The European Commission has granted approval for the implementation of a reduced 5% VAT on first homes in Cyprus, marking a significant milestone in the country's real estate landscape. Finance Minister Makis Keravnos announced the news, attributing the success to the tireless efforts of the finance ministry. This decision by the European Commission's Directorate-General for Competition is a...
The construction landscape in Cyprus is undergoing a transformative shift, propelled by a surge in demand for apartments from both local and international buyers. Developers are adapting to this evolving trend, with key insights shared by Stelios Gavriel, Secretary of the Federation of Cyprus Building Contractors Associations. The traditional preference for standalone houses is giving way to a...
The Republic of Cyprus continues to witness an upward trajectory in housing prices, particularly in the apartment segment, as indicated by data released by the Central Bank of Cyprus (CBC) on Wednesday. The Residential Property Price Index (RPPI), monitored by the CBC, reflects consistent increases on both an annual and quarterly basis. The surge in demand is attributed to a dual impact from...
With only a few days left until Christmas, Cyprus is alive with the palpable excitement of the holiday season. The air is filled with the scent of freshly baked treats, and the streets are adorned with twinkling lights, creating an atmosphere of warmth and anticipation. Here's a glimpse into the festive buzz that envelops this Mediterranean island just days before Christmas. The entire island is bathed...
Cyprus transforms into a magical winter wonderland during the Christmas season. The festive spirit fills the air as residents and visitors alike embrace cherished traditions that have been passed down through generations. Immerse yourself in the enchanting ambiance of this Mediterranean haven and discover the enchanting Christmas traditions that make Cyprus a truly special place to celebrate the...
Get ready to be enchanted as the picturesque rural villages of Cyprus don vibrant hues of red, white, and green from 25th November onwards. The Deputy Ministry of Tourism is all set to unveil a captivating winter agenda, bringing back the beloved Christmas Villages for their third year. This year's lineup features a delightful array of villages, including Agros, Deryneia, Kalopanayiotis,...
During the Cyprus Land and Building Developers Association’s (LBDA) 40th annual general assembly on November 16, President Pantelis Hadjipanayiotou reflected on the industry's journey marked by growth, challenges, and resilience. "In these 40 years, our industry has experienced significant growth, evolution, and modernisation," Hadjipanayiotou remarked. He acknowledged both small and...
In the face of geopolitical challenges in the Middle East, Cyprus remains a beacon of stability, attracting individuals keen on making strategic real estate investments. Despite the current situation in Israel, discerning buyers are turning their attention to the charms of Cyprus, finding it a sanctuary of security and growth. Cyprus has long been recognised for its political stability, robust...
In the face of considerable challenges, Cyprus' real estate sector has displayed unwavering resilience during the third quarter of 2023, according to the Real Estate Agents Registration Council. The council's president, Marinos Kineyirou, emphasised that the impact of the ongoing conflict in the Middle East on the local property market is anticipated to become more apparent in the months to...
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...