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...
The Cyprus Central Bank recorded a slowdown both quarterly and annually in its Residential Property Price Index. The slowdown came from the house price index, while the apartment price index continued to grow. Regarding the supply of housing supply, its availability for rent and sale has increased, particularly in the Limassol district. This increased housing supply, combined with the continued fall in...
The Cypriot government has decided to separate the development of Larnaca’s port and marina projects following multiple failed attempts at unified development, Transport Minister Alexis Vafeades announced on Wednesday. The government will prioritise upgrading the marina with three immediate projects costing €25-30 million, to be completed within three years. “These upgrades will improve...
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...
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...