Cyprus Real Estate News

Moody’s has upgraded Cyprus’ credit rating by two notches, from Baa2 to A3, a move hailed as a gateway to increased foreign investment and job creation, President Nikos Christodoulides announced on Saturday. The president emphasized that the upgrade reflects his administration’s commitment to disciplined fiscal policies, banking sector stability, and financial reforms, solidifying Cyprus’ reputation […]

Cyprus has unveiled two bills aimed at offering incentives for landlords who offer affordable housing by providing substantial tax benefits through the Interior Ministry’s “Renovate-Rent” programme. The proposed legislation, presented to parliament on Thursday, offers a three-year exemption on income tax, corporate tax, and defence contributions for rental income from properties leased at affordable rates. […]

On Thursday, the Cyprus Supreme Court issued a landmark ruling in a high-profile property foreclosure case, marking its first major ruling since significant justice system reforms took effect on July 1, 2023. These reforms, aimed at modernizing judicial processes and enhancing fairness, set the stage for the court’s deliberation on this pivotal case. The five-judge […]

Apartment prices and rents in Cyprus defied broader market declines in Q3 2024, showing strong demand, according to a report by real estate analytics firm Ask Wire. The report, which is based on the firm’s proprietary index that tracks property sale and rental values across all districts and property types since 2009, highlighted the contrasting […]

The Price Index of Construction Materials for October 2024 reached 117.18 units (base year 2021=100), recording a fall of 0.08% compared to the previous month according to the Cyprus Statistical Service. Compared to the same month of the previous year, the index recorded an increase of 0.13%. By main commodity category, increases were recorded in […]

KPMG has published the 13th edition of its Real Estate Market Report Insights that provides a comprehensive analysis of the Cyprus property market and delves into key market dynamics and emerging trends. Despite the ongoing regional challenges including instability in the Middle East and Russia-Ukraine conflict, the sector has shown resilience and growth in specific […]

Rental property investments in Cyprus are yielding significantly higher returns than bank deposits. Rental yields range between 4% and 6%, in stark contrast to the average one-year household bank deposit rate of 1.98% in October. According to property consultancy Danos International, Limassol leads in rental growth, with yields also ranging from 4% to 6%. Seafront […]

Residential property prices continued their upward trend in the second quarter of 2024, according to the latest price index released by the Central Bank. During the second quarter of 2024, the Central Bank of Cyprus Residential Property Price Index (RPPI) for houses and apartments showed an annual increase. Key highlights: Annual increase: Residential property prices […]

Property prices in Cyprus remain high despite signs of stabilization, with increased demand, particularly from foreign buyers, making home ownership out of reach for many locals and pushing rental costs higher, according to market analysts. Marinos Kineyirou, president of the Cyprus Real Estate Registration Council, highlighted that while the market has shown resilience, unresolved structural […]

The prices of new residential property in Limassol rose sharply in the first nine months of 2024, with apartment prices rising by more than 20% and house prices climbing 30% compared to the same period last year, according to a report by Nicosia-based Landbank Analytics. During the first nine months of 2024, the number of […]

“Everywhere changes,” says Sarah Harrison. “But Cyprus changed in ways I could never have imagined: by the time I left, it felt like the island I fell in love with had slipped away…“ According to the latest Eurostat data, 18,000 people emigrated away from the island in 2022 (the last year for which data is […]

The Ministry of Interior has announced substantial updates to two housing schemes, set to open for applications on November 15, with the goal of simplifying the process and enhancing accessibility for applicants. The first scheme, which provides financial aid to young people and couples up to age 41, now includes a key adjustment: applicants who […]

Encroachment occurs when an owner of a property extends a structure or some other feature beyond the boundaries of his land onto land belonging to a neighbour. Encroachment can involve fences, buildings, driveways, landscaping, or even utilities that cross over a property’s boundaries. Encroachments in Cyprus usually arise from outdated boundary surveys, most often due […]

The number of Cyprus property sales achieved in October rose by 12 compared with the numbers sold in the same month last year according to official statistics published by the Department of Lands and Surveys. The total number of Cyprus property sales (as measured by the number of sales contracts deposited in Land Registry offices […]

The 59th quarterly publication of the RICS Cyprus Property Index with KPMG in Cyprus records the property price and rental index, tracking property and rental prices across all Cyprus districts and main property types. On behalf of KPMG in Cyprus, Christophoros Anayiotos, Board member and Head of the Real Estate Industry Group, stated: “In this […]

Launched on September 13 2024, the Urban Planning Amnesty, which was expected to allow thousands of ‘trapped buyers’ to obtain a Title Deed, has to date received a mere 50 applications according to media reports. An Interior Ministry official advised the Parliamentary Committee on Internal Affairs about the scheme’s current progress, highlighting that over 300 […]

With the price of rentals surging across Cyprus, affecting both high-end and budget-friendly areas, the Interior Ministry has announced measures to address rising housing costs. Interior Minister Constantinos Ioannou has unveiled a new housing initiative, “Renovate – Rent“, which is designed to increase affordable rentals by bringing vacant properties back into the market. The scheme […]

The Ministry of Energy has reopened its residential renewable energy grant program, now accommodating an additional 3,000 applications from households across Cyprus. Following the launch of the popular “Photovoltaics for All” program in March, which resulted in more that 6,000 applications in just four months, leading to numerous completed installations. This scheme supports non-vulnerable households […]

The Consumer Protection Service has launched an independent investigation into potentially abusive clauses in standard mortgage agreements used by all banking institutions in Cyprus. This inquiry is conducted under the provisions of the Consumer Protection Law (Law 112(1)/2021) with findings expected in the coming months. The Service has also filed court injunctions against around 50 […]

The 50 highest-value property transactions in Cyprus totalled €57.5 million in September 2024, with the priciest sale being a €5 million plot of land in Germasogeia, according to research by Ask Wire. Limassol accounted for six of the top ten most expensive sales in the month, which sold for a total of €18.56 million. Paphos […]