In a recent data-driven analysis of the Cypriot real estate market, fintech firm Ask Wire unveiled a comprehensive report detailing the most expensive property sales for September 2023. The study not only showcased the top ten transactions but also offered insights into the overall real estate trends across the districts of Cyprus. The report highlighted the combined value of the fifty largest...
In a move that could significantly impact the real estate landscape in Cyprus, the Interior Ministry recently unveiled plans to streamline the application process for low-risk developments. These proposed changes, set to be implemented through amendments to existing legislation, aim to create a more efficient and flexible framework for obtaining planning permits, especially for small-scale developments....
Recent statistics from the Department of Lands and Surveys have unveiled some striking trends in the Cyprus real estate market. It appears that non-European Union (EU) nationals are becoming the major driving force in the property sector, making up a remarkable 45% of sales in September. This percentage has seen a significant increase from the 30% reported just a month prior in August. The...
The Cyprus real estate market continues its upward trajectory as it outpaces last year's performance. In September 2023, property sales saw a 15% increase compared to the same month in 2022, according to the latest data from the Department of Lands and Surveys. While this surge is promising, some experts note a slight slowdown in the rate of growth, which could shape the market's future for the remainder...
Recent property sales data in Cyprus have unveiled intriguing trends that set the country's provinces apart. Notably, Nicosia, the capital, stands in stark contrast to its coastal counterparts in terms of real estate dynamics. Nicosia's Domestic Focus In Nicosia, the property market is predominantly shaped by local buyers. However, when we shift our gaze to coastal regions, particularly...
The construction sector in Cyprus is experiencing a notable surge, with a 16.5% increase in the total value of building permits during the first half of 2023, according to a recent report by the Cyprus Statistical Service (Cystat). This encouraging growth also coincides with a 3% increase in the total area covered by these permits. What's particularly intriguing is that this growth is transpiring...
The Limassol real estate market in Cyprus continues to shine, with a recent report from Cypriot firm Ask Wire revealing that sales in the region surged to nearly half a billion euros during the second quarter of 2023. This remarkable feat underscores Limassol's status as a real estate powerhouse, attracting both local and international investors. Apartments Reign Supreme One of the...
The long-awaited marina of Paralimni is taking shape, with construction work progressing at a rapid pace. It should be noted that the development project has already become a pole of attraction for investors and, according to the schedule, will be fully completed in the summer of 2024, with the first phase ready at the end of 2023. The development agreement for this €100 million investment was...
A new Jointly-Owned Buildings law, which aims to resolve chronic problems of management committees and various other practical problems with the current law, has been approved by the Council of Ministers according to reports in the Greek language media. Once the precise legal wording of the new law has been prepared it will be placed before a parliamentary plenum for debate and amendment. If all...
The Cypriot real estate market has seen a significant surge in rental prices across all property types during the second quarter of 2023, as per a report released by Ask Wire, a tech-informed real estate company based in Cyprus. The report analysed both property sales and rental cost fluctuations, shedding light on the current market trends. According to Ask Wire CEO, Pavlos Loizou, the rising...