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Archive for October, 2018

Probe into sharp rent rises

The House Interior Committee is to look into the sharp rises in rents amid reports of a family has been made homeless because rents are too expensive and another evicted so the landlord could triple the rent.

Larnaca marina investors given more time

Larnaca marina and port development plans have been put on hold for another three weeks as the strategic investor has asked for an extension to submit their final financial offer for the €400 million project.

Cities vie for real estate investments

Limassol and Paphos account for the majority of foreign real estate investors, but Nicosia is catching up with a 34 per cent increase in contracts of sale deposited compared to last year.

Paphos marina delayed as Pafilia withdraws interest

It seems that the construction of the long-anticipated Paphos marina will be delayed following Pafilia’s decision to withdraw its interest in a tender to design, build and operate the marina.

Cyprus second in EU for residence permits

During 2017 Cyprus issued the second highest number of residence permits of all the EU member states; 22.1 per 1,000 Cypriot citizens; Malta was in first place with 23 permits per 1,000 Maltese citizens.

Hotel projects grow as Airbnb is to be regulated

New hotels are sustaining a construction industry boom as hoteliers also go ahead with renovations and expansions, despite challenges posed by private self-service accommodation units.

Complex management seminar

The Almyra hotel in Paphos is the venue for a free seminar to be held in November covering communal ownership, management committees and general management of communal areas.

Lower VAT on land bought for primary residence

Purchasers of undeveloped land to build an owner-occupied primary dwelling may soon be able to obtain a partial VAT refund if a bill currently being prepared by government is approved.

Contract for the Limassol Icon signed

Contract for the construction of the Limassol ‘Icon’ has been signed between the Imperio Group of Companies and Iacovou Brothers and is expected to be delivered by December 2020.

Mushrooming Limassol towers ‘unsustainable’

Locals and experts believe that another tall building in an area of Limassol that has seen its fair share of ‘towers’, will only add to the many unsustainable urban constructions blighting the town.

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