Cyprus Real Estate News

The investment of €1.2 billion in the Larnaca port and marina is unprecedented, and with the current data, it seems to be hanging by a thread. Until Tuesday afternoon, when the telegram given by the Minister of Transport to Kition Ocean Holdings expired, not only was the contentious guarantee for the port not deposited, but […]

A protest against high rents in Limassol will be held on Saturday, April 27 starting at 17:00 at the square in front of the District Administration Office in Anexartisias Street. The event is being organised by the Initiative for Housing, a grassroots citizens group focusing on problems surrounding housing in Cyprus. In its statement, the […]

New legislation will end the need for a swimming pool lifeguard on complexes of less than five residential units will be met with huge relief from smaller development complexes. Following years of complaints and concerns regarding the outdated and unworkable regulations on public and some private swimming pools in Cyprus, the obsolete laws are on […]

Parliament has passed a law, with 34 votes in favour and one against, granting beneficiaries to request a reduced 5% VAT rate within a year of acquiring a main residence. Proposed by the AKEL parliamentary group, the bill aims to modify the Value Added Tax Law, enabling the Tax Commissioner to accept submissions from eligible […]

Kition Ocean Holdings, the consortium responsible for the development of Larnaca’s port & marina, has agreed to renew its financial guarantee after a meeting chaired by President Nikos Christodoulides on Monday at the Presidential Palace. The amount of the financial guarantee under the contract amounts to €10 million. However, the amount placed by the consortium […]

In March 2024, the total number of property sales contract deposited at Land Registry offices across Cyprus reached 1,257, falling 7% compared to the 1,352 deposited in March 2023, according to official sales statistics published by the Department of Lands and Surveys. Although sales in Nicosia and Larnaca rose by 38% and 2% respectively, they […]

Cypriots are being squeezed out of the property market as they can’t afford climbing rents. Hiking construction costs and interest rates are making homes unaffordable, with the need for the government to step in, more than ever. While the island’s real estate sector is showing a significant recovery despite the uncertainty triggered by the energy […]

Rent control in Cyprus has turned into a cumbersome obstacle, casting a shadow over the local property market and stifling both development and investment opportunities, according to the Cyprus Real Estate Agents Registration Council. Specifically, the council referred to the Rent Control Law of 1983. This law intervenes in the relationship between landlord and tenant, […]

The Aura project, which is set to become the tallest building in Cyprus at 181.5 metres with 44 floors, has finally received approval for construction on Limassol’s seafront. However, the journey to this point has been marked by controversy and heated debates among municipal groups in Limassol. Initially, there were serious disagreements among Limassol’s municipal […]

Interior Minister Constantinos Ioannou addressed the 18th Real Estate, Land Development, Planning, and Construction Conference on Wednesday, outlining recent developments in the real estate sector, as well as the government’s priorities regarding urban development. Ioannou commenced his speech by commending the initiative taken to organise the conference, providing professionals in the real estate and land […]

Cypriot real estate market analytics firm Ask Wire on Tuesday released a report outlining the ten most expensive property transactions completed in February 2024, shedding light on the state of the local property market. According to Ask Wire’s findings, the top 50 property transactions in February amounted to over €55 million in total value, with […]

In the second half of 2024, regulations for developing and operating “RES communities” is expected to come into force, according to the Minister of Energy George Papanastasiou. The regulations are expected to pave the way for the installation of photovoltaic systems in apartment buildings, which have shared roofs, as energy communities are the cooperatives that […]

An alarming 2% of dwellings in Cyprus are now listed on Airbnb, raising concerns regarding housing availability and regulatory oversight. This data, exclusively focusing on Airbnb listings, reflects a broader trend of properties being repurposed as investment assets rather than addressing housing demands. With a staggering 8,510 homes listed on Airbnb alone, estimates suggest that […]

Last Wednesday, the European Commission decided to send a reasoned opinion to Cyprus (INFR(2019)2303) for failing to properly assess projects that may have a significant impact on Natura 2000 sites as required by the Habitats Directive (Directive 92/43/EEC). The Directive is one of Europe’s primary tools for protecting biodiversity. The Habitats Directive requires that plans […]

The Cyprus economy has showcased its strong resilience, in a particularly difficult period recording, “comparatively one of the highest growth rates in the European Union,” said Dr George Mountis, CEO of Delfi Partners. This was all the more remarkable considering the concerted efforts to contain inflation through strategic monetary policy decisions, which, according to Mountis, […]

The Cyprus Real Estate Agents Registration Council has issued a statement emphasizing its increased efforts to combat illegal real estate agents, which has resulted in its filing 167 criminal cases during 2023. President Marinos Kineyirou emphasised the organization’s dedication to protect their profession and to safeguard unsuspecting individuals from potential fraud. Over the past year, […]

As we reported on Monday, the total number of property sales rose by 14% in February compared with the same month last year. Further analyses published by the Department of Lands and Surveys earlier today reveal that sales to EU nationals, which have been struggling for several months, may be on the road to recovery. […]

Several thousand apartments are anticipated to significantly boost the supply of housing as the construction of 541 apartment buildings is expected to be completed in the coming months. The construction boom aims to address the pressing issue of housing scarcity due to significant increases in market prices and rents in recent years. Various factors contribute […]

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 […]

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 […]