Two new shopping malls get green light in Limassol

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”...

Paphos soars as top tourist destination for Poles

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 apartment, rental prices rise by 10%

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...

Apartments lead property sales, Limassol most expensive district

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,...

Wealthy migrants are welcome in Cyprus

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...

Housing affordability challenges for young couples

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...

House prices in Cyprus up year-on-year, down in the euro area

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...

German tourists boost optimism for Paphos tourist season

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...

RES communities Photovoltaics on apartment buildings

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

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...

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