Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 5th August 2020

Nigel Howarth

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Hope for Pissouri landslide victims

The Interior Ministry has announced that work will start in 2021 to stabilise the landslide in Pissouri, which has damaged and destroyed many dozens of properties in Limnes and other areas.

Property developer fined for unfair commercial practices

Larnaca based property developer Stelios Georgiou Property Limited has been fined €70,000 by the Cyprus Consumer Protection Service for breaching the Unfair Commercial Practices law of 2007.

Cyprus real estate sector performance insights

The Cyprus real estate sector contributed €3.24 billion to the Cypriot economy in 2019, which is higher than the combined contribution of the Financial and Insurance activities and the Manufacturing sectors.

COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

Domestic property sales on the up

Property sales to the domestic market in Cyprus showed a marked improvement in June, although sales to the overseas market have yet to show any signs of making a recovery.

Commission approves Cyprus’ airlines incentive scheme

The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government's easing of lockdown measures and its decision to subsidise housing loans.

Building permits falter in March

In March 2020, the month during which Cyprus introduced COVID-19 containment measures, 397 building permits were issued according to official figures.

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.

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.

Building permits authorised for 907 new homes

The number of building permits authorised in Cyprus during January 2020 provided for the construction of 907 new homes; an increase of 27 per cent compared to January 2019 according to official figures.

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.

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).

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.

Most Read

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

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