RICS reports quarterly property price falls

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

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
Larnaca port and marina is a mammoth project

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
Cyprus house prices rise despite pandemic

Cyprus house prices rise despite pandemic

House prices continued their upward trend in the second quarter of 2020, recording a quarterly increase of 0.9% from an 0.4% rise in the first three months, despite the growing market uncertainty induced by the pandemic. This is tracked in the Central Bank of Cyprus (CBC) Residential Property Price Index (RPPI). House prices increased by 1% while remaining stable in the previ...
Real Estate Friday, 27 November, 2020
Global Real Estate Trends 2019-2020

Global Real Estate Trends 2019-2020

Will the current property cycles in Europe continue? The   positive   momentum   for   commercial   real-estate   investments   in   Europe continued in 2018, with an investment volume of EUR 264bn in 2018 for all commercial property segments combined, only 2% below 2017, which was a record year. ...
Real Estate Tuesday, 24 November, 2020
Tender awarded for Larnaca port and marina

Tender awarded for Larnaca port and marina

The long-awaited €1.2 billion redevelopment of Larnaca port and its marina got the final green light Monday after the Transport Ministry sent a ‘Successful Tenderer Letter’ to the chosen consortium after protracted negotiations. The consortium awarded the project is Kition Ocean Holdings, a Cypriot-Israeli consortium, composing of investors Eldeman Holding BV&...
Real Estate Monday, 09 November, 2020
Are foreign property sales recovering?

Are foreign property sales recovering?

The latest figures from the Department of Lands and Surveys indicate that property sales to foreign buyers from the EU countries may be recovering, while sales to non-EU citizens continue to fall. Property sales to the overseas (non-Cypriot) market continued to fall in September with numbers down 9% compared to September 2019 and by 38% over the first nine months of 2020 compa...
Real Estate Thursday, 22 October, 2020
Signs Of Recovery In Constructions In June, Despite A Drop In The First Half Of 2020

Signs Of Recovery In Constructions In June, Despite A Drop In The First Half Of 2020

A significant decrease in building permits was recorded in the first half of 2020, due to the restrictive measures against the spread of the coronavirus in Cyprus. However, data for June, published by the Statistical Service of Cyprus, show signs of recovery. The number of building permits authorised by the municipal authorities and the district administration offices stood in...
Real Estate Wednesday, 07 October, 2020
Squeeze on banks to offload property portfolios

Squeeze on banks to offload property portfolios

Cyprus estate agents fear that house prices could be pushed downwards from pressure on banks by the European Central Bank to sell-off property they have acquired through debt to asset swaps or foreclosures. Taking on properties in exchange for debt has helped the Cyprus banking system reduce toxic loans from €28 billion in 2014 to under €8 billion in March 2020, just...
Real Estate Monday, 28 September, 2020
Property sales in Cyprus improving

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

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
Cyprus real estate sector performance

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
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