Cyprus Real Estate News

It’s time to abolish the rent control law (вт, 02/04/2024 - 20:20)

Story: 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, […] Read more...

Limassol set to have the tallest building in Cyprus (вт, 02/04/2024 - 12:41)

Story: The Aura project, set to become the tallest building in Cyprus at 181.5 meters with 44 floors, has finally received approval for construction on Limassol’s seafront. However, the journey to this point has been riddled with controversy and debate among municipal groups in Limassol. Initially, there were serious disagreements among Limassol’s municipal councillors regarding the […] Read more...

Measures to boost construction sector efficiency (вс, 31/03/2024 - 10:48)

Story: 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 […] Read more...

Paphos and Limassol dominate top 10 property sales in February (ср, 27/03/2024 - 15:14)

Story: 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 […] Read more...

RES communities: photovoltaics in apartment buildings (сб, 23/03/2024 - 16:39)

Story: 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 […] Read more...

Two per cent of dwellings rented through Airbnb (ср, 20/03/2024 - 11:01)

Story: 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 […] Read more...

Cyprus must assess projects impacting Natura 2000 sites (вт, 19/03/2024 - 17:03)

Story: 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 […] Read more...

Real estate sector depends on external factors (ср, 13/03/2024 - 12:30)

Story: 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, […] Read more...

Criminal cases filed against illegal real estate agents (сб, 09/03/2024 - 15:40)

Story: 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, […] Read more...

Sales to EU nationals recovering? (чт, 07/03/2024 - 15:29)

Story: 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. […] Read more...

Apartments expected to boost housing supply (вт, 05/03/2024 - 12:00)

Story: 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 […] Read more...

Cyprus property sales up 14% in February (пн, 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 (вс, 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 (чт, 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 (ср, 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 (сб, 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 (пт, 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 (пт, 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 (чт, 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 (пн, 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...