Cyprus Real Estate News

Climate change affects the property market (вс, 27/11/2022 - 11:49)

Story: One of the last print editions of the Economist had the title ‘Say goodbye to 1.5° C’, which refers to the goal of limiting the increase in the planet’s average temperature to 1.5 degrees Celsius. The article provided an extensive analysis of the reasons why climate change policies have failed. The magazine was released a […] Read more...

Hiking interest rates impact house buyers (вс, 27/11/2022 - 08:50)

Story: The soaring cost of living and higher interest rates threaten to blow open the real estate sector’s recovery, say local stakeholders who want the government to step in. In comments to the Financial Mirror, Eleni Averkiou, a Danos/BNPRE Group property consultant, said increased interest rates come when the market is picking up pace, building a […] Read more...

Making changes to your apartment (пт, 25/11/2022 - 18:34)

Story: Owners of apartments in Cyprus should soon be able to make alterations to their apartment within a ‘jointly-owned-building’ without the consent of the Management Committee and the other co-owners of the building. The amendment of the law aims to remove inequality and discrimination against the owners of the jointly-owned-building. As the law stands at the […] Read more...

Bill to protect & prevent trapped buyers (чт, 24/11/2022 - 23:13)

Story: Deputies on Wednesday were discussing a mechanism aimed at protecting – and preventing – trapped buyers, after Finance Minister Constantinos Petrides submitted a bill to the House legal committee. The aim is to avoid the situation whereby thousands of homeowners were left without their Title Deeds despite paying for their properties in full because the […] Read more...

Thousands of buildings should be demolished (чт, 24/11/2022 - 19:20)

Story: The thousands of buildings suffering from planning infringements that cannot be resolved should probably be demolished, as this is the only solution according to Interior Minister Nicos Nouris. Speaking at the House Finance Committee on Monday reported on the situation regarding the backlog of Title Deeds. Back in 2015 around 45,000 Title Deed applications were […] Read more...

Who will benefit from Mortgage to Rent scheme? (чт, 17/11/2022 - 17:53)

Story: Potentially 4,000 households will benefit from the Mortgage to Rent scheme, the government’s latest lifeline for distressed borrowers to help them keep their homes, according to a Finance Ministry official. In comments to state radio CyBC, the Finance Ministry’s permanent secretary George Panteli said that 3,000 to 4,000 distressed borrowers would be included in the […] Read more...

Significant real estate repricing is coming (вт, 15/11/2022 - 13:23)

Story: Real estate stocks have signalled that significant repricing is coming and the market has three big challenges ahead: Political risk due to the war in Ukraine and in particular its impact on the Euro and the EU’s institutions, Increase in residential rents as the population increases due to in-migration and locals postpone buying a home […] Read more...

No shift in house prices after rates hike (вт, 15/11/2022 - 11:50)

Story: The increase in interest rates has not affected real estate price tags, as hiking construction costs and healthy investor demand looking for alternatives to low returns from savings keep prices buoyant. The course of interest rates in the future is expected to determine property values, as an increase in the cost of borrowing could deter […] Read more...

Foreclosures freeze a ‘threat to recovery’ (вс, 13/11/2022 - 09:19)

Story: Finance Minister Constantinos Petrides will ask President Nicos Anastasiades to return the House’s decision to extend a freeze on foreclosures, arguing that Cyprus’s credibility among foreign investors and creditors will be shaken. “Unfortunately, the passing of the proposal to extend a freeze on foreclosures does not leave any room for the Finance Ministry other than […] Read more...

EC pushes for short-term letting regulation (пт, 11/11/2022 - 13:41)

Story: The European Commission has adopted a proposal for a Regulation to enhance transparency in the field of short-term accommodation rentals and help public authorities ensure their balanced development as part of a sustainable tourism sector. While short-term accommodation bookings offer benefits for hosts and tourists, they can create concerns for certain local communities struggling, for […] Read more...

House extends foreclosures freeze again (пт, 11/11/2022 - 12:57)

Story: When the freeze was last extended in July this year Elizabeth McCaul (a Member of the Supervisory Board of the European Central Bank) advised caution over amendments to the foreclosures law stressing that “such policies can also backfire and destabilise the banking sector if designed in a haphazard manner.” At that time ratings agency Moody’s […] Read more...

Building permits August 2022 (пн, 07/11/2022 - 20:47)

Story: The number of building permits authorized in Cyprus during August 2022 stood at 510. The total value of these permits reached €166.3 million and their total area 146.0 thousand square metres. These permits provide for the construction of 687 dwelling units. Compared to August 2021, the number of permits issued fell -2.5%, but their total […] Read more...

Nine acquitted in golden passport case (пт, 04/11/2022 - 21:11)

Story: Nine suspects in a case relating to the controversial citizenship-by-investment programme were cleared of all charges by the Larnaca criminal court on Friday. Five natural persons and four legal entities were acquitted of 36 charges in total in a case concerning the naturalisation of a foreign applicant. The criminal court issued a unanimous decision, which […] Read more...

Short-term lets must be properly regulated (пт, 04/11/2022 - 13:55)

Story: The Association of Cyprus Tourist Enterprises (STEK) on Thursday issued a warning against the dangers posed by short-term rentals, saying that the rapid expansion of such practices in Cyprus needs to be dealt with through a number of practical solutions. “In view of the intensifying pressures to regulate the trend of short-term rentals, in the […] Read more...

Jointly-owned building law in committee (пт, 04/11/2022 - 09:49)

Story: In June I published details of a draft jointly-owned building law designed to solve a host of serious issues with the current law including the lack of management committees, non-payment of communal fees, insurance, etc., etc. Prepared by the Department of Lands and Surveys, the objective of the law is to provide management committees with […] Read more...

36 per cent rise in property sales (чт, 03/11/2022 - 18:24)

Story: The Department of Lands & Surveys reports that 1,171 property sales contracts were deposited at Land Registry offices across Cyprus in October compared with 911 in the same month last year; a rise of 29 per cent. Although the number of property sales fell in Nicosia compared to October last year, the rose in the […] Read more...

Property tax law to help refugees corrected (вт, 01/11/2022 - 18:36)

Story: In February 2021 the House of Representatives passed an unenforceable law levying a 0.4 per cent tax on all sales of immovable property, the proceeds of which were to go towards supporting Greek Cypriot refugees. The legislative proposal, which was passed by a unanimous vote in the plenum, aimed to compensate refugees for their inability […] Read more...

Larnaca port-marina project largest in Cyprus (вс, 30/10/2022 - 10:22)

Story: The €1.2 billion integrated port-marina development project in Larnaca is the largest ever undertaken in Cyprus, said Transport Minister Yiannis Karousos. He expressed satisfaction that the Cyprus-Israeli venture is proceeding with implementing the redevelopment contract. Addressing a ceremony on Tuesday evening, during which Larnaca Marina opened its gates to the public, Karousos said this “integrated […] Read more...

Property sales €1.65 billion in Q3 (вт, 25/10/2022 - 08:37)

Story: Despite the adverse economic conditions, the Cyprus real estate market saw a 34% increase in the value of property transactions in the third quarter, rising to €1.65 billion from €1.2 billion in Q2. Real estate expert Marinos Kinaigirou said interest from Cypriot buyers has remained steady while demand from foreign companies is increasing. According to […] Read more...

2,000 short term stay units register with ministry (пн, 24/10/2022 - 18:58)

Story: The deputy tourism ministry said on Monday that renters operating on platforms such as Airbnb have registered about 2,000 units with the government, ahead of the February deadline to do so. A source at the deputy ministry told the Cyprus Mail that they are satisfied with the number of short-stay units that have signed up […] Read more...