Property Canvas - Paphos Properties for sale and rent

Property sales in Cyprus improving

Property sales in Cyprus fell by 8% in July compared to July 2019 according to official figures from the Department of Lands and Surveys. During July a total of 825 property sales contracts were deposited at Land Registry offices across the island compared to the 896 deposited in July last year. However, considering there was an 80% fall in April, a 71% fal...

Real Estate Wednesday, 05 August, 2020

Cyprus gets EBRD and EU financing for natural gas

Cyprus’s dependency on oil for energy will be reduced after a €374 million landmark project introduces natural gas to the country for the first time. Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), th...

Local Tuesday, 04 August, 2020

Cyprus-Russia tax treaty under discussion in August

There is one further discussion to be held between Russian and Cyprus negotiators in August, sources close to the negotiations told the Cyprus Mail on Friday. It is still possible for Cyprus to obtain changes to the terms proposed by Moscow, the sources said, because a draft has not yet been finalised. Cyprus negotiators are seeking to have exceptions made to the 15 per cent t...

Business Monday, 03 August, 2020

Economic Sentiment Improved In July, Driven By Confidence Boost In Services

The University of Cyprus’ Economic Research Centre released its monthly bulletin, revealing that the economic sentiment in Cyprus improved as the Economic Sentiment Indicator (ESI-CypERC) increased by 4.5 points compared with June 2020, driven by confidence improvements in services and among consumers. The bulletin further stated that the increase in the Services Confide...

Business Friday, 31 July, 2020

Interior minister announces fast-track building permits

A planning or building permit will be readily available between 10-20 days as part of a new move to cut bureaucracy, Interior Minister Nicos Nouris said on Wednesday. In a press conference, Nouris said the fast-track would begin as of October 1. Those who submit the application in writing will have the permit ready in 20 days while those who apply online can have the permit in...

Local Thursday, 30 July, 2020

Cyprus will see tourists from the UK, says ACTA president

When Cyprus opens to UK tourists – who must still be tested – on 1 August, individual tourists will come, says President of the Association of Cyprus Travel Agents Vassilis Stamataris, in an interview with the Cyprus Mail. Stamataris explains that ACTA has done research in the UK, and has found that there is pent-up demand. ACTA has also found a very big company th...

Local Wednesday, 29 July, 2020

Real estate measures to counter the impact of Covid-19 in Cyprus

The Cyprus real estate market is held hostage by the coronavirus, and its performance is going to get worse before it gets better. The effects on real estate will vary and the extent of the effects will depend upon the duration of the virus, the development of the vaccine, and how quickly we apply real estate measures. When it comes to the Cypriot real estate, most local exper...

Real Estate Tuesday, 28 July, 2020

Paphos undergoes multi-million facelift

Paphos is in for a facelift with its fair share of new developments while getting smarter with digital projects worth tens of millions of euros nearing completion or in the making. Once lagging behind other towns in Cyprus regarding development activity, Paphos is catching up with the construction industry picking up from where it left off before the coronavirus outbreak with ...

Local Monday, 27 July, 2020

Cyprus Banking Sector Capital Levels Reaches Historic High In End-2019

The banking sector’s capital levels reached a historic high in the end of 2019, placing the Cypriot banks on a better footing to face the crisis stemming from the coronavirus outbreak. According to Key Aggregate Financial Indicators for the Cyprus Banking Sector for 2019Q4, released by the Central Bank of Cyprus (CBC) the Core Tier 1 Capital of the Cyprus banks amounted ...

Local Friday, 24 July, 2020

Cyprus real estate sector performance

The Cyprus real estate sector contributed €3.24 billion to the Cypriot economy in 2019, according to the 11th edition of the KPMG ‘Cyprus Real Estate Market Report – The Insights’, up 16% compared to 2018. The real estate sector’s contribution was higher than the combined contributions of the Financial and Insurance activities and the Manufact...

Real Estate Thursday, 23 July, 2020

Tepak paving the way as a university of the future

The European University of Technology – EUt+ Alliance, of which Cyprus University of Technology (Tepak) is a member, is one of the 24 winners of the second call for proposals for pilot initiatives to create European universities of the future. This successful bid will support the eight-member transnational alliance to establish a pioneering collaborative model that will ...

Local Wednesday, 22 July, 2020

Cyprus And Switzerland Signed Protocol Amending The Double Taxation Treaty

Cyprus and Switzerland signed on Monday a protocol amending the Treaty for the avoidance of double taxation, with the two sides stating that the amended treaty will boost their economic ties. The Protocol signed by the Minister of Finance Constantinos Petrides on behalf of Cyprus and Ambassador Pierre-Yves Fux on behalf of Switzerland, introduces, among others, the minimum sta...

International Tuesday, 21 July, 2020