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Property news in brief

Over the past week a number of news reports concerning property in Cyprus have appeared in the local media about non-performing loans (NPLs), recent property deals and the bank of Cyprus.

High rents and homelessness

A rise in already high rents and an increase in the number of homeless people has led parliament to urgently call on the government to intervene and provide solutions to problems caused by high rents, especially in Limassol.

Agreement close on Airbnb type rentals

Agreement on a bill designed to regulate and tax rental income on Airbnb type rentals is close but a key question remains concerning short-term letss of apartments in residential areas.

High rise developments in jeopardy

Property developers consider that the construction of high rise developments is at risk as a new law requires comprehensive environmental studies to be submitted, which will lead to long delays.

Trapped buyers get Christmas present promise

The problems faced by the 70,000 ‘trapped buyers’ who were duped into buying property built on land earlier mortgaged by developers should be resolved by Christmas says Christiana Erotokritou MP.

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.

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.

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