German tourists boost optimism for Paphos tourist season A very significant factor that instils greater optimism in Paphos for this year’s tourist season is the notable increase in traffic anticipated from Germany to the province this summer. Data up to the end of March from German travel agencies indicate that the estimates and data analysed for Paphos during the recent ITB Berlin...
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RES communities: photovoltaics in apartment buildings In the second half of 2024, regulations for developing and operating “RES communities” is expected to come into force, according to the Minister of Energy George Papanastasiou. The regulations are expected to pave the way for the installation of photovoltaic systems in apartment buildings, which have shared roofs, as energy...
Two per cent of dwellings rented through Airbnb An alarming 2% of dwellings in Cyprus are now listed on Airbnb, raising concerns regarding housing availability and regulatory oversight. This data, exclusively focusing on Airbnb listings, reflects a broader trend of properties being repurposed as investment assets rather than addressing housing demands. With a staggering 8,510...
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...
The European Commission's DG Competition has approved an interest subsidy scheme for housing loans concluded between January 1, 2022 until December 31, 2023 and concern the purchase or construction of a primary residence for families with an annual income of 50,000 euro, Government Spokesperson Konstantinos Letymbiotis said on Tuesday. Speaking during a press briefing at the Presidential...
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...
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...
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...
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...
With only a few days left until Christmas, Cyprus is alive with the palpable excitement of the holiday season. The air is filled with the scent of freshly baked treats, and the streets are adorned with twinkling lights, creating an atmosphere of warmth and anticipation. Here's a glimpse into the festive buzz that envelops this Mediterranean island just days before Christmas. The entire island is bathed...