Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: 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.

Paralimni marina construction underway

Construction work has begun on the Paralimni marina, which is expected to be fully operational by mid-2021 and which will and will have a capacity of approximately 300 vessels.

Moderate property price rises continue

The increases in residential property prices remain moderate reports the Cyprus Central Bank in its Property Price Index for the second quarter of 2018, which was published yesterday.

Cyprus property prices rising

The RICS Cyprus Property Price Index for first quarter of 2018 reports that residential prices for houses and apartments increased by 1.3% and 2.9% respectively on a quarterly basis.

632 new homes in July

The number of building permits for the construction of new homes in Cyprus rose 32.8 per cent in July 2018 compared to the corresponding month last year providing for the construction of 632 new homes.

Cyprus ‘Golden Visa’ scheme poses high risk

Three European countries (Cyprus, Malta and Monaco) are amongst the twenty-one countries whose residence and citizenship by investment schemes potentially pose a high-risk says OECD.

Fifty million lost due to planning delays

Delays in issuing planning permits cost the state €50 million annually, which could be used to build ten schools, three hospitals or a museum according the Cyprus Technical Chamber ETEK.

Cyprus property market on the up

Specialists are confident over the future of the Cyprus property market, saying that the upward trend in house prices is combined with an ongoing increase in demand for real estate.

Locals fear for Coral Bay

Locals fear for the future of Coral Bay if developer's plans to build next to the blue-flagged area go ahead following a Government decision to allow a 2005 appeal by Leptos developers.

Continuing rise in property sales (Update)

The number of property sales in Cyprus continued to rise in September with the number of sales contracts deposited at Land Registry Offices across the Republic up 14 per cent compared with September 2017.

Limited progress on resolving NPLs

The International Monetary Fund (IMF) noted that Cyprus had made little progress on resolving non-performing loans in its mission's concluding statement following its recent official visit.

Most Read

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.