House prices not recovered from 2007 crash

House prices not recovered from 2007 crash

AN ANALYSIS by Eurostat reveals that Cyprus and Greece are the only two countries in the European where house prices and rents are lower than they were thirteen years ago in 2007. The price of houses and rents in the EU have followed very different paths since the financial crisis. While rents increased steadily throughout the period up to the third quarter of 2019, house pric...
Real Estate Monday, 25 May, 2020
The Cyprus property market will rebound in 2021

The Cyprus property market will rebound in 2021

The new reality since the lockdown in Cyprus is that all sectors of the real estate market have come to a standstill and many transactions already agreed in principle or even midway through have been frozen or postponed. SUPPLY-SIDE in recent years saw an increasing pipeline of high-priced residences come to the market with values derived primarily from the Cyprus Passport Sc...
Real Estate Friday, 24 April, 2020
Law regulating self-catering rentals enacted

Law regulating self-catering rentals enacted

The law regulating Airbnb and other self-catering accommodation rentals in Cyprus has been enacted requiring their owners to follow a set of regulations and formalities to legally provide their services. On Friday January 17, the House of Representatives passed a new law, The Regulation of the Establishment and Operation of Hotels and Tourist Accommodations (Amendment) La...
Real Estate Thursday, 09 April, 2020
Coronavirus: house prices set to fall, rents to rise

Coronavirus: house prices set to fall, rents to rise

The coronavirus has produced many negative effects on the Cyprus economy and by projection to the real estate market. The precautionary measures taken by the government to reduce the effects of the virus also hope to protect also the economy, which has only started to revive. We hope that the virus will be beaten within a short period of time, but no one knows when that will be...
Real Estate Thursday, 02 April, 2020
Construction of new homes doubles

Construction of new homes doubles

The number of building permits authorised in December 2019 provided for the construction of more than twice as many new homes as those authorised in December 2018 according to official figures. The construction of 1,107 new homes was authorised in December 2018 compared to the 504 authorised in December 2018 according to official statistics from the Cyprus Statistic...
Real Estate Friday, 20 March, 2020
The Cyprus’s Real Estate Market At Full Speed. What Next?

The Cyprus’s Real Estate Market At Full Speed. What Next?

Residential and Commercial real estate are at an all-time full speed in a relentless “development arena” that seems to ignore everything that took place in 2013. It’s a new era in Cyprus’ real estate history, close to surpassing in prices and quantity the 2008 all-times high.  How long can this go on and are we at the peak yet? Certainly, it&rsquo...
Real Estate Wednesday, 26 February, 2020
Law Regulating Airbnb Rentals In Cyprus is Finally Enacted

Law Regulating Airbnb Rentals In Cyprus is Finally Enacted

On Friday 17/01/2020, the House of Representatives passed a new law, N. 9(I)/2020 (also “the Law”), regulating the registration and operation of self-catering accommodation, which was subsequently published in the Government’s official Gazette on 7th February 2020. The Law is directed at operators currently utilizing online platforms such as Airbnb and B...
Real Estate Tuesday, 25 February, 2020
New rent law provides grey areas

New rent law provides grey areas

It was pleasing to hear that, after three postponements, Cyprus MPs have finally voted in the much-awaited amendment to the rent law. The pros of the amendment are the following: First, the House has exhibited the courage to touch upon this law. Second, MPS have included an amendment introducing e-notifications allowing notifications to be delivered faster to defendant ten...
Real Estate Thursday, 20 February, 2020
More Than Twice As Many Property Sales Were Made To Non-EU Citizens Than EU Citizens In January

More Than Twice As Many Property Sales Were Made To Non-EU Citizens Than EU Citizens In January

More than twice as many property sales were made to non-EU citizens than EU citizens in January according to official statistics published by the Department of Lands and Surveys last Friday, the Cyprus Property News reported. Property sales to the domestic market, which accounted for 44% of all sales, rose 2% in January compared with January 2019. While sales in Fama...
Real Estate Tuesday, 18 February, 2020
Property sales in Cyprus in Jan 2020 again dominated by non-EU nationals

Property sales in Cyprus in Jan 2020 again dominated by non-EU nationals

For yet another month,  foreign property buyers in Cyprus from outside the EU outnumbered those originating from the bloc, according to Land Registry data for January 2020. Specifically, the first month of the new year recorded a total of 325 sales documents submitted by foreigners to the Land Registry. Most were by third country national, in fact, twice as many as those ...
Real Estate Tuesday, 11 February, 2020
Estia applicants hit 50% of eligible borrowers

Estia applicants hit 50% of eligible borrowers

Applications for the Estia programme, which aims to assist home owners with non-performing mortgages by providing government support, have been submitted by more than 50 percent of those eligible. MORE than 5,400 people have now applied for the state’s Estia mortgage debt relief scheme, representing some 50 per cent of those eligible, Finance Minister Constantinos Petrid...
Real Estate Friday, 07 February, 2020
Cyprus: buying property

Cyprus: buying property

The UK Foreign & Commonwealth Office has recently updated information for British nationals wanting to buy property in Cyprus; further information be found on the UK.GOV website. PURCHASING property in Cyprus has a number of potential pitfalls. The British High Commission advises potential purchasers to exercise extreme caution when buying a property if the title deeds are...
Real Estate Wednesday, 29 January, 2020
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