Property Canvas - Paphos Properties for sale and rent

Small rise in property sales

October saw a marginal rise in Cyprus property sales compared to the corresponding month last year according to the latest official figures released by the Department of Lands and Surveys. October saw a small rise of less than 1% in property sales with the total number of contracts deposited reaching 813 compared with the 811 contracts deposited in October 2018 according ...

Real Estate Wednesday, 13 November, 2019

Cyprus is among top three EU states for recycling plastic packaging

Cyprus is among the top three EU states for recycling plastic packaging with a rate of 62% well above the European average of 42%. In the EU, an estimated 42% of plastic packaging waste was recycled in 2017. In seven EU Member States, more than half of the plastic packaging waste generated was recycled. The highest recycling rate of plastic packaging waste was recorded in Lit...

Local Wednesday, 06 November, 2019

Municipalities approve bill to reform local authorities

Cyprus municipalities have given the green light to a key government reform of Local Authorities that will see their bloated number shrink. The reform bill seeks to halve the number of municipalities from 30 to 15 giving them broader powers and more funds while cutting down on waste and inefficiency. The final decision on which municipalities will merge with each other lies w...

Local Tuesday, 05 November, 2019

Change to rent control law would make evictions easier for landlords

MPs on Wednesday appeared to agree on an amendment to the rent control law that would make it easier for landlords to evict delinquent tenants, a near-impossible feat at present. The amendment, which essentially shifts the burden of proof on to the tenant, will be put to the vote on November 22, according to members of the House legal affairs committee. Disy MP Nicos Nouris s...

Local Thursday, 31 October, 2019

Citizenship for investment scheme reaching saturation point

Cyprus’ Citizenship for Investment scheme, which has fuelled economic growth, may soon be hitting a saturation point with developers and stakeholders beginning to worry over the future of construction.   Despite applications from foreign investors eyeing a Cyprus passport closing in on a new record this year, interest has slowed after the introductio...

Local Friday, 25 October, 2019

Value of building permits in first seven months jumps 91%

Cyprus building permits issued in July and for the first seven months of the year recorded a significant increase while their value also shot-up. According to official data, the number of building permits issued by local authorities in July reached 743 compared to 589 in July 2018 and 573 in June this year. The total value of these permits reached €295.4 mln, covering a ...

Local Thursday, 24 October, 2019

MP's grappling to end chaos in management of apartment blocks

MPs are trying to bring some order to apartment block management committees to ensure that residents who do not cooperate fall into line. House Interior Committee chairman Eleni Mavrou told CyBC on Tuesday morning that the committee recognized the huge challenge ahead but added that given that nearly half the population lives in apartment blocks and problems with non-cooperati...

Real Estate Wednesday, 23 October, 2019

Record number of passports could be issued to foreign investors

This year Cyprus could break the record for the number of passports issued to foreign investors, despite the introduction of stricter criteria in May for its maligned Citizenship for Investment Scheme. According to data collected by Stockwatch up until May, some 550 passports were issued to foreign investors who had made investments of EUR 2.5 mln, closing in on the 581 p...

Local Tuesday, 22 October, 2019

Asian stocks lower after China economic data release

Most Asian stocks were lower early Friday, after China’s Q3 GDP came in slightly below market expectations at 6%. September industrial production growth far exceeded market forecasts at 5.8%, while retail sales posted a year-on-year increase of 7.8%, in line with market expectations. China’s GDP figures should come as little surprise to investors, considering that ...

Business Monday, 21 October, 2019

Cyprus and Greece to Set Up Cooperation and Coordination Mechanism On Economic Issues

Finance Minister Harris Georgiades announced Monday that Cyprus and Greece would set up a mechanism of cooperation and coordination on matters related to their economies and the EU agenda, following a meeting with his Greek counterpart Christos Staikouras, in Nicosia, the CNA reports. Georgiades said that the economic policies of the two countries were significantly aligned wi...

International Tuesday, 15 October, 2019

Cypriot and Jordanian firms explore investment opportunities

Cyprus and Jordanian firms gathered for the first time in Nicosia for a two-day business forum to explore investment opportunities in Jordan and to promote collaboration. The forum is organized by the Employers and Industrialists Federation (OEB). Cyprus’ investment potential and its advantages as a business and investment centre were analysed by Invest Cyprus chairman ...

International Saturday, 12 October, 2019

Germany worried over Turkey's activities in Cyprus EEZ

German Chancellor Angela Merkel has expressed her concern over Turkish activities in Cyprus’ Exclusive Economic Zone (EEZ) and the need for international law to prevail. She communicated Berlin’s position during a telephone conversation with Cyprus President Nicos Anastasiades. A written statement about the exchange, said Anastasiades "informed the Chancellor over...

International Friday, 11 October, 2019