Property prices continued to rise (RICS)

This is the thirtieth publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. Introduction & Commentary During the first quarter of 2017 the Cyprus economy showed further signs...

Airlines to get new incentives for flying to Cyprus

Cyprus airports are ready to offer higher incentives to airlines to ensure improved flight connectivity and passenger greater traffic. The Ministry of Communications and Works and airports operator Hermes Airports, announced the signing of their commercial agreement which regulates the incentive scheme offered to airlines. The scheme covering the period 2018-2023 is offered t...

The Cyprus economy is surging ahead

The Cyprus economy is running at a high rate of growth, at an estimated 3.6% in the second quarter of 2017, compared with the corresponding quarter of 2016. After GDP and seasonal fluctuations, the growth rate of the economy is estimated at 3.5%, compared to 3.7% in the first quarter of the year. The percentage change on a quarterly basis was 0.9%. Finance Minister Harris Geo...

Cyprus to introduce stricter criteria for older drivers

The Law Office of the Republic is looking over proposed legislation on the tests drivers aged over 70 will need to undergo to be allowed to stay on the road. Speaking to ACTIVE radio on Friday, Communications Minister Marios Demetriades said the proposed legislation included more frequent checks to ensure elderly drivers fulfilled a number of criteria. The proposal has become...

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC. The legislation concerns the imposition of VAT on land sales for commercial property transactions. On acceding to the EU in 2004, Cyprus was granted a derogation from the relevant VAT direc...

Global oil and East-Med natural gas

This article is based on a presentation I made at the fourth Energy Symposium organised by the Institute of Energy for South East Europe (IENE) and Financial Media Way (FMW) on December 7-8 at the Hilton-Park in Nicosia. The symposium was opened by President Nicos Anastasiades, who called for regional cooperation for the development of East-Med gas resources. It started with ...

Property prices in Cyprus continue falling, latest RICS index shows

Residential property prices in Cyprus continued to fall in the final quarter of 2014 but some local agents are reporting an increase in sales. Average price of houses fell by 1.1% and apartments by 0.7%, according to the latest index from the Royal Institute of Chartered Surveyors (RICS).  The country’s property market was particularly badly hit during the global e...

November property transactions rise 21% boosted by external demand

For a third consecutive month, the number of property transactions rose 21 per cent to 446 in November compared to the respective month of 2015, boosted by increased sales in coastal districts amid rising external demand, the department of lands and surveys said. A total of 137 properties changed hands last month in Limassol alone, which was 33 per cent more compared with the ...