Cyprus real estate agents in Limassol and Paphos are reporting the highest demand from foreign buyers for homes since 2020, when the government ended the disgraced citizenship by investment scheme.
The boom comes amid a global crisis as the war in Ukraine rages on and sanctions hit Russian investors who were the number one buyers of Limassol and Paphos properties until 2020.
This is the biggest traffic we have seen in years as our clientele is growing rapidly...
The Cyprus real estate sector is showing resilience and adaptability, Marinos Kineiro, President of the Board of Registration of Real Estate Agents, said on Monday.
In its Real Estate Sector Update for the second quarter of 2022, based on recently released data from the Department of Land and Geodetic Works, the council noted that there were a total of 5,442 sales worth €1.2 billion.
In the Nicosia area, there were 1,620 transactions totaling €268 million, with...
The construction industry in Cyprus is undergoing significant changes - those buildings that were originally built for sale are now put up for rent. That is, developers are forced to take additional actions, making adjustments to their business plans, and also provide for the payment of loans.
Yannis Telonis, a local economist, commented on the real estate problem in Cyprus: "The rental sector is developing by leaps and bounds, but in order for it to become promising, new rules must be introduced."
The decrease in the volume of mortgage loans issued is affected by the increase in prices for the initial...
The Salt Lake City Master Plan's large-scale environmental approach of landscaped gardens and green spaces combined with an environmental approach and a direct link to sustainable architectural concepts.
Located in a prime strategic location, the intention is to create a "City within a City" with the integration of modernized urban infrastructure and facilities, thereby modernizing all existing and surrounding functions at the same time.
This new concept of modular environments requires architectural interventions with flexible structures...
In the Republic of Cyprus in 2021, 30% more real estate transactions were recorded compared to 2020, but only 0.2% were not enough to reach the 2019 figures. Such significant growth has occurred despite the ongoing pandemic and the termination of the Golden Passport program.
The leader in sales (3339 transactions) is Limassol, it showed an increase of 35% compared to 2020, when almost two and a half thousand real estate purchase / sale transactions were made.
In Larnaca, the increase in real estate transactions was 29%, in Famagusta...
Another high-rise building in Cyprus may soon be built in the Yermasogeia area of Limassol after Cyagama Ltd submitted an environmental impact assessment study for the Westminster Residences development.
The proposed project is a central skyscraper with a height of 81 meters, surrounded by two apparently identical 4-storey buildings, on a plot of 7925 square meters, about 700 meters from the sea.
The project will also include 52 more parking spaces...
According to data released earlier today by the Department of Lands and Surveys, the number of real estate transactions in Cyprus continued to rise in September 2021 compared to the same month last year. During September 2021, 914 real estate purchase and sale agreements were transferred to the land cadastre throughout the republic.
Sales have been improving since COVID restrictions began easing earlier this year, with September sales surpassing pre-COVID sales achieved in September 2019 (692).
However, the numbers will include an unknown amount...
Before the COVID-19 pandemic, the idea of the digital nomad was seen as a kind of hippie movement, but then the pandemic hit and we jumped 10 years into the future. Many professionals around the world are now forced to work from home, when in reality, home can be anywhere.
Digital nomads are those who can travel and at the same time work remotely without a fixed professional headquarters, taking advantage of the power of the internet.
As a result, digital nomads live in complete control and...
The situation in Cyprus at the moment is quite different from the rest of Europe. Despite the coronavirus, the cost of property in Cyprus remains unchanged. The fact is that now construction is being carried out from old stocks of building materials.
As recent studies by Cyprus Mail experts have shown, in 2021, property values in various regions of Europe increased by 30-70% compared to pre-Covid times.
Last year, many people realized that in the near future...
Foreigners bought 262 properties in Cyprus in May 2021. The number of transactions increased by 34% compared to May 2020. At the same time, house prices fell by an average of 2.7% at the end of the first quarter of 2021.
The Department of Land Resources and Research of Cyprus has analyzed real estate sales for the five months of 2020 and 2021. He took into account the number of completed transactions, sales by city of the country and the citizenship of buyers.
Cyprus property sales are growing steadily in 2021...
According to data published by the Statistics Service of Cyprus, in March 2021, the construction of many new properties is planned in the republic.
During the month, 747 building permits were issued by the district and municipal authorities of Cyprus; an 88% increase from 379 authorized in March 2020.
In the first quarter of 2021, 1,897 building permits were issued.
The proposed development is located on Alasias and Dimitri Glinou streets near Makarios Avenue on four plots with a total area of 2134 m2. An abandoned building on the site will be demolished to make way for development.
Commercial development will rise to a height of 75.55 meters with a separate office, green spaces and parking.
The area includes residential, commercial and tourist complexes...
Cyprus Property was one of the sectors that suffered. The global travel ban due to the pandemic has suspended property sales by foreign buyers in the traditionally active Cyprus property market.
The interest of buyers from the Middle East has been very high lately, especially in Limassol. Our ally is a good epidemiological image.
According to new data from the pandemic, potential buyers...
The Government of the Republic of Cyprus, in an attempt to attract foreign investors to the island and help the economy recover and further economic growth, recently announced some amendments to paragraph 6 (2) of the Aliens and Migration Rules, which came into force on 03/24/2021.
Although the required amount of investment has remained the same, the investment criteria have been expanded and are no longer exclusively related to Cyprus real estate investment. Other categories have been added.
Another important amendment is that the applicant is no longer required to pay...
The maximum interest subsidy period is four years, and the interest rate will be subsidized up to 1.5 percentage points (150 basis points). The loan amount, on which the interest rate will be subsidized, cannot exceed 300,000 euros.
Property sales in Cyprus rose for the second consecutive month in April as buyers continue to return to the market in the wake of the coronavirus pandemic.
The interest subsidy scheme covers residential loans to individuals in Cyprus...
After a disappointing start to 2021, sales of property in Cyprus surged in March, 12 months after the country went into lockdown. These official figures are published by the Department of Lands and Surveys.
Property sales in Cyprus increased in March in all districts, and at the end of the first quarter of 2021 they almost returned to the level of a year ago.
As Pavlos Loizou noted in his article, in the first three weeks of January...
Given the limited funding available in the Cyprus real estate market, it is time to explore the possibility of setting up investment funds in the island's real estate sector.
There are currently parameters that make it the right time to make an investment in property in Cyprus.
Financiers can create many such funds with different levels...
The report contains an analysis of the economic survey of Cyprus and the real estate sector, as well as the results of the Cyprus Real Estate Pulse survey conducted in December 2020.
The unexpected termination of the Cyprus Investment Program in November 2020 is expected to have a negative impact on the demand for luxury residential properties, especially in the regions of Limassol and Paphos.
Apartments appear to have been the least affected by the pandemic and...
Members of the Association of Large Investment Projects (ALIP) and (LВDA) sent an appeal to the Government of Cyprus with proposals to make the permanent residence program (PRP) more attractive to investors from other countries.
In their address, ALIP and LBDA argue that the withdrawal of the investment program, combined with the blow to the economy due to COVID-19, highlights the need to attract new investment.
Successful applicants will also be required to visit the island to provide...
While many hotel complexes have shelved their development plans, the Radisson Hotel Group has announced that it is pursuing an ambitious five-year plan that includes opening a second hotel in Larnaca by the summer of 2021 and building its first "signature" hotel.
The article says there are plans to "triple" the company's portfolio to cope with the new trend of "safe" vacations and take advantage of the long-term extended stay model.
George Campanellas, CEO of Invest Cyprus, the national...
With the cancellation of the Cypriot golden passport scheme exacerbated by the coronavirus, Cyprus' construction industry is suffering but has options. The sector relies on residences and offices for companies attracted to Cyprus after Brexit.
Although this construction sector is going through a turbulent year, experts say it could be rescued by the demand for housing in Cyprus, especially in the Nicosia and Famagusta area.
A real estate-focused measure launched by the government in...
In 2020, the real estate market is facing serious challenges. Supply has become much higher than demand, and because of this, many deals that have already been agreed upon have been frozen.
Participants in the Cyprus real estate market were forced to completely restructure and communicate with potential buyers online.
What awaits the market in 2021 and what are its development prospects...
Cyprus is exploring ways to expand a relief scheme that subsidizes borrowers with toxic mortgages to help borrowers who have been unable to pay their Cyprus property payments.
Acting government spokesman Panagiotis Sentonas said on Wednesday that the cabinet had instructed the finance minister.
The homeowner bailout scheme known as ESTIA was...
While uncertainty remains for 2021, the Cyprus property market continues to demonstrate its stability. With at least two effective vaccines, low mortgage rates.
Almost all of 2020 has been characterized by restrictions, lockdowns, travel bans and huge uncertainty. Despite this situation, housing sales in Cyprus were higher in 2020.
It is worth noting that the propensity of households to save has reached...
In 2020, the regional cadastral departments processed 12,708 transactions for the sale of 14,663 real estate objects. The total reported value of these transactions reached $2.47 billion, according to the Department of Lands and Surveys.
Property sales in Cyprus with the highest value were in Limassol, exceeding €900 million (€856.2 million reported), with a total of 3,371 properties and 3,812 transactions.
Sales in Larnaca reached 2238 properties across 2536 transactions...
Developers welcomed 2021 with enthusiasm as COVID vaccines become more affordable to the public every day. According to real estate professionals, 2021 will be a positive year for the Cyprus real estate market.
Last year, property prices in Cyprus and the number of sales contracts concluded fell due to the effects of the COVID-19 epidemic, which caused difficulties in movement between countries.
Many leveraged funds often...
According to the Statistical Service of the Republic of Cyprus, the value of real estate objects amounted to 1.96 billion €, a decrease of 28.5% compared to 2.75 billion € in the corresponding period of 2019.
The value of major projects in 9M 2020 fell to €1.181 billion compared to €1.972 billion in January-September 2019.
The area of construction sites for which permits have been issued...
The mixed-use tower will consist of 25 floors and 4 basements, with 110 parking spaces. The complex will include a cafeteria, a business center club, a gym, apartments, gardens, a multifunctional hall and a reception hall.
The project is a mixed-use tower that includes offices, shops, a Euro-Mediterranean Alternative Dispute and Resolution Center, one luxury apartment, a business club and a four-story automatic parking lot.
Each floor takes advantage of the coastal location and captures...
The proposed project concerns the construction and operation of a residential complex 12 floors high and 50 meters high with 20 luxury apartments that offer various leisure facilities such as an outdoor and indoor swimming pool.
The Cypriot Environmental Department gave the go-ahead to Crona Art L.L.C. for the construction and operation of the residential complex Sea Horizon Tower in the suburbs of Limassol Pareklissia.
As stated in the conclusion of the environmental department, the negative consequences...
The green light for the construction of three high-rise buildings with a height of 143 meters in the Tsiflikoudia district in Limassol was given by the Environmental Protection Authority of the Melkor Holdings Ltd project, called Loel High Rise Residential.
At the southern boundary of the sites are Carnagio and Aktaia Odos, which will be improved by the Department of Urban Planning and Housing.
The original movement of cars from Aktai Street has been revised...
According to official statistics, property sales to the foreign (non-Cypriot) market in September continued to fall, by 9% compared to September 2019 and by 38% in the first nine months of 2020 compared to the same period 2019.
The total number of real estate sales to the overseas market in September was 260; a 9% drop from 285 sales achieved in the same month last year.
But it wasn't all bad news. Although sales have fallen by...
The upgraded Larnaca Marina will accommodate up to 650 boats up to 150 meters long. The building area will be more than 50 square kilometers. It is planned to build shopping and entertainment centers, cafes and restaurants, park areas and playgrounds, luxury hotels and exclusive residential real estate.
In the northern part of the island, near the village of Meniko, it is planned to build a sports center unique for Cyprus. An airfield for light aircraft for freeflying will be built on an area of more than 18 square kilometers.
The new hotel in Larnaca will include 90 rooms, restaurants, bars,...
The Cypriot authorities have issued permits for the construction of 87 high-rise buildings (above 11 floors. Most of the new buildings will be built in Limassol. Cyprus real estate market experts note a significant increase in demand from investors from Russia, Lebanon and Israel.
Interest in luxury real estate in Cyprus has increased significantly after the adoption of Citizenship by Investment" investment program.
Prices for apartments in skyscrapers in Cyprus start from 1 million euros.
Following a strategic decline in COVID-19 cases, Cyprus looks to step up ambitious tourism plans to attract international investment post-pandemic.
The fight against the pandemic has been called impressive, with the government also spending about 10 percent of gross domestic product to support businesses and workers.
Iconic architectural projects are sprouting up all over the island.
Cypriot Tourism Minister Savvas Perdios has touted the island as worthy of a safe holiday as Cyprus is among the countries with the lowest coronavirus infection rates in Europe.
He added that people think it's a very safe place, but at the same time it's a place where people can have a normal vacation, as usual.
The news portal reported that now only 15 countries do not have...
Cyprus has an economic freedom score of 70.1, according to The Heritage Foundation, making it the 37th freest economy in the world in the 2020 rankings.
Cyprus ranks 20th out of 45 countries in the European region and its overall score is about equal to the regional average and well above the global average.
However, according to the report, more reforms are needed.
The new agreement came after months of negotiations, when the process seemed to falter in August, but an understanding was reached on Tuesday.
The agreement was signed after high-level intervention by Russian Foreign Minister Sergei Lavrov during his visit to Nicosia.
The Russians preferred Cyprus because of its privacy rules.
The CEO of DANOS, an alliance of BNP Paribas Real Estate, a member of the Board of Directors of Cyprus Valuers, gave an interview in which he said that despite the new trends and market characteristics.
Cypriots have traditionally followed the rule for generations to buy and hold as much property as possible.
Abroad, for example, Google advised most of its...
In a world of so-called "citizens of the world", one of the key factors is having a second passport. It is said that you did not have a choice where you were born, but you certainly can choose where you are going to live.
But the real action is to be found in the higher categories of more than 200,000 people who might be interested in a second passport.
For such people, one of the main destinations is Cyprus.
According to statistics published by the Central Bank of Cyprus, in the 1st quarter of 2020, the Cyprus Residential Property Price Index increased by +1.8% year-on-year.
In this connection, the number of purchases of property in Cyprus fell not only from foreign investors (-10.9%), but also among local Cypriot buyers (-4.4%).
It should also be noted that in the 1st quarter of 2020, the total for Cyprus...
All 3 countries are included in category C and their transfer by the Ministry of Health of Cyprus to group A or B directly depends on the epidemiological situation.
According to WHO recommendations, the number of cases in these countries should not exceed one person per 100,000 per day.
All contacts of the infected are carefully tracked.
Amendments to the investment program obtaining Cypriot citizenship. The list of persons who can apply for a Cyprus passport has been expanded.
The European Union is fighting money laundering and advocating full capital transparency.
Thanks to the amendments, the Cypriot government plans to attract more foreign investors to the island.
More than 25 large-scale projects worth 7 billion euros will create more than 7 thousand jobs in Cyprus.
Building permits for large facilities will be issued within a year if a new investment law is passed.
It often takes up to 10 years to approve large projects.
Cyprus has amended its Citizenship for Investment Investment Program.
This became known thanks to Henley and Partners, which is an advisor to the governments of many countries on the implementation of "golden passports" programs.
Most often, citizens of Russia apply for obtaining a Cyprus passport ...
Sales of houses and apartments in Cyprus have recovered to the level that preceded the severe restrictions on movement due to COVID-19.
According to the Department of Registration of Rights and Cadastre of the Republic of Cyprus, 1,296 properties were sold in June 2020.
At the same time, distance sales of housing in Cyprus are growing.
The island's construction sector has recovered slightly, according to official figures released today by the Cyprus Statistics Service.
In May, it decreased by only 0.1% compared to May 2019.
708 building permits were issued, up from 709 in May 2019.
According to the official information of the Department of Lands, sales of real estate in Cyprus fell by 8% in July compared to July 2019 (896 and 825 registered contracts, respectively).
Given the ongoing coronavirus outbreak and 80% drop in April sales and 71% drop in May, the numbers are very encouraging.
The number of transactions involving foreign investments is...
The winner of the tender for the construction of a Larnaca Marina and the modernization of the seaport has been announced.
The work will begin in a year and will also include infrastructure development in the Larnaka Marina construction area.
The profit from the project will amount to over 120 million euros annually, which will...
On Friday, July 31, 2020, the Parliament of the Republic of Cyprus voted in favor of the revised legislation and regulations Investment program for obtaining a Cypriot citizenship and passport.
The new revised legislation is expected to be officially published this week.
The investor is no longer allowed to form a land development company...
The authorities of Cyprus are on their way to shorten the terms of issuing architectural and construction licenses. At the same time, the waiting time for construction licenses will be reduced to two to three weeks.
With an accelerated process for considering applications for the issuance of construction licenses, companies or individuals who submit their applications in writing will be able to obtain this license within 20 days.
Nicos Nouris agreed with the fact that today the review procedure...
LUX Boutique Residence Club House is a private gated complex with its own territory with covered parking spaces for residents and guests of the complex, a designer entrance group with a wooden bridge and a colored fountain.
In the construction of the club house, only high-quality materials from leading European manufacturers will be used with the use of heat and noise-insulating components.
The modern design of the building, designed by a famous architect in Cyprus...
We are glad to inform you that from August 1, 2020, passengers arriving in Cyprus can use the services of a call center for air passengers. Let us remind you that in the European part of Cyprus international flights are taken by Larnaca and Paphos airports.
Passengers intending to fly to one of these airports can consult the call center hotline operator regarding the current rules for visiting Cyprus.
Also, the operators will advise the passenger on the requirements of epidemiologists...
The deputies of the Parliamentary Committee on Internal Affairs decided on a transitional period, in which, according to the Cyprus Investment Program, applications for obtaining Cypriot citizenship by foreign citizens will be considered.
At the same time, the deputies made several changes and additions to the new regulations for considering applications for Cypriot citizenship submitted to the parliament of the republic.
Everyone remembers the scandal that arose in the fall of 2019, when the European Union demanded...
This beautiful island has been and remains an attractive destination for many economically savvy foreign investors who understand the long-term benefits of investment.
I often use the term "long-term" because real estate is a long-distance run. - summed up Yannis Misirlis.
In confirmation of the words of the head of Imperio Group, now in Cyprus there is a surge in applications for ...
The flow of tourists to Cyprus in June fell by 98% compared to June last year.
In the first half of 2020, the number of visitors decreased by 84%.
Tourist flow to Cyprus fell by 90%.
On July 23, Aphrodite's Island will open its borders to citizens of 50 countries. Certain categories of tourists will need to provide information on passing a coronavirus infection test.
Travelers from 7 countries will be required to comply with the isolation regime. These recommendations were issued by the Ministry of Health of the Republic of Cyprus.
Absolutely all countries, according to the Ministry of Health, are divided into 3 groups.
One of the world's giants of the tourism business, the American corporation Hyatt Hotels Corporation, has signed an agreement to build a new hotel of its high-class chain on the island.
The Hyatt will be the main component of the Zaria Resort. This is an elite residential complex that includes private villas and residential apartments with an area of over 80 thousand square meters.
The Hyatt hotel chain is expanding rapidly in Europe.
The Ministry of Health has published a updated list of countries whose citizens will be able to visit the island. Changes are effective from July 16. Australia moved from A to B, and Serbia moved from B to C.
Regardless of the category of countries, all arrivals will need to register within 24 hours prior to arrival on the island an electronic Cyprus Flight Pass questionnaire.
The country is now in the third stage of the program...
Sea Caves Pearl Villas was designed by renowned Cypriot architect Andreas Ioannou, who was part of the Limassol Marina design team of architects.
The complex consists of only 9 exclusive residences with living areas ranging from 250 to 350 sq.m., located on plots of 10-20 ares.
All villas have an open kitchen area, a barbecue area...
Cyprus Department of the Environment has announced the start of construction of cycle and walking paths along the Limassol coast in the Germasogeia and Agios Athanaseos areas.
The route will begin near the skyscraper The OVAL Cyprus near the mouth of the Vafkia River, over which a bridge 3 meters wide and 24 meters long will be built.
The first phase of construction will end in the Amathus River area in the ...
In Cyprus, from the end of June 2020, a mortgage subsidy project was launched. The government, together with the Ministry of Finance of Cyprus, presented a plan to support borrowers for several credit institutions.
The Minister of Finance of the Republic of Cyprus Konstantinos Petridis expressed confidence that subsidizing mortgage interest in Cyprus will help many borrowers in this difficult time.
Anyone interested in Cyprus Mortgage Subsidies ...
The largest housing project worth 100 million euros will be implemented in Cyprus in the near future. The Land Development Organization The Republic of Cyprus and the Limassol City Hall have developed a joint program AFFORDABLE HOUSING.
Affordable Housing Program is designed in several stages. The start of construction of houses in Cyprus is planned for the end of 2021.
Thanks to this program, more than 600 apartments in Cyprus will be built.
In the Republic of Cyprus in 2021, 30% more real estate transactions were recorded compared to 2020, but only 0.2% were not enough to reach the 2019 figures. Such significant growth has occurred despite the ongoing pandemic and the termination of the Golden Passport program.
The leader in sales (3339 transactions) is Limassol, it showed an increase of 35% compared to 2020, when almost two and a half thousand real estate purchase / sale transactions were made.
In Larnaca, the increase in real estate transactions was 29%, in Famagusta...
Another high-rise building in Cyprus may soon be built in the Yermasogeia area of Limassol after Cyagama Ltd submitted an environmental impact assessment study for the Westminster Residences development.
The proposed project is a central skyscraper with a height of 81 meters, surrounded by two apparently identical 4-storey buildings, on a plot of 7925 square meters, about 700 meters from the sea.
The project will also include 52 more parking spaces...
According to data released earlier today by the Department of Lands and Surveys, the number of real estate transactions in Cyprus continued to rise in September 2021 compared to the same month last year. During September 2021, 914 real estate purchase and sale agreements were transferred to the land cadastre throughout the republic.
Sales have been improving since COVID restrictions began easing earlier this year, with September sales surpassing pre-COVID sales achieved in September 2019 (692).
However, the numbers will include an unknown amount...
Before the COVID-19 pandemic, the idea of the digital nomad was seen as a kind of hippie movement, but then the pandemic hit and we jumped 10 years into the future. Many professionals around the world are now forced to work from home, when in reality, home can be anywhere.
Digital nomads are those who can travel and at the same time work remotely without a fixed professional headquarters, taking advantage of the power of the internet.
As a result, digital nomads live in complete control and...
The situation in Cyprus at the moment is quite different from the rest of Europe. Despite the coronavirus, the cost of property in Cyprus remains unchanged. The fact is that now construction is being carried out from old stocks of building materials.
As recent studies by Cyprus Mail experts have shown, in 2021, property values in various regions of Europe increased by 30-70% compared to pre-Covid times.
Last year, many people realized that in the near future...
Foreigners bought 262 properties in Cyprus in May 2021. The number of transactions increased by 34% compared to May 2020. At the same time, house prices fell by an average of 2.7% at the end of the first quarter of 2021.
The Department of Land Resources and Research of Cyprus has analyzed real estate sales for the five months of 2020 and 2021. He took into account the number of completed transactions, sales by city of the country and the citizenship of buyers.
Cyprus property sales are growing steadily in 2021...
According to data published by the Statistics Service of Cyprus, in March 2021, the construction of many new properties is planned in the republic.
During the month, 747 building permits were issued by the district and municipal authorities of Cyprus; an 88% increase from 379 authorized in March 2020.
In the first quarter of 2021, 1,897 building permits were issued.
The proposed development is located on Alasias and Dimitri Glinou streets near Makarios Avenue on four plots with a total area of 2134 m2. An abandoned building on the site will be demolished to make way for development.
Commercial development will rise to a height of 75.55 meters with a separate office, green spaces and parking.
The area includes residential, commercial and tourist complexes...
Cyprus Property was one of the sectors that suffered. The global travel ban due to the pandemic has suspended property sales by foreign buyers in the traditionally active Cyprus property market.
The interest of buyers from the Middle East has been very high lately, especially in Limassol. Our ally is a good epidemiological image.
According to new data from the pandemic, potential buyers...
The Government of the Republic of Cyprus, in an attempt to attract foreign investors to the island and help the economy recover and further economic growth, recently announced some amendments to paragraph 6 (2) of the Aliens and Migration Rules, which came into force on 03/24/2021.
Although the required amount of investment has remained the same, the investment criteria have been expanded and are no longer exclusively related to Cyprus real estate investment. Other categories have been added.
Another important amendment is that the applicant is no longer required to pay...
The maximum interest subsidy period is four years, and the interest rate will be subsidized up to 1.5 percentage points (150 basis points). The loan amount, on which the interest rate will be subsidized, cannot exceed 300,000 euros.
Property sales in Cyprus rose for the second consecutive month in April as buyers continue to return to the market in the wake of the coronavirus pandemic.
The interest subsidy scheme covers residential loans to individuals in Cyprus...
After a disappointing start to 2021, sales of property in Cyprus surged in March, 12 months after the country went into lockdown. These official figures are published by the Department of Lands and Surveys.
Property sales in Cyprus increased in March in all districts, and at the end of the first quarter of 2021 they almost returned to the level of a year ago.
As Pavlos Loizou noted in his article, in the first three weeks of January...
Given the limited funding available in the Cyprus real estate market, it is time to explore the possibility of setting up investment funds in the island's real estate sector.
There are currently parameters that make it the right time to make an investment in property in Cyprus.
Financiers can create many such funds with different levels...
The report contains an analysis of the economic survey of Cyprus and the real estate sector, as well as the results of the Cyprus Real Estate Pulse survey conducted in December 2020.
The unexpected termination of the Cyprus Investment Program in November 2020 is expected to have a negative impact on the demand for luxury residential properties, especially in the regions of Limassol and Paphos.
Apartments appear to have been the least affected by the pandemic and...
Members of the Association of Large Investment Projects (ALIP) and (LВDA) sent an appeal to the Government of Cyprus with proposals to make the permanent residence program (PRP) more attractive to investors from other countries.
In their address, ALIP and LBDA argue that the withdrawal of the investment program, combined with the blow to the economy due to COVID-19, highlights the need to attract new investment.
Successful applicants will also be required to visit the island to provide...
While many hotel complexes have shelved their development plans, the Radisson Hotel Group has announced that it is pursuing an ambitious five-year plan that includes opening a second hotel in Larnaca by the summer of 2021 and building its first "signature" hotel.
The article says there are plans to "triple" the company's portfolio to cope with the new trend of "safe" vacations and take advantage of the long-term extended stay model.
George Campanellas, CEO of Invest Cyprus, the national...
With the cancellation of the Cypriot golden passport scheme exacerbated by the coronavirus, Cyprus' construction industry is suffering but has options. The sector relies on residences and offices for companies attracted to Cyprus after Brexit.
Although this construction sector is going through a turbulent year, experts say it could be rescued by the demand for housing in Cyprus, especially in the Nicosia and Famagusta area.
A real estate-focused measure launched by the government in...
In 2020, the real estate market is facing serious challenges. Supply has become much higher than demand, and because of this, many deals that have already been agreed upon have been frozen.
Participants in the Cyprus real estate market were forced to completely restructure and communicate with potential buyers online.
What awaits the market in 2021 and what are its development prospects...
Cyprus is exploring ways to expand a relief scheme that subsidizes borrowers with toxic mortgages to help borrowers who have been unable to pay their Cyprus property payments.
Acting government spokesman Panagiotis Sentonas said on Wednesday that the cabinet had instructed the finance minister.
The homeowner bailout scheme known as ESTIA was...
While uncertainty remains for 2021, the Cyprus property market continues to demonstrate its stability. With at least two effective vaccines, low mortgage rates.
Almost all of 2020 has been characterized by restrictions, lockdowns, travel bans and huge uncertainty. Despite this situation, housing sales in Cyprus were higher in 2020.
It is worth noting that the propensity of households to save has reached...
In 2020, the regional cadastral departments processed 12,708 transactions for the sale of 14,663 real estate objects. The total reported value of these transactions reached $2.47 billion, according to the Department of Lands and Surveys.
Property sales in Cyprus with the highest value were in Limassol, exceeding €900 million (€856.2 million reported), with a total of 3,371 properties and 3,812 transactions.
Sales in Larnaca reached 2238 properties across 2536 transactions...
Developers welcomed 2021 with enthusiasm as COVID vaccines become more affordable to the public every day. According to real estate professionals, 2021 will be a positive year for the Cyprus real estate market.
Last year, property prices in Cyprus and the number of sales contracts concluded fell due to the effects of the COVID-19 epidemic, which caused difficulties in movement between countries.
Many leveraged funds often...
According to the Statistical Service of the Republic of Cyprus, the value of real estate objects amounted to 1.96 billion €, a decrease of 28.5% compared to 2.75 billion € in the corresponding period of 2019.
The value of major projects in 9M 2020 fell to €1.181 billion compared to €1.972 billion in January-September 2019.
The area of construction sites for which permits have been issued...
The mixed-use tower will consist of 25 floors and 4 basements, with 110 parking spaces. The complex will include a cafeteria, a business center club, a gym, apartments, gardens, a multifunctional hall and a reception hall.
The project is a mixed-use tower that includes offices, shops, a Euro-Mediterranean Alternative Dispute and Resolution Center, one luxury apartment, a business club and a four-story automatic parking lot.
Each floor takes advantage of the coastal location and captures...
The proposed project concerns the construction and operation of a residential complex 12 floors high and 50 meters high with 20 luxury apartments that offer various leisure facilities such as an outdoor and indoor swimming pool.
The Cypriot Environmental Department gave the go-ahead to Crona Art L.L.C. for the construction and operation of the residential complex Sea Horizon Tower in the suburbs of Limassol Pareklissia.
As stated in the conclusion of the environmental department, the negative consequences...
The green light for the construction of three high-rise buildings with a height of 143 meters in the Tsiflikoudia district in Limassol was given by the Environmental Protection Authority of the Melkor Holdings Ltd project, called Loel High Rise Residential.
At the southern boundary of the sites are Carnagio and Aktaia Odos, which will be improved by the Department of Urban Planning and Housing.
The original movement of cars from Aktai Street has been revised...
According to official statistics, property sales to the foreign (non-Cypriot) market in September continued to fall, by 9% compared to September 2019 and by 38% in the first nine months of 2020 compared to the same period 2019.
The total number of real estate sales to the overseas market in September was 260; a 9% drop from 285 sales achieved in the same month last year.
But it wasn't all bad news. Although sales have fallen by...
The upgraded Larnaca Marina will accommodate up to 650 boats up to 150 meters long. The building area will be more than 50 square kilometers. It is planned to build shopping and entertainment centers, cafes and restaurants, park areas and playgrounds, luxury hotels and exclusive residential real estate.
In the northern part of the island, near the village of Meniko, it is planned to build a sports center unique for Cyprus. An airfield for light aircraft for freeflying will be built on an area of more than 18 square kilometers.
The new hotel in Larnaca will include 90 rooms, restaurants, bars,...
The Cypriot authorities have issued permits for the construction of 87 high-rise buildings (above 11 floors. Most of the new buildings will be built in Limassol. Cyprus real estate market experts note a significant increase in demand from investors from Russia, Lebanon and Israel.
Interest in luxury real estate in Cyprus has increased significantly after the adoption of Citizenship by Investment" investment program.
Prices for apartments in skyscrapers in Cyprus start from 1 million euros.
Following a strategic decline in COVID-19 cases, Cyprus looks to step up ambitious tourism plans to attract international investment post-pandemic.
The fight against the pandemic has been called impressive, with the government also spending about 10 percent of gross domestic product to support businesses and workers.
Iconic architectural projects are sprouting up all over the island.
Cypriot Tourism Minister Savvas Perdios has touted the island as worthy of a safe holiday as Cyprus is among the countries with the lowest coronavirus infection rates in Europe.
He added that people think it's a very safe place, but at the same time it's a place where people can have a normal vacation, as usual.
The news portal reported that now only 15 countries do not have...
Cyprus has an economic freedom score of 70.1, according to The Heritage Foundation, making it the 37th freest economy in the world in the 2020 rankings.
Cyprus ranks 20th out of 45 countries in the European region and its overall score is about equal to the regional average and well above the global average.
However, according to the report, more reforms are needed.
The new agreement came after months of negotiations, when the process seemed to falter in August, but an understanding was reached on Tuesday.
The agreement was signed after high-level intervention by Russian Foreign Minister Sergei Lavrov during his visit to Nicosia.
The Russians preferred Cyprus because of its privacy rules.
The CEO of DANOS, an alliance of BNP Paribas Real Estate, a member of the Board of Directors of Cyprus Valuers, gave an interview in which he said that despite the new trends and market characteristics.
Cypriots have traditionally followed the rule for generations to buy and hold as much property as possible.
Abroad, for example, Google advised most of its...
In a world of so-called "citizens of the world", one of the key factors is having a second passport. It is said that you did not have a choice where you were born, but you certainly can choose where you are going to live.
But the real action is to be found in the higher categories of more than 200,000 people who might be interested in a second passport.
For such people, one of the main destinations is Cyprus.
According to statistics published by the Central Bank of Cyprus, in the 1st quarter of 2020, the Cyprus Residential Property Price Index increased by +1.8% year-on-year.
In this connection, the number of purchases of property in Cyprus fell not only from foreign investors (-10.9%), but also among local Cypriot buyers (-4.4%).
It should also be noted that in the 1st quarter of 2020, the total for Cyprus...
All 3 countries are included in category C and their transfer by the Ministry of Health of Cyprus to group A or B directly depends on the epidemiological situation.
According to WHO recommendations, the number of cases in these countries should not exceed one person per 100,000 per day.
All contacts of the infected are carefully tracked.
Amendments to the investment program obtaining Cypriot citizenship. The list of persons who can apply for a Cyprus passport has been expanded.
The European Union is fighting money laundering and advocating full capital transparency.
Thanks to the amendments, the Cypriot government plans to attract more foreign investors to the island.
More than 25 large-scale projects worth 7 billion euros will create more than 7 thousand jobs in Cyprus.
Construction permits for large facilities will be issued within a year if a new investment law is passed.
It often takes up to 10 years to approve large projects.
Cyprus has amended its Citizenship for Investment Investment Program.
This became known thanks to Henley and Partners, which is an advisor to the governments of many countries on the implementation of "golden passports" programs.
Most often, citizens of Russia apply for obtaining a Cyprus passport ...
Sales of houses and apartments in Cyprus have recovered to the level that preceded the severe restrictions on movement due to COVID-19.
According to the Department of Registration of Rights and Cadastre of the Republic of Cyprus, 1,296 properties were sold in June 2020.
At the same time, distance sales of housing in Cyprus are growing.
The island's construction sector has recovered slightly, according to official figures released today by the Cyprus Statistics Service.
In May, it decreased by only 0.1% compared to May 2019.
708 building permits were issued, up from 709 in May 2019.
According to the official information of the Department of Lands, sales of real estate in Cyprus fell by 8% in July compared to July 2019 (896 and 825 registered contracts, respectively).
Given the ongoing coronavirus outbreak and 80% drop in April sales and 71% drop in May, the numbers are very encouraging.
The number of transactions involving foreign investments is...
The winner of the tender for the construction of a Larnaca Marina and the modernization of the seaport has been announced.
The work will begin in a year and will also include infrastructure development in the Larnaka Marina construction area.
The profit from the project will amount to over 120 million euros annually, which will...
On Friday, July 31, 2020, the Parliament of the Republic of Cyprus voted in favor of the revised legislation and regulations Investment program for obtaining a Cypriot citizenship and passport.
The new revised legislation is expected to be officially published this week.
The investor is no longer allowed to form a land development company...
The authorities of Cyprus are on their way to shorten the terms of issuing architectural and construction licenses. At the same time, the waiting time for construction licenses will be reduced to two to three weeks.
With an accelerated process for considering applications for the issuance of construction licenses, companies or individuals who submit their applications in writing will be able to obtain this license within 20 days.
Nicos Nouris agreed with the fact that today the review procedure...
LUX Boutique Residence Club House is a private gated complex with its own territory with covered parking spaces for residents and guests of the complex, a designer entrance group with a wooden bridge and a colored fountain.
In the construction of the club house, only high-quality materials from leading European manufacturers will be used with the use of heat and noise-insulating components.
The modern design of the building, designed by a famous architect in Cyprus...
We are glad to inform you that from August 1, 2020, passengers arriving in Cyprus can use the services of a call center for air passengers. Let us remind you that in the European part of Cyprus international flights are taken by Larnaca and Paphos airports.
Passengers intending to fly to one of these airports can consult the call center hotline operator regarding the current rules for visiting Cyprus.
Also, the operators will advise the passenger on the requirements of epidemiologists...
The deputies of the Parliamentary Committee on Internal Affairs decided on a transitional period, in which, according to the Cyprus Investment Program, applications for obtaining Cypriot citizenship by foreign citizens will be considered.
At the same time, the deputies made several changes and additions to the new regulations for considering applications for Cypriot citizenship submitted to the parliament of the republic.
Everyone remembers the scandal that arose in the fall of 2019, when the European Union demanded...
This beautiful island has been and remains an attractive destination for many economically savvy foreign investors who understand the long-term benefits of investment.
I often use the term "long-term" because real estate is a long-distance run. - summed up Yannis Misirlis.
In confirmation of the words of the head of Imperio Group, now in Cyprus there is a surge in applications for ...
The flow of tourists to Cyprus in June fell by 98% compared to June last year.
In the first half of 2020, the number of visitors decreased by 84%.
Tourist flow to Cyprus fell by 90%.
On July 23, Aphrodite's Island will open its borders to citizens of 50 countries. Certain categories of tourists will need to provide information on passing a coronavirus infection test.
Travelers from 7 countries will be required to comply with the isolation regime. These recommendations were issued by the Ministry of Health of the Republic of Cyprus.
Absolutely all countries, according to the Ministry of Health, are divided into 3 groups.
One of the world's giants of the tourism business, the American corporation Hyatt Hotels Corporation, has signed an agreement to build a new hotel of its high-class chain on the island.
The Hyatt will be the main component of the Zaria Resort. This is an elite residential complex that includes private villas and residential apartments with an area of over 80 thousand square meters.
The Hyatt hotel chain is expanding rapidly in Europe.
The Ministry of Health has published a updated list of countries whose citizens will be able to visit the island. Changes are effective from July 16. Australia moved from A to B, and Serbia moved from B to C.
Regardless of the category of countries, all arrivals will need to register within 24 hours prior to arrival on the island an electronic Cyprus Flight Pass questionnaire.
The country is now in the third stage of the program...
Sea Caves Pearl Villas was designed by renowned Cypriot architect Andreas Ioannou, who was part of the Limassol Marina design team of architects.
The complex consists of only 9 exclusive residences with living areas ranging from 250 to 350 sq.m., located on plots of 10-20 ares.
All villas have an open kitchen area, a barbecue area...
Cyprus Department of the Environment has announced the start of construction of cycle and walking paths along the Limassol coast in the Germasogeia and Agios Athanaseos areas.
The route will begin near the skyscraper The OVAL Cyprus near the mouth of the Vafkia River, over which a bridge 3 meters wide and 24 meters long will be built.
The first phase of construction will end in the Amathus River area in the ...
In Cyprus, from the end of June 2020, a mortgage subsidy project was launched. The government, together with the Ministry of Finance of Cyprus, presented a plan to support borrowers for several credit institutions.
The Minister of Finance of the Republic of Cyprus Konstantinos Petridis expressed confidence that subsidizing mortgage interest in Cyprus will help many borrowers in this difficult time.
Anyone interested in Cyprus Mortgage Subsidies ...
The largest housing project worth 100 million euros will be implemented in Cyprus in the near future. The Land Development Organization The Republic of Cyprus and the Limassol City Hall have developed a joint program AFFORDABLE HOUSING.
Affordable Housing Program is designed in several stages. The start of construction of houses in Cyprus is planned for the end of 2021.
Thanks to this program, more than 600 apartments in Cyprus will be built.