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
Domestic property sales on the up

Domestic property sales on the up

Property sales to the domestic market in Cyprus showed a marked improvement in June, although sales to the overseas market have yet to show any signs of making a recovery, according to official figures published by the Department of Lands and Surveys. As we reported last Thursday, the Government’s decisions to ease the COVID-19 lockdown measures and subsidise housin...
Real Estate Thursday, 09 July, 2020
MPs commit to expedite citizenship bills

MPs commit to expedite citizenship bills

Lawmakers on Monday committed to fast-tracking the bills and regulations aimed at improving the transparency of the citizenship-by-investment program, so that the items can be voted on before the House breaks for the summer recess in late July. Following feedback from MPs who were unhappy with loopholes, the government has made certain changes to the texts. During its se...
Real Estate Wednesday, 08 July, 2020
Cyprus property sales recovering

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government’s easing of the COVID-19 lock-down measures and its decision to subsidise housing loans according to official figures from the Department of Lands and Surveys. During June a total of 646 property sales contracts were deposited at Land Registry offices across the island c...
Real Estate Monday, 06 July, 2020
COVID19: Cyprus property market will rebound in 2021

COVID19: Cyprus property market will rebound in 2021

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 Scheme benefits rather than any Real Economy market drivers. The main bulk of buyers for these passport properties have been Russian and Chinese citizens but demand has waned increasingly over the last 12 months. ...
Real Estate Thursday, 25 June, 2020
Cyprus property sales expected to stabilise

Cyprus property sales expected to stabilise

Industry experts expect property sales in Cyprus to stablise, as the country emerges from the novel corona-virus crisis. The number of property sales dropped 71 per cent in May in terms of number of transactions recorded at the Land Registry. “But there is every indication that sales will gradually return to pre-crisis levels,” comments George ...
Real Estate Monday, 22 June, 2020
Q1 2020: Global housing markets remained vibrant on the eve of the pandemic, especially in Europe and the US, but outlook is now uncertain

Q1 2020: Global housing markets remained vibrant on the eve of the pandemic, especially in Europe and the US, but outlook is now uncertain

During the year to Q1 2020: Global housing markets remained strong during the year to March, especially in Europe. Real house prices (i.e., prices adjusted for inflation) rose in 29 out of the 50 world's housing markets which have so far published housing statistics. The more upbeat nominal figures, more familiar to the public, showed house price rises in 38 countries, and ...
Real Estate Wednesday, 17 June, 2020
THIS WEBSITE IS USING COOKIES
We use cookies to ensure that we give you the best experience on our website. If you continue using the site, we'll assume that you are happy to receive all cookies on this website and you have read our Cookies Policy.