Property sales this year are on the decline with the first two months recording a 7% drop
Property sales this year are on the decline with the first two months recording a 7% drop. Sales in three districts were down with only Nicosia, the capital, and coastal Larnaca maintaining their momentum. But even though coastal Limassol recorded a drop over the first two months of 2020, it still ranks first in sales […]
Stress tests: Real estate prices drop without a shock
Cyprus has the slightest fall in real estate prices compared to other eurozone countries, based on the extreme scenario of the European Banking Authority for systemic Cypriot banks. After the shock scenarios in 2014 of falling property prices in Cyprus to perform resistance checks, the data is now different. Systemic banks, Bank of Cyprus, Hellenic […]
AirBnB no longer a trend in Cyprus
The trend for property owners to use short-term AirBnB leasing platforms seems to have come to an end in Cyprus, according to insiders who described it as “outdated”. However, Chairman of the Cyprus Real Estate Agents Association Marinos Kineyirou told Phileleftheros that AirBnB regulations still need to be defined by law so to put an […]
MEMO on property for social insurance debts
The Labour Ministry will be applying similar measures as regards unpaid social insurance contributions to those implemented by tax authorities. A draft bill that has been tabled before Parliament provides for the seizure and foreclosure of movable property before and after the commencement of criminal proceedings before a Court and the acceptance and registration of […]
Paphos Marina expected soon
Pafilia Group will find out in the coming days whether they have met the necessary criteria to construct along-anticipated marina in Paphos, according to the Paphos Chamber of Commerce and Andreas Demitriades told the Paphos Post that: “The Pafilia Group were asked to provide all of the necessary documentation to highlight their ability to promote, […]
Acquisition of the Cypriot Citizenship by Investment
Acquisition of the Cypriot Citizenship by Investment On the 13th of September 2016 the Ministry of Interior proceeded with the third update in the last three years of the Cyprus Citizenship by investment scheme. The scheme for the acquisition of the Cyprus citizenship by investment is in line with the main economic objectives of Cyprus, […]
Peyia goes to court over vasiliou project
This is the first time that the local authority has taken such a step. In the last 18 months, Peyia council has raised documented concerns over the development including height of buildings, possible landslides and flooding, water supply and public access roads. “We have a large majority decision of the council to make this move. […]
(IMF) has called on Cyprus to consider reinstating the Immovable Property Tax
The International Monetary Fund (IMF) has called on Cyprus to consider reinstating the Immovable Property Tax, which was withdrawn this year, and raising transfer duty to increase revenues. In a Concluding Statement following its recent mission to Cyprus, the IMF has made a number of recommendations on real estate including reinstating the annual Immovable Property […]
Paphos hoteliers concerned over private holiday rentals
PAPHOS hoteliers are again voicing concerns over the unregulated private holiday rental market in Cyprus, highlighting issues of health and safety as a priority. Head of the Paphos hoteliers, Euripides Loizides, said that more must be done to reign in the private market which has seen a surge in popularity over recent years with sites […]
September property sales up 8 per cent
THE NUMBER of property sales in Cyprus during September rose 18 per cent compared to September 2016 according to official statistics published by the Department of Lands and Surveys earlier today. This rise follows a 27% increase in August, an 18% increase in July, and a 28% increase in June. During September a total of […]