Cyprus Real Estate News

Cyprus is experiencing its worst water crisis since 2008 when the government was forced to import water from Greece by tanker. In response, the island is rapidly expanding its desalination capacity through floating and land-based units. To ensure adequate water supply for domestic and agricultural use, authorities are accelerating efforts to expand the island’s desalination […]

A new high-rise project along the Limassol coastline valued at €22 million has been given the green light by the Environment Department. The proposed building, developed by P.G. Economides Properties Ltd, will reach a height of 87 metres and will serve as a mixed-use office and commercial space. According to the architectural plans, the development […]

The Cypriot property market remains resilient and is poised for a “golden era,” according to industry experts at the 19th Property Development & Construction Conference and Exhibition. The round-table discussion, titled “Cyprus Real Estate 2025 – How are values fluctuating and Expectations for the Future?” explored the sector’s stability, investment trends, and growth prospects. Market […]

The Cyprus government is taking action to ease the housing crisis, according to Interior Minister Konstantinos Ioannou. He highlighted a 44.4% rise in building permits for residential units in the first half of 2024. This, along with a small drop in construction material costs, is helping to improve the housing market, which had struggled in […]

The management of jointly-owned buildings in Cyprus is chaotic, which has resulted in disputes among property owners and the lack of maintenance of thousands of buildings. To address this issue, the Land Registry referred the matter to the Commissioner of Legislation, who then passed it to the Ministry of Interior. A new law is being […]

Although Cyprus’ economy is experiencing strong growth, the Troika of international lenders have identified key concerns during their 18th post-memorandum audit. The Troika’s primary focus is on government spending, energy costs, judicial reform, and unfinished public works. While the economy and banking sector appear stable, these challenges pose risks to long-term financial sustainability. Rising government […]

Antonis Antoniou, a senior lawyer formerly employed by the Giovani Group, was acquitted on Tuesday of all charges related to alleged illegal naturalisations exposed by news organisation Al Jazeera. His acquittal followed the legal service’s decision to suspend the charges due to a key prosecution witness, Anthony Kay, refusing to testify. Prosecution lawyer Charis Karaolidou […]

At the end of 2024, the total value of loans held by Credit Acquisition Companies (better known as vulture funds) in Cyprus was €20.3 billion according to a report in the local media. This was a slight drop from €21 billion recorded at the end of the first half of 2024, according to data released […]

The General House Price Index (covering both houses and apartments) from the Central Bank of Cyprus (CBC) showed a slower annual increase during the third quarter of 2024. The Apartment Price Index slowed down more significantly than the House Price Index. The House Price Index recorded a quarterly increase of 0.9%, lower than the 1.6% […]

The Ministry of the Interior has announced an three month extension of the Urban Planning Amnesty Scheme until 23 June 2025. Since the scheme started on 23 September 2024, a total of 948 applications have been submitted across Cyprus. These include: 310 in Nicosia 279 in Limassol 92 in Larnaca 204 in Paphos 63 in […]

There has been much in the news recently about the housing shortage, caused by a combination of factors that have intensified in recent years. In this article I summarise what has caused the housing shortage, the solutions put forward by Government to address the issue, and other suggestions. Housing shortage cause & effect One major […]

The Association of Large Investment Projects has issued a statement highlighting the shortage of affordable housing and its potential consequences. The association stressed that this issue, coupled with the general lack of housing availability, requires urgent attention. According to the association a primary concern is ensuring Cyprus remains an attractive destination for corporate headquarters, which […]

Cyprus’ real estate market in February recorded a 7 per cent increase in property sales, compared to the same month last year, with Limassol, Larnaca and Nicosia all achieving sales of 300+ in the month. Although sales in Famagusta and Paphos fell by 25% and 10% respectively, sales in Larnaca rose 36%, while sales in […]

Around 60% of homes eligible for the “Mortgage-to-Rent” Scheme do not have final approval certificates, according to a report presented to the Parliamentary Finance Committee. The committee discussed whether KEDIPES should be exempt from the requirement to obtain these certificates for properties acquired under the scheme, just as the government is exempt. A Ministry of […]

A total of 699 applications have been submitted so far under the Urban Planning Amnesty Scheme, which aims to legalize minor planning infringements in approved developments. The scheme, which launched on September 23, 2024, runs for six months and is set to close on March 23, 2025. According to Elikkos Elia, Permanent Secretary at the […]

The European Investment Bank (EIB) is taking steps to address Europe’s housing crisis, which affects millions across the continent. The lack of affordable and adequate housing is a widespread issue, expected to impact future generations unless decisive action is taken. To tackle this, the EIB has launched a new pan-European investment platform aimed at supporting […]

Ask Wire, a technology-based company that monitors transactions, asking prices, and construction activity in the real estate sector, has processed and published data on the 10 most expensive property sales completed in January 2025, along with the total value of the 10 highest sales per district. The 10 most expensive property sales across Cyprus had […]

While the Local Government Organisations (LGO) support the extension of the fast-track building licensing procedure to include medium-risk projects, they have raised concerns about the lack of building inspectors. The presidents worry that their organisations may face additional responsibilities while already struggling with staff shortages. The Ministry of the Interior has reassured them, saying their […]

The Attorney-General’s office has rejected a proposal to limit how many short-term rental properties a person or company can register in Cyprus. However, discussions on the topic are still ongoing. The proposal was part of an effort to regulate the fast-growing short-term rental market, including properties listed on platforms like Airbnb. The deputy tourism ministry […]

The Minister of Interior, Constantinos Ioannou, has announced the implementation of an accelerated procedure for issuing urban planning and building permits for low and medium-risk developments as part of the wider licensing sector reform. This new procedure applies to developments of up to 12 terraced houses and four-storey apartment buildings with up to 20 apartments […]