Cyprus Real Estate News

In 2015, the Parliament in Cyprus introduced the Law 139(I)/2015, commonly known as the “Trapped Buyers Law” to address issues faced by property buyers who were unable to obtain title deeds for the properties they purchased, despite having fulfilled their contractual obligations. This predicament arose from various complications, including developers’ failure to clear mortgages or […]

The Appeals Court ruled unanimously on 20th June that the ‘Trapped Buyers’ law was unconstitutional. The objective of the Trapped buyers law, which was introduced in 2015, was to a transfer property to its purchaser(s) who, although they have fulfilled their contractual obligations to the vendor, were unable to obtain its Title Deed. Typically this […]

The Cyprus real estate sector is in a seemingly golden age. But all that glitters is not gold. A booming economy (projected 2.7% growth in 2024), resurgent tourism, and impressive fiscal discipline (budgeted surpluses averaging 2.3% of GDP from 2023 to 2028) create a narrative of prosperity. Construction flourishes, with coastal hotspots like Limassol leading […]

The cabinet confirmed it has revoked the citizenship of fugitive Malaysian businessman Jho Low. Low, wanted by Interpol for significant financial crimes, had his Cypriot citizenship initially revoked in May 2023. He appealed the decision, but on May 17, 2024, an independent citizenship commission rejected his objection. Under Cypriot law, citizenship can be revoked within […]

Tax Department officials will be conducting raids on homes and apartments in the coming days. They suspect that some property owners have taken advantage of the preferential framework for the reduced 5% VAT on primary residences but are now renting these properties illegally through platforms like AirBnB and Booking.com. Many Cypriot and foreign buyers bought […]

Cyprus property sales fell in May, with the total number of sales contracts deposited at Land Registry offices across Cyprus dropping by 17% compared with the corresponding month in 2023, according to official figures from the Department of Lands & Surveys. As well as residential properties, the figures from the Department of Lands and Surveys […]

President of the Cyprus Real Estate Agents Registration Council Marinos Kineyirou on Monday called for stricter regulation of short-term rentals in Cyprus. The council president highlighted the adverse impacts on the economy, particularly on the tourism and real estate sectors, stressing the need for government intervention. “The way short-term rentals currently operate causes multiple problems […]

Cypriot fintech Ask Wire has compiled and published data on the 10 most expensive real estate transactions completed in April 2024, detailing the total value of  sales by each of the five district. The top 10 most expensive real estate sales in Cyprus totalled €16.2 million, with the most expensive being a house in Kouklia, Paphos […]

Authorities are nearing the completion of their investigation into how Malaysian fugitive Jho Low obtained Cypriot citizenship in 2015. Jho Low, who is wanted internationally for allegedly embezzling billions from Malaysia’s 1MDB investment fund, secured a Cypriot passport through the disgraced citizenship by investment program (aka Golden Passport Program.) This case is among many under […]

The staff at the Limassol District Town Planning Department are scrambling to clear a backlog of thousands of planning permit applications as the deadline for local government reform approaches. The reform, which will transfer planning authority to the newly established Limassol District Self-Government Organisation, has led to a surge in applications, with approximately 3,500 currently […]

The government has cancelled its contract with Kition Ocean Holdings for the Larnaca marina and port development project accusing it of breaching the terms of their agreement. According to local media, the government acted on the advice of the Law Office, which viewed Kition’s refusal to renew the guarantee for Larnaca port as a breach […]

In an exclusive interview with Phileleftheros, Kition Ocean Holdings CEO Oliver Corlette blames the Government for the impasse that threatens to derail the €1.2 billion Larnaca port and marina investment. For the first time, the company publicly admits that the project is “at serious risk of failure,” indicating that if the differences are not resolved, […]

Limassol had the highest percentage price increases year-on year for both apartments and houses at the end of the first quarter of 2024, according to a report issued by Cypriot fintech Ask Wire. Ask Wire reported that across Cyprus, on an annual basis, prices increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, […]

The Limassol Municipality is expected to issue a building permit by the end of May for the Aura project, which is poised to become Cyprus’ tallest building at 181.5 metres with 44 floors. This skyscraper will be constructed on the former site of the ERA Olympia shopping centre. Investors are finalizing agreements to meet compensatory […]

The latest 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, said: “According to the first quarter […]

If you’re in the market for a vacation home on the island, you might be in for a sticker shock, as sale price and rental rates for these properties have soared to eight-year highs, showing that the sector has rebounded fully from the Covid-19 pandemic. Rental rates for apartments and vacation homes have reached their […]

The number of building permits in Cyprus issued by municipal and district authorities rose to 706 in February, up from just below 600 each in January and December, according to the Statistical Service Cystat. This helped increase the total number of permits issued in the first two months of the year to 1,293, up 13% […]

The latest analysis of sales contracts issued by the Department of Lands and Surveys reveals that overseas buyers appear to be turning away from Paphos and Limassol and choosing to buy in the less expensive districts of Larnaca and Famagusta. Overseas sales in Larnaca have increasing due to heightened interest from Israeli investors according to […]

The upward trend in housing prices, primarily driven by increases in apartment prices, persisted during the fourth quarter of 2023, according to a report published by the Central Bank of Cyprus on Tuesday. Based on the findings of the report, housing prices continued to rise despite a slight decrease in demand, as reflected in comparative […]

Recent data from the Central Bank of Cyprus reveals a marked decline in Swiss franc loans, indicating a significant shift in the borrowing landscape of the island’s banking system. As of the end of March 2024, existing Swiss franc loans are being actively serviced, with some being converted to euros or sold by banks. The […]