, making money off tourism and foreign investment. Because of the island’s centrality, people from Europe, Africa, and the Middle East are regular visitors. This is why the property market is so dependent on borders being […] Read more...

Apartment residents living on the edge (Wed, 30/06/2021 - 13:23)

Story: Residents in a hilltop apartment building in Germasogeia, Limassol are living in fear that their complex could collapse at any moment. The developer who built the complex failed to build a retaining wall and, as you can see in the photograph above, the development is being undermined as the face of the hill erodes away. […] Read more...

Price of houses stable, property rentals drop (Tue, 29/06/2021 - 15:25)

Story: Cyprus real estate prices & rentals recorded quarter-on-quarter drops across most property categories, but the value of houses remained stable, according to consultancy firm WiRE FS. Paphos had some of the biggest quarter-on-quarter drops in prices (2.6% for retail units, 1.7% for warehouses, 1.5% for offices, 3.2% for holiday apartments and 2.5% for holiday homes). […] Read more...

Cyprus property prices recovering (Fri, 25/06/2021 - 18:58)

Story: The Residential Property Price Index recorded a recovery in the first quarter of 2021 after two consecutive quarters of falling prices, according to the RPPI compiled by the Cyprus Central Bank (CBC). The rise was mainly due to an increase in apartment prices. According to the CBC, the rise in property prices is mainly due […] Read more...

Golden passports inquiry’s report published (Wed, 23/06/2021 - 11:36)

Story: Cyprus’ Law Office has released the final report of the Inquiry Committee probe into the issuing of passports under the citizenship for investment scheme that ran from 2007 to November 2020. The redacted 786-page report (Greek) recommends the revoking of citizenships granted to some foreign nationals. Moreover, it urges authorities to investigate the possible commission […] Read more...