Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

News

Cyprus real estate stricken by pandemic

Pundits believe that the Cyprus real estate market will suffer a significant downturn as a result of the coronavirus pandemic, which is mainly supported by foreign investment and demand.

Prices

Cyprus house price index falls

The Cyprus house price index (HPI) fell by 3.7 per cent in the third quarter of 2019 and by 4.8 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

House prices not recovered from 2007 crash

House prices and rents in Cyprus have yet to recover to the levels last seen before the island's property market bubble burst in 2007 according to the statistical office of the European Union (Eurostat).

House price index falls 5.9 per cent

The Cyprus house price index (HPI) fell by 5.9 per cent in the third quarter of 2019 but rose by 2.3 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

RICS Cyprus property price index Q2 2019

The RICS Cyprus Property Price Index for the second quarter of 2019 reports that residential prices for houses and apartments increased by 1.2% and 1.4% respectively on a quarterly basis.

House prices rise 0.8 per cent

The Cyprus house price index (HPI) rose by 0.8 per cent in the first quarter of 2019 and by 4.3 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

House prices up 0.8 per cent in Q1 2019

The Cyprus house price index (HPI) rose by 0.8 per cent in the first quarter of 2019 and by 4.3 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

SALES

Foreign property sales take a big hit

Sales of property in Cyprus to foreigners took a big hit in March following the blanket ban on passenger flights and other measures introduced by the government to contain the spread of coronavirus.

Coronavirus fears hit Cyprus property sales

Sales of property in Cyprus suffered a significant downturn in March as coronavirus fears hit house buyers and sellers, how long it will last probably depends on how long it will take to get the pandemic under control.

Cyprus property sales fall in February

Property sales in Cyprus fell by 11 per cent in February 2020 compared to February 2019 and by 7 per cent in the first two months of the year according to official figures from the Department of Lands and Surveys.

Twice as many property sales to non-EU citizens

More than twice as many property sales were made to non-EU citizens than EU citizens in January according to official statistics published by the Department of Lands and Surveys last Friday.

Disappointing start for property sales

Property sales got off to a disappointing start in the first month of the new decade, but stayed ahead of the number sold in January 2017 according to official figures from the Department of Lands & Surveys.

Rise in property sales attributed to local & EU buyers

The 12 percent year-on-year increase in the number of property sales in Cyprus during 2019 was attributable to Cypriots and EU citizens, while the number of sales to non-EU citizens remained stable.

MARINAS

30-year Paphos marina saga continues

The thirty-year saga of the Paphos marina continues with news that moves to study a proposal to create the marina at Kissonerga with docking facilities for cruise ships is about to get underway.

Ayia Napa Marina starting operations soon

Ayia Napa marina is in the final phase of construction and is gearing up for the start of operations with the entrance and berthing of the first boat on January 27 marking the beginning of the marina’s pilot operations.

Paphos marina may have cruise ship facilities

The cabinet has given the green light for a study that will look into the possibility of building facilities for cruise ships as part of a proposed Paphos marina at Kissonerga Potima Bay to the north of the town.

More work needed on Ayia Napa marina

Although progress with the construction of the Ayia Napa marina is moving ahead as planned, it seems that more time may be needed to complete some of the infrastructure needed for the project.

JOINTLY OWNED BUILDINGS

You have insurance but are you insured?

The heavy winter rains have resulted in many insurance claims but as many have found to their horror, although their insurance premium has been paid, they discover that they're not insured when they make a claim.

Swimming pool laws set to hit tourism revenues

Barring a miracle, swimming pools in privately owned complexes, such as the Royal Seacrest in Kato Paphos, will remain closed this year affecting tourist revenues and local businesses.

Communal fees – sinking fund

Some Management Committees in Cyprus have set up a 'sinking fund'; money set aside to replace/renew/repair items like swimming pool equipment, watering systems, external redecoration, etc.

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.

The Cyprus swimming pool nightmare

Taking criminal proceedings against owners and Management Committees who fail to comply with the swimming pool law and regulations will damage the Cypriot economy - especially tourism.

Swimming pool owners face court action

The owners of unlicensed communal swimming pools are facing court action following inspections carried out by the Paphos Municipality who insist that pools must be licenced, inspected daily and a lifeguard appointed.

TITLE DEEDS

Developers seek to self-finance projects

Property developers are looking to self-finance construction projects due foreign investors fearing possible difficulties obtaining Title Deeds if developments are mortgaged and banks imposing stricter criteria for granting loans.

WEATHER IN CYPRUS

Cyprus
clear sky
13.8 ° C
16 °
11.7 °
77 %
1.5kmh
9 %
Sun
23 °
Mon
24 °
Tue
27 °
Wed
23 °
Thu
23 °

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1115
RUB
0.0128
CNY
0.1262
CHF
0.9362

CYBC NEWS IN ENGLISH

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