Cyprus Real Estate News

Partners fined for letting non-lawyer take control of group litigation (чт, 20/01/2022 - 17:25)

Story: Two partners in a former City law firm have each been fined £7,500 for allowing a non-lawyer to have sole and unsupervised conduct of multi-jurisdictional group litigation involving 1,500 clients. Siu Young Alan Ma and Taut-Yang Cheung (also known as Daniel Cheung) admitted letting Person A exercise “almost total control” of funds held in the […] Read more...

House prices up by 9.2% in EU member states (вс, 16/01/2022 - 12:50)

Story: House prices in the euro area rose at the highest annual rate since they were first collected in 2005 with more than half of the member states experiencing double-digit increases. The price of houses rose 8.8% in the euro area and 9.2% in the EU and in the three months from July to September last […] Read more...

Cyprus progress against money laundering (пт, 14/01/2022 - 15:51)

Story: Cyprus has room to improve in fighting money laundering and the financing of terrorism, despite ‘some’ progress recorded in the past year, the Council of Europe’s anti-money laundering body (Moneyval) said. According to a follow-up report by Moneyval: “Cyprus has made some progress in improving its level of compliance with Financial Action Task Force (FATF) […] Read more...

All market segments gained ground in 2021 (ср, 12/01/2022 - 16:42)

Story: Figures released by the Department of Land and Surveys reveal, perhaps not surprisingly, that all segments on the market achieved increased sales in 2021 compared to 2020. More interestingly, the number of sales to the domestic and EU segments of the market in 2021 have exceeded the numbers sold in pre-pandemic 2019, while total sales […] Read more...

Larnaca property sales hit €3 billion in last 5 years (ср, 12/01/2022 - 14:39)

Story: Property sales in the Larnaca district nearly reached €3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown. The majority of property sales took place in the Larnaca municipality, where transactions reached €1.1 billion in value, representing 30 per cent of the […] Read more...

Rising costs could derail house prices (вт, 11/01/2022 - 20:01)

Story: The Central Bank of Cyprus has expressed its concern over the soaring price of building materials, sending the cost of construction to skyrocket to new highs and pushing property prices further up. In its December bulletin on the island’s economy, CBC noted that the real estate market would have to be closely monitored in a […] Read more...

Discussions to reduce Title Deeds delays (чт, 06/01/2022 - 19:42)

Story: The delay in issuing Title Deeds was one of the topics discussed at a recent meeting between the Deputy Director of the Department of Lands and Surveys and a delegation of businessmen representing the construction industry. Title Deeds can take ten years or more to be issued as a result of building irregularities and the […] Read more...

Sales surged at year end (чт, 06/01/2022 - 13:49)

Story: Property sales (as measured by the number of sale contracts deposited at Land Registry offices) surged in December recording the highest number for the last four years according to the property sales statistics published by the Department of Lands and Surveys. Sales in December 2021 rose 74% compared to December 2020 with sales rising in […] Read more...

Cyprus tops housing for investment but… (вт, 04/01/2022 - 13:18)

Story: Cyprus has the highest percentage of its GDP invested in the housing sector compared with other EU Member States, according to the Housing in Europe report published by Eurostat. In 2020, according to the report, 5.4% of the total EU GDP was invested in housing. At 7.6%, Cyprus was top of the list for investment, […] Read more...

Paphos property sales exceed €2.5 billion (пт, 31/12/2021 - 11:10)

Story: Property sales in Paphos district exceeded €2.5 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has revealed. The lion’s share of the sales took place in the Paphos and Peyia municipalities, with the two being responsible for property sales totalling €2.2 billion in […] Read more...

Real estate in pandemic recovery mode (пт, 31/12/2021 - 09:23)

Story: Cyprus’ real estate market continued its recovery this year, with some indicators exceeding pre-pandemic levels, according to a survey carried out by property analysts Delfi Analytics. In comments accompanying the survey, Delfi Partners & Company said: “2021 was a year of correcting the anomalies caused by the pandemic in the market during 2020 when a […] Read more...

Building permits increase in area but fall in value (ср, 29/12/2021 - 17:24)

Story: The September 2021 figures show that a total of 768 permits were authorised during the month; an increase of 11.3% compared to the number authorised in September 2020. Their area rose 4.5% to 210.7 thousand square metres, while their value by 5.7% to €206.2 million. The September permits provided for the construction of 907 new […] Read more...

Inspecting resale properties – part 6 (пт, 24/12/2021 - 12:35)

Story: When buying a resale property in Cyprus (or anywhere else for that matter) you need to consider a number of aspects. As well as inspecting properties to ensure they are satisfactory and meet your requirements, it is important to look at: Finance This seems obvious, but some people buy more than they can afford and […] Read more...

Former MPs face prosecution over passport scandal (ср, 22/12/2021 - 08:49)

Story: Police are requesting the prosecution of former House Speaker Demetris Syllouris and ex-AKEL MP Christakis Giovani implicated in the golden passport scandal, which ended the citizenship for investment scheme. Police have completed an investigation into the two former senior MPs and their involvement in offering Cyprus passports to criminals. The case file has been handed […] Read more...

Limassol property sales exceed €6.3 billion (вс, 19/12/2021 - 15:39)

Story: The three major municipalities of the Limassol District – the Municipality of Limassol, of Yermasoyia and of Agios Athanasios, gained a significant share of the real estate market over the past five years. According to data processed by WiRE, the value of the transactions carried out during the past five years in the three Limassol […] Read more...

Our top 10 stories in 2021 (вс, 19/12/2021 - 10:37)

Story: Our top 10 stories for 2021 are set against a background of BREXIT and the on-going COVID-19 pandemic, which continues to disrupt the lives of everyone. Cyprus is managing the pandemic very well and currently has 81 deaths per 100,000 of the population (the third lowest number in the European Union) compared with the UK […] Read more...

Construction material prices onwards and upwards (сб, 18/12/2021 - 18:21)

Story: Construction material prices continued onwards and upwards in November as the global economy continues to pick up in the wake of the COVID-19 pandemic causing global demand to increase, which pundits have warned will threaten the sector’s recovery. The Cyprus Statistical Service reports that, compared to November 2020, the Construction material price index recorded an […] Read more...

Inspecting resale properties – part 5 (сб, 18/12/2021 - 10:09)

Story: In the previous article I gave some advice on how to carry out an internal inspection of resale properties. In this article you’ll find specific advice on inspecting their kitchens and bathrooms. The two major areas to scrutinise in kitchens are the plumbing and appliances – and for bathrooms, the plumbing and bathroom fittings. Inspecting […] Read more...

Property sales bounced back in November (ср, 15/12/2021 - 10:19)

Story: Property sales bounced back in November following a fall of 14% in October compared to the same period last year, with the number of sales rising in all market segments. According to the statistics published by the Department of Lands and Surveys, sales in November rose 59% compared to November 2020, while sales during the […] Read more...

Two Limassol towers post-golden passports (вт, 14/12/2021 - 18:55)

Story: Limassol is still seeing high-rise projects preparing to take off the ground, despite Cyprus’ golden passport scheme’s demise that put some luxury towers on ice. The island’s environmental body has given the all-clear to two high risers reaching 81 metres and 75 metres added to the coastal city’s skyline. One of the projects by CYAGAMA […] Read more...