Property Canvas - Paphos Properties for sale and rent

Cyprus economy needs equity investment

Since the banking crisis of 2013, the economy of Cyprus has shown impressive resilience and improvement. From negative growth rates, we now have significant and positive growth. From budget deficits, we now have significant primary and budget surpluses. From sky-rocketing unemployment levels, we now have levels that are close to full employment. The banking sector has recovere...

Local Friday, 13 December, 2019

President Expresses Satisfaction Over Strict CySEC Checks, Fines of €7.5 Million Imposed in 2018

Cyprus Securities and Exchange Commission (CySEC) has imposed fines of a value of €7.5 million in 2018, its Chairwoman Demetra Kalogerou told Cyprus President Nicos Anastasiades on Monday, who noted that having strict checks in place guarantees the state`s credibility, the CNA reports. Kalogerou, who was presenting President Anastasiades with the Commission`s report for 2...

Local Wednesday, 11 December, 2019

RCB BANK IMPROVES SPONSORSHIP DEAL WITH OLYMPIC SAILOR PAVLOS KONTIDES

RCB Bank and Cyprus Olympic hero sailor Pavlos Kontides have announced the extension and enhancement of their sponsorship agreement in the build-up to Tokyo2020. During a press event at Olympic House in Nicosia, RCB and Pavlos reiterated commitment to a strong relationship of mutual trust and respect, always aiming at the great successes of Cypriot sport in view of the fourth ...

Local Tuesday, 03 December, 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

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

Government gets tough on animal cruelty

Following public outcries over sickening animal abuse cases the government has introduced a bill increasing financial penalties and punishment in an attempt to clamp down on animal cruelty. Cyprus’ cabinet has approved a series of amendments to the animal welfare law tabled by agriculture minister Costas Kadis, which foresee heftier fines for offenders. It also includes...

Local Wednesday, 09 October, 2019

Cyprus towns step up efforts to become smarter

While Cyprus tourism is heading for a rough ride as connectivity takes a hit, the major towns are stepping up efforts to offer holidaymakers a more enjoyable experience by becoming smarter, environmentally friendlier and more accessible.   With financing from several European Union projects, Cyprus towns are moving forward with projects to enhance their tourism product w...

Local Monday, 07 October, 2019

Land Registry values down while prices rise

The Cyprus Land Registry has come under attack over its valuation of properties on the island and while its 2018 valuations are lower than those in 2013, property prices continue to rise. RECENTLY, the Cyprus Land Registry has come under attack over its valuation of state-owned land in Nicosia. One piece of prime real estate in central Nicosia, which was valued at €70 mil...

Local Friday, 04 October, 2019