Business

Improving Property Title Deed Issuance – Cyprus Government’s Commitment to Streamlining Processes

Interior Minister Constantinos Ioannou recently highlighted significant strides in the examination and issuance of property Title Deeds, aiming to reduce the average processing time from one to three years down to just three months.  Speaking at a seminar organised by the Pan-Cyprian Association of Land Development and Construction Entrepreneurs, Ioannou emphasised the government's dedication to...

Cyprus Real Estate Market Overview – Fourth Quarter 2023

Amidst inflationary pressures and soaring property prices, the Cyprus Real Estate Agents Registration Council reports robust performance in the local property market during the fourth quarter of 2023. Despite challenges, the market demonstrated resilience, reflecting continued investor interest and activity.  According to the council's quarterly property market update bulletin, a total of 3,534...

EU Approval Paves the Way for Reduced VAT on First Homes in Cyprus

The European Commission has granted approval for the implementation of a reduced 5% VAT on first homes in Cyprus, marking a significant milestone in the country's real estate landscape. Finance Minister Makis Keravnos announced the news, attributing the success to the tireless efforts of the finance ministry.  This decision by the European Commission's Directorate-General for Competition is a...

Changing Tides – Shifting Preferences Drive Surge in Cyprus Apartment Demand

The construction landscape in Cyprus is undergoing a transformative shift, propelled by a surge in demand for apartments from both local and international buyers. Developers are adapting to this evolving trend, with key insights shared by Stelios Gavriel, Secretary of the Federation of Cyprus Building Contractors Associations.  The traditional preference for standalone houses is giving way to a...

Cyprus Housing Market Surges – Q3 2023 Unveils Dynamic Growth and Shifting Trends

The Republic of Cyprus continues to witness an upward trajectory in housing prices, particularly in the apartment segment, as indicated by data released by the Central Bank of Cyprus (CBC) on Wednesday. The Residential Property Price Index (RPPI), monitored by the CBC, reflects consistent increases on both an annual and quarterly basis.  The surge in demand is attributed to a dual impact from...

Resilience Prevails – Cyprus Real Estate Draws Interest Amidst Geopolitical Challenges

In the face of geopolitical challenges in the Middle East, Cyprus remains a beacon of stability, attracting individuals keen on making strategic real estate investments. Despite the current situation in Israel, discerning buyers are turning their attention to the charms of Cyprus, finding it a sanctuary of security and growth.  Cyprus has long been recognised for its political stability, robust...

Cyprus Real Estate Market Resilience Prevails in Q3 2023

In the face of considerable challenges, Cyprus' real estate sector has displayed unwavering resilience during the third quarter of 2023, according to the Real Estate Agents Registration Council. The council's president, Marinos Kineyirou, emphasised that the impact of the ongoing conflict in the Middle East on the local property market is anticipated to become more apparent in the months to...

Real Estate Insights – Ask Wire Report Reveals Top Property Sales

In a recent data-driven analysis of the Cypriot real estate market, fintech firm Ask Wire unveiled a comprehensive report detailing the most expensive property sales for September 2023. The study not only showcased the top ten transactions but also offered insights into the overall real estate trends across the districts of Cyprus.  The report highlighted the combined value of the fifty largest...

Simplified Application Process for Low-Risk Developments in Cyprus – A Win for Real Estate

In a move that could significantly impact the real estate landscape in Cyprus, the Interior Ministry recently unveiled plans to streamline the application process for low-risk developments. These proposed changes, set to be implemented through amendments to existing legislation, aim to create a more efficient and flexible framework for obtaining planning permits, especially for small-scale developments....

Cyprus Real Estate Market Thrives – Foreign Buyers Take the Lead

Recent statistics from the Department of Lands and Surveys have unveiled some striking trends in the Cyprus real estate market. It appears that non-European Union (EU) nationals are becoming the major driving force in the property sector, making up a remarkable 45% of sales in September. This percentage has seen a significant increase from the 30% reported just a month prior in August.  The...

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