Property Canvas - Paphos Properties for sale and rent

Cypriot buyers only constant in property market

The repeal of the Citizen by Investment Programme (CIP), the consequences of the pandemic – economic and social – and the general prevailing uncertainty render any predictions extremely difficult. However, an in-depth analysis of data from previous months can help draw some important conclusions that can steer the market when making relevant decisions. Following W...

Local Wednesday, 27 January, 2021

Greens concerned over high rises on Paphos coast

An existing Paphos hotel on the seafront of the town is earmarked for demolition with three nine-storey buildings due to take its place, the local green partyannounced on Monday. An announcement in a newspaper three days ago stated that anyone requesting information or wishing to submit proposals should do so within seven days. “This is the first step towards creating a...

Local Friday, 22 January, 2021

First snow expected, yellow weather warning issued (update)

The met office has issued a yellow weather warning for Wednesday, while the first snow this winter is expected to fall on the higher mountains at night. The weather alert is in place from noon until 6pm. “Isolated heavy thunderstorms accompanied by hail are likely to affect the area. Showers may exceed 40mm per hour,” the met office warned. In the morning, the ...

Local Wednesday, 13 January, 2021

Central Bank Approves a New Loan Repayment Holiday Until June 2021

The board of Directors of the Central Bank of Cyprus approved a new loan repayment moratorium until the end of June. The new payment holiday, also approved by the Council of Ministers as part of support package to mitigate the impact of a new three-week lockdown to prevent the spread of covid-19, is extended to borrowers who did not utilize the 2020 payment holiday that ended ...

Business Monday, 11 January, 2021

Banks extend freeze on home repossessions

The Cyprus Banks Association announced on Thursday they would extend the suspension of foreclosures concerning primary homes valued at up to €350,000 until the end of March. According to a written statement by the association, its members “taking into account the prevailing economic conditions, are suspending the procedures for the sale of mortgaged real estate prop...

Local Thursday, 07 January, 2021

Boris Johnson: New Relationship Between Britain And The EU As Sovereign Equals

Boris Johnson has urged MPs to "open a new chapter in our national story" by backing his post-Brexit trade deal with the EU in a Commons vote later. Parliament has been recalled to put the deal into law, a day before the UK severs ties with the European Union. The PM said the deal would allow the UK to take "control of our laws and our national destiny".  Labour leader S...

International Sunday, 03 January, 2021

Brexit: The Key Points Of The Deal

Almost at the 11th hour, the UK and EU have struck a Brexit deal that will have many implications for everyday life and the UK's future relationship with other countries. The full complicated agreement is more than 1,200 pages long, but here are some of the key points. Trade There will be no extra charges on goods (tariffs) or limits on the amount that can be traded (quotas) ...

International Tuesday, 29 December, 2020

Michel Barnier: The Moment Of Truth For The EU And Britain Has Arrived

British and EU negotiators are continuing talks over the weekend but remained divided on Sunday. British Prime Minister Boris Johnson's office said Sunday that the EU is "continuing to make demands that are incompatible with our independence. We cannot accept a deal that doesn't leave us in control of our own laws or waters." The EU parliament has set Sunday as a final deadline...

International Tuesday, 22 December, 2020

RICS reports quarterly property price falls

The forty-third publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island fell over the second quarter of 2020. During the second quarter of 2020, the Cyprus economy continued to decline, with a seasonally adjusted quarterly GDP change of -11.6% and an annual seasonally adjusted GDP change of -11.9...

Real Estate Friday, 18 December, 2020

Paphos sales plummet 70 per cent

Property sales in Paphos to non-EU citizens plummeted 70% in November compared to November 2019 following the cancellation of Cyprus’ Citizen-by-Investment (aka Golden Passport) scheme according to figures from the Department of Lands & Surveys. Famagusta and Larnaca also reported falls of 65% and 46% respectively, but sales in Limassol and Nicosia (the capital) rema...

Real Estate Monday, 14 December, 2020

Travel To And From Cyprus In January – September Down By 79% Due To Covid-19

Travel to and from Cyprus was hit hard due to Covid-19 restrictions with the movement of travellers marking a steep annual drop of 79% from January to September, according to data published on Monday by the Statistical Service of Cyprus (Cystat). During the period of January – September 2020, arrivals of travellers totalled 981,849 compared to 4,610,502 in the correspond...

Local Wednesday, 09 December, 2020

Larnaca port and marina is a mammoth project

Following a three-year international public tender procurement, the Republic of Cyprus reached an agreement in March with a consortium known as Kition Ocean Holdings consisting of a Cypriot and an Israeli company, to redevelop and operate the historic Larnaca Port and Marina, the island’s largest infrastructure project of its kind. With the signing of the Concession Agre...

Real Estate Saturday, 05 December, 2020