With the price of rentals surging across Cyprus, affecting both high-end and budget-friendly areas, the Interior Ministry has announced measures to address rising housing costs. Interior Minister Constantinos Ioannou has unveiled a new housing initiative, “Renovate – Rent“, which is designed to increase affordable rentals by bringing vacant properties back into the market. The scheme...
Uncategorized
A recent announcement by the Ministry of Interior shows a strong rise in property sales, which indicates high demand. However, the report also raises a note of caution for the future of the property market, particularly in 2025. Industry experts warn that this high demand, coupled with limited supply and delays in new properties entering the market is paving the way for price increases. The...
According the Department of Land and Surveys, mortgages were granted for 7,212 properties worth €1.94 billion during the January-August period, compared to 7,313 properties worth €1.98 billion during the same period last year. This represents a 1.38% decrease in the number of properties mortgaged, while the value of the properties decreased by 2.16%. Mortgages by month Based on information...
The government’s priorities for the coming years include promoting and completing new tourism projects, in particular the development of new golf courses and marinas. The Deputy Ministry of Tourism‘s 2025 budget, totalling €65.6 million, has already allocated funds for tourism projects. 2025 budget tourism allocations According to the Deputy Ministry’s strategic plan for 2025-2027, the...
The number of Cyprus property sales achieved in September fell slightly compared with the numbers sold in the same month last year according to official statistics published by the Department of Lands and Surveys. The total number of Cyprus property sales (as measured by the number of sales contracts deposited in Land Registry offices in the free areas of the island) stood at...
Illegal estate agents continue to defraud unsuspecting buyers and tenants, extending their reach into occupied territories, according to the Cyprus Real Estate Agents Registration Council. However, council president Marinos Kineyirou warned even in cases where illegal practitioners were successfully found guilty, the resulting fines and penalties were too small to be considered a strong enough...
The first phase of the Paralimni marina is set to be completed by the end of the year, according to Paralimni-Deryneia mayor Giorgos Nikoletos, who visited the site on Monday. The first phase will include 300 mooring spaces, with the initial vessels expected to arrive before the start of the tourist season. The development is anticipated to positively impact the area and attract nautical tourism, as an...
The property market in Cyprus experienced a decline in high-value transactions during July, according to data by the Cyprus Land Registry analysed by Ask Wire. The top 50 property sales in Cyprus totalled €55.7 million, a significant decrease from previous months. The most expensive property sold was a luxury house in Pegeia valued at €5.35 million. Limassol emerged as the dominant province in...
Short-term rentals are driving up flat prices and causing accommodation shortages for students, particularly in coastal cities, according to the president of the Cyprus real estate agents association Marinos Kineyirou. Kineyirou told state broadcaster CyBC that the diversion of flats to platforms such as Airbnb has significantly reduced the supply of long-term rentals, pushing...
The latest analysis of sales contracts issued by the Department of Lands and Surveys reveals a strong growth in property sales to the domestic (Cypriot) market while foreign buyers continue to turn their backs on Paphos. Sales in July seem to have recovered from their earlier slump in May, with numbers rising in all market segments, with the domestic market segment in particular performing...