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More Building Permits Issued In February

In February, municipal and district authorities in Cyprus issued 706 building permits, up from just below 600 each in January and December, as reported by the Statistical Service Cystat. This brought the total number of permits for the first two months of the year to 1,293, a 13% increase from 1,143 in the same period last year. Cystat noted that building permits are a leading indicator of future...

Larnaca Marina Faces Significant Risk Of Failure

In an exclusive interview with Phileleftheros, Kition Ocean Holdings CEO Oliver Corlette blames the government for the impasse threatening the €1.2 billion Larnaca port and marina project. The company admits for the first time that the project is “at serious risk of failure,” indicating that unresolved issues may end up in court. Corlette emphasizes the company's commitment to the project,...

Housing Prices Keep Climbing

The Central Bank of Cyprus reported on Tuesday that housing prices continued their upward trend in the fourth quarter of 2023, primarily driven by increases in apartment prices. Despite a slight decrease in demand, housing prices kept rising, as indicated by comparative sales data from the department of lands and surveys. The demand for new housing loans was significantly impacted by an increase in...

Prices And Rents For Vacation Homes Rise

The Cyprus holiday home market has surged to record highs, overcoming the COVID-19 pandemic impacts. Rental and selling prices have reached their peak in eight years. Since 2016, holiday rental costs, including apartments and houses, have dramatically increased. Limassol witnessed a more than 100% hike. Nationwide, apartment rents have grown by 80%, and house rents by 60% since 2016, according to Danos...

Property Sales Experienced Significant Growth in April

In April 2024, property sales in Cyprus recovered from a 7% drop in March, reaching 1,366 sales contracts—a 15% year-over-year increase and the highest since the 2007 boom. The Department of Lands and Surveys reports these figures for residential, commercial, and other property types but lacks detailed analysis. Despite a 13% sales decline in Paphos, rises in Larnaca (44%), Nicosia (43%), Famagusta...

Cyprus’ outdated Swimming Pool Regulations Are Poised For Revision

New legislation will eliminate the requirement for a lifeguard at swimming pool complexes with fewer than five residential units, a change that smaller development complexes will greatly welcome. After years of complaints about the outdated and impractical rules governing public and some private swimming pools in Cyprus, these obsolete regulations are now set for...

5% VAT rate on new homes extended

The parliament recently passed a law, with 34 votes supporting and one opposing, that allows beneficiaries to apply for a reduced 5% VAT rate within one year after purchasing their primary residence. The AKEL parliamentary group proposed the bill, which seeks to alter the Value Added Tax Law. This change will permit the Tax Commissioner to process requests from qualified individuals, enabling them to...

Cypriots Facing Exclusion from the Property Market

Cypriots are increasingly unable to afford housing due to skyrocketing rents and climbing construction and interest costs, necessitating urgent government action. Although the island’s real estate sector is recovering, local markets and affordability are lagging behind. High-tech and fintech companies moving to Cyprus are pushing up rental costs, affecting locals' ability to find affordable housing,...

Limassol Scheduled To Unveil The Tallest Skyscraper In Cyprus

The Aura project, poised to be Cyprus' tallest structure at 181.5 meters and 44 stories, has been greenlit for construction along the seafront of Limassol. This decision comes after a contentious journey filled with debates and disputes within Limassol's municipal factions. Initially, there was considerable disagreement among the city's council members over the proposed tower's height and whether the...

Cyprus Is Required To Evaluate Projects That Affect Natura 2000 Sites

On Wednesday 13/03/2024, the European Commission took action against Cyprus by issuing a reasoned opinion (INFR(2019)2303). This was due to Cyprus's failure to conduct the required assessments for projects that could significantly affect Natura 2000 sites, as mandated by the Habitats Directive (Directive 92/43/EEC). This directive is a key instrument for biodiversity conservation in Europe, demanding that...

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