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...
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 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 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...
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...
Interior Minister Constantinos Ioannou recently highlighted significant strides in the examination and issuance of property Title Deeds, aiming to reduce the average processing time from one to three years down to just three months. Speaking at a seminar organised by the Pan-Cyprian Association of Land Development and Construction Entrepreneurs, Ioannou emphasised the government's dedication to...
The European Commission's DG Competition has approved an interest subsidy scheme for housing loans concluded between January 1, 2022 until December 31, 2023 and concern the purchase or construction of a primary residence for families with an annual income of 50,000 euro, Government Spokesperson Konstantinos Letymbiotis said on Tuesday. Speaking during a press briefing at the Presidential...
Amidst inflationary pressures and soaring property prices, the Cyprus Real Estate Agents Registration Council reports robust performance in the local property market during the fourth quarter of 2023. Despite challenges, the market demonstrated resilience, reflecting continued investor interest and activity. According to the council's quarterly property market update bulletin, a total of 3,534...