Crackdown on holiday renters

Crackdown on holiday renters

On Tuesday, lawmakers demanded action against homeowners who rent out their properties but continue to avoid taxes by not signing up for Airbnb. During a special meeting, the House Commerce Committee reviewed the issue. As a result of the recent presidential elections, parliament is currently on break and won't meet again until March as usual. Only about 5,000 of the estimate...
Real Estate Tuesday, 21 February, 2023
An end to trapped buyers in the works

An end to trapped buyers in the works

A bill has been placed before a plenary session of parliament that should prevent any more people buying property in Cyprus becoming ‘trapped buyers’. For readers who have not come across the term ‘trapped buyers’, it refers to those who buy property but are unable to get title (ownership) of the property because its present owner (usually a property de...
Real Estate Monday, 24 October, 2022
Property Price Index second quarter 2022

Property Price Index second quarter 2022

In its overview of real estate activity in Cyprus during the second quarter of 2022 RICS Cyprus with KPMG in their Cyprus Property Index reports relative increases in most property values, however they still remain below the base, which was set in the fourth quarter of 2009. Residential properties are performing well with the prices of apartments and houses on an upward trend....
Real Estate Thursday, 25 August, 2022
Central Bank dispels property bubble fears

Central Bank dispels property bubble fears

People wanting to buy a house in Cyprus are constricted by an upward trend in construction costs and materials, with the latest figures showing a 20% jump. According to Cystat, the average cost of building a house in 2020 jumped by 19.91%, while buyers must expect to cover increases in the cost of construction materials that have risen over the past two years. The average cos...
Real Estate Thursday, 28 July, 2022
House price index fell 5.3% in 2021

House price index fell 5.3% in 2021

The Cyprus House Price Index (HPI) fell by 5.3 per cent on an annual basis at the end of 2021 according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT). The HPI also reports that the price of residential properties in the fourth quarter of 2021 fell by 3.1 per cent compared to the previous quarter. The base year for the HPI ...
Local Friday, 27 May, 2022
Property sales hit 14-year high

Property sales hit 14-year high

Property sales in March, as measured by the number of sale contracts deposited at Land Registry offices, hit a 14-year high according to figures released by the Department of Lands and Surveys. The total number of sales in March 2022 rose 33% compared to March 2021; the highest March figure recorded since 2008. With the exception of Nicosia, sales rose in all districts with t...
Real Estate Thursday, 14 April, 2022
Land transaction volume & value increase continues

Land transaction volume & value increase continues

WiRE FS, combining real estate knowhow with technology, has published its analysis of December 2021’s land transactions across Cyprus. WiRE’s analysis indicates that compared to the previous month there has been a 35% increase in the number (1054) and a 44% increase in the value (€171.4 million) of land parcels transacted. More specifically, Nicosia had the h...
Real Estate Friday, 18 March, 2022
2021 Q4 PROPERTY MARKET REPORT

2021 Q4 PROPERTY MARKET REPORT

We know the local property market intimately – the facts, the figures, and the trends. So, you can count on us to get you the results you need when you need them. Our Property Report includes important items you need to be aware of as a property owner. Download our Q4 2021 Property Market Report below....
Real Estate Tuesday, 11 January, 2022
Property prices still at pre-2008 levels

Property prices still at pre-2008 levels

Property prices in Cyprus have bounced back by 87% compared to the first quarter of 2008, according to a recent report by the rating agency DBRS. Real estate values have been climbing slowly, after declining since the 2008 global property crisis. DBRS assessed the property markets in Cyprus and another five countries, Spain, Ireland, Italy, Greece, and Portugal, in a recent r...
Local Tuesday, 28 December, 2021
Construction costs hike threaten recovery

Construction costs hike threaten recovery

Real estate and construction stakeholders want the government to soften the blow delivered by an “abnormal” increase in construction costs, warning that development could screech to a halt. A leading developers’ lobby group has warned the government that many projects will be put on ice if action is not taken, halting the country’s recovery following th...
Real Estate Monday, 15 November, 2021
2021 Q3 Property Market Report

2021 Q3 Property Market Report

We know the local property market intimately – the facts, the figures, and the trends. So, you can count on us to get you the results you need when you need them. Our Property Report includes important items you need to be aware of as a property owner. Download our Q3 2021 Property Market Report below....
Real Estate Monday, 04 October, 2021
Property sales continue to improve

Property sales continue to improve

The number of property sales in Cyprus continued to improve in August 2021 compared to the same period last year according to figures released by the Department of Lands and Surveys. During August 2021, a total of 724 contracts for the sale of property were deposited at land registry office across the Republic, an increase of 29% compared with the 561 contracts deposited durin...
Real Estate Monday, 06 September, 2021
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