Cyprus Real Estate News

New high rise building in Germasogeia (вс, 12/09/2021 - 13:14)

Story: A further high rise building may soon be built in the Germasogia area of Limassol following the submission of an environmental impact assessment study by Cyagama Ltd for the Westminster Residences development. The proposed development comprises a central 81-metre-high skyscraper flanked by two outwardly identical 4 story buildings on a 7,925 square metre site approximately […] Read more...

Banking sector challenges lie ahead (пт, 10/09/2021 - 14:04)

Story: The banking sector faces multiple challenges ranging from the large percentage of non-performing loans (NPLs) to climate change; despite progress made, speakers told the Association of Cyprus Banks AGM. Finance Minister Constantinos Petrides said although the pandemic isn’t over yet, the progress of the Cypriot banking sector is already remarkable and steadily moving towards sustainability. […] Read more...

Strong recovery in construction activity (вт, 07/09/2021 - 17:39)

Story: Construction activity has made a strong recovery from the impact of the COVID-19 containment measures in 2020, with the number of building permits authorised during the first half of 2020 exceeding those issued in the same period in pre-COVID 2019 according to the Cyprus Statistical Service. During the first half of 2021, 3,990 building permits […] Read more...

Lack of overseas sales slowing market recovery (пн, 06/09/2021 - 23:59)

Story: Figures released by the Department of Lands and Surveys earlier today reveal that the lack of property sales to overseas buyers is slowing the recovery of the Cyprus property market. The figures show that property sales to the domestic market during the first eight months of 2021 (4,089) are at their highest level for more […] Read more...

Property sales continue to improve (пт, 03/09/2021 - 18:15)

Story: The number of property sales in Cyprus continued to improve in August 2021 compared to the same period last year according to figures released by the Department of Lands and Surveys. During August 2021, a total of 724 contracts for the sale of property were deposited at land registry office across the Republic, an increase […] Read more...

As Cyprus changes so do properties (ср, 01/09/2021 - 14:16)

Story: Large companies and high-net-worth individuals who purchase houses and apartments either to resell or rent them to third parties currently make up 20% of all property buyers in the US. This trend has been progressing upward for the last two years, as people with the necessary financial resources buy properties intending to rent them back […] Read more...

Property developers & banks face legal action (пн, 30/08/2021 - 17:35)

Story: The Cyprus Consumer Protection Service (CCPS) has registered 56 applications at court against property developers and banks in connection with abusive clauses in consumer contracts. According to the Greek language Phileleftheros applications have been registered against 7 banks and 49 property developers. Although the property developers and banks have not been named, an English translation […] Read more...

Fitch warns of threats to Cyprus banks’ balance sheets (сб, 28/08/2021 - 16:17)

Story: Fitch rating agency reaffirmed Cypriot banks’ negative outlook noting the general environment poses threats to their balance sheets. In a report on the Cyprus banks, the agency notes that while they are offloading their toxic non-performing exposure, banks are still sensitive to possible obstacles to the economic recovery and investor sentiment. Fitch said the small […] Read more...

NPLs remain at 18 per cent of total bank loans (сб, 28/08/2021 - 15:51)

Story: Statistics published by the Cyprus Central Bank reveal that non-performing loans (NPLs) in May 2021 accounted for 18.07% of total bank loans; unchanged from April 2021. According to the Central Bank, NPLs stood at €5.134 billion in May, a fall of approximately €7 million from April’s figure of €5.141 billion as follows: General governments – […] Read more...

KEPIDES starts bad bank transformation (вт, 24/08/2021 - 13:33)

Story: After some delay, Cyprus has started the process of transforming the Cyprus Asset Management Company (KEDIPES) into a national asset management company, also known as a bad bank. As a national asset management company, the bad bank will help the banking system rid itself of non-performing loans (NPLs), which currently amount to some €5.5 billion. […] Read more...

Affordable housing in Limassol (сб, 21/08/2021 - 18:24)

Story: The largest housing project in Cyprus with the involvement of the Municipal Authority and a total value of over €100 million was announced by the Mayor of Limassol, Nicos Nicolaides. This development is expected to solve the living problem of about 600 families, 100 of whom are currently living sub-standard accommodation. “This is the largest […] Read more...

Construction material prices escalating (сб, 14/08/2021 - 17:52)

Story: The Price Index of Construction Materials recorded a significant annual increase of 13.6% in July, reaching 114.46 according to the Cyprus Statistical Service (CYSTAT). Compared to July 2020, increases were noted in: Metallic products (+29.61%) Wood, insulation materials, chemicals and plastics (+12.30%) Electromechanical products (+10.38%) Minerals (+2.56%) Mineral products (+1.14%) As we reported earlier this […] Read more...

EC approves scheme for vulnerable borrowers (сб, 14/08/2021 - 16:48)

Story: The European Commission has approved a Cypriot scheme providing partial debt write-off to distressed, socially vulnerable borrowers with loans secured by primary residences. The eligible loans had been granted under the support programme called ‘Government Housing Plans’, introduced prior to the accession of Cyprus to the EU. This support programme was open to vulnerable and […] Read more...

Permits for more than 1,000 new homes authorised (чт, 12/08/2021 - 19:32)

Story: May 2021 saw another rise in the planned number of new homes to be built in Cyprus according to the building permit statistics published by the Statistical Service. During May a total of 633 building permits were authorised by the municipal authorities and the district administration offices in Cyprus; a fall of 10.6% compared to […] Read more...

Further golden passports revelations (ср, 11/08/2021 - 13:28)

Story: Further revelations concerning the island’s disgraced Citizenship by Investment (a.k.a. Golden Passports) scheme, which enabled dubious individuals to acquire Cypriot passports, has been revealed in reports by Al Jazeera and the Organized Crime and Corruption Reporting Project (OCCRP). In its undercover investigation ‘The Men Who Sell Football’ Al Jazeera reported how convicted criminals could buy […] Read more...

Real estate outlook gloomy (вс, 08/08/2021 - 10:17)

Story: Real estate specialists are not optimistic over the sector’s outlook, as property sales are struggling compared to pre-COVID-19 levels. Property sales in Cyprus dropped by 17% across the island in the first seven months of 2021, compared to the same period in 2019, before the coronavirus outbreak in March 2020. Despite property sales improving 31% […] Read more...

Recovery in property sales slows (сб, 07/08/2021 - 19:49)

Story: Cyprus property sales continued to improve in July but slower than in previous months, with sales to the overseas market leading the way and a small drop in sales to the domestic market compared July 2020 according to figures released by the Department of Lands and Surveys. Total sales During July a total of 864 […] Read more...

Battle lines drawn in foreclosures’ row (вт, 03/08/2021 - 14:48)

Story: The ongoing tussle between the government camp and the opposition over freezing bank foreclosures has turned into a kabuki theatre of sorts, both sets of actors content with playing to their respective audiences while the underlying issue remains unresolved. And with the 2023 presidential elections not that far away, one should expect more of the […] Read more...

New loans for homes reach record high (вт, 03/08/2021 - 10:35)

Story: Net new loans for house purchasing rose to €114 million in June, reaching a new all-time monthly record since December 2014, when the Central Bank of Cyprus (CBC) began recording data. The rise was driven by a government’s interest rate subsidy scheme, aiming to support economy that has been affected by the Covid-19 pandemic. According […] Read more...

Why construction cost skyrocketed & what’s next? (пн, 02/08/2021 - 18:02)

Story: The construction cost in Cyprus has increased abnormally. The recent hike in diesel price has worsened the situation, as the price has a domino effect on prices of every material used in the construction sector. Crucial inputs such as steel, cement, sand, stone aggregates and wood-oriented materials have seen a price increase in the last […] Read more...