Changes in the real estate sales map are being recorded on our island, with Limassol continuing unabated to hold the first place as the most expensive city, both in terms of property values and rental prices. Currently, there are dozens of projects underway in the construction sector, mainly new buildings and newly built apartment complexes. However, at the same time, there is limited demand for sales...
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Two new shopping malls, located near each other in Limassol, have received environmental approval from the government. The first is the “Limassol Mall,” owned by C.A.C. Papantoniou Ltd, with an estimated cost of €95 million. The second is named “The Mall of Limassol”, owned by Atterbury Europe, in Mesa Geitonia, with an estimated project cost of €80 million. The “Limassol Mall”...
Official data from Cypriot and Polish authorities confirms Paphos as the most popular Cypriot destination for Polish tourists. Polish tourist arrivals in Cyprus surged 45% in 2023 compared to 2022, exceeding 273,500 visitors. Notably, Paphos captured nearly half (49%) of all Polish tourists visiting Cyprus. Unprecedented air connectivity between Paphos and Poland bolsters this trend. This summer...
Cyprus’ property market experienced price growth across most categories in the first quarter of 2024, according to the latest RICS Cyprus Property Price Index with KPMG in Cyprus. Apartments led the surge, with both sales and rental prices rising by around 10% year-on-year. Compared to the same period in 2023, apartment sales prices increased by 9.30%, while houses saw a more modest increase of...
The analysis of the comparative sales data conducted by the Department of Land Registry yields significant conclusions about the actions and values of properties sold in Cyprus during the first quarter of 2024. The Council of Real Estate Agents presents these findings in its quarterly “Property Market Update.” The processing of the data focuses on the four main categories of properties (apartments,...
Cyprus is considering easing residency permit requirements for wealthy foreign nationals under a proposed bill. The proposed legislative changes would grant residency permits to third-country nationals who invest €250,000 in housing and have an annual income of €40,000. According to the bill, a residence permit may be granted to a wealthy third-country national who intends to reside in...
The need for housing leads either to borrowing or renting, but both options are costly affairs. The majority of young couples do not have the financial capability to buy without resorting to borrowing and without having a sum set aside, as banks do not finance 100% of the property value but only 70% or 80% depending on the bank and the category of the potential borrower. However, the question is how...
In the last quarter of 2023, property prices in Cyprus experienced a minor setback every quarter, yet sustained annual growth. According to the preliminary estimates released by the Cyprus Statistical Service (CyStat), the House Price Index (HPI) stood at 109.95 points for the fourth quarter, marking a slight decrease of 0.6% from the previous quarter but an increase of 1.6% from the same period in...
February Real Estate Sales in Cyprus. A Market Analysis The real estate market in Cyprus is showing promising signs of growth, with the total number of property sales rising by 14% in February compared to the same period last year. This positive momentum is further bolstered by an analysis from the Department of Lands and Surveys, indicating a potential recovery in sales to EU nationals after a period...
Cyprus Real Estate Sector proved resilient in 2023 PwC Cyprus presented its annual report for the Cypriot real estate market, which includes important information about the sector’s performance in 2023. The event titled, “Evolving landscape and the need for new policies and reforms,” was held on Thursday, February 29, 2024, at PwC’s Experience Center in Nicosia; in the presence...