Real Estate News

According to the latest official figures released by the Land Department, in November real estate sales in Cyprus fell slightly compared to the corresponding month last year.

A review of the PwC real estate market in Cyprus for the first half of 2019 shows that a quarter of all real estate transactions took place in April, shortly before more stringent criteria were introduced for those who apply for citizenship.

According to the recently published financial report of the Central Bank of Cyprus, more stringent criteria introduced earlier during the year to obtain a Cypriot passport have affected the sale of real estate.

Real estate sales in Cyprus in 2019 exceeded 10,000, reaching the highest rate recorded since 2008, according to official statistics published by the Land Department.

MPs have passed a bill to regulate rental housing by owners through online platforms such as Airbnb and booking .com, which deal with both new and existing housing.

According to the Cyprus Statistical Service, building permits are a key indicator of future activities in the construction sector.

RICS in Cyprus reports that house and apartment prices across the island rose 1.2% and 1.4%, respectively, for the first quarter of 2019.

In August, real estate sales decreased by 10% compared to August 2018, when sales fell in all market segments, with the exception of sales to EU citizens, which grew by 3% according to official data published by the Department of Land Resources and Research.

Real estate sales in September increased slightly by 1% compared to September 2018.

Chinese investors acquired a plot of land of 32,271 square meters. in the Tsiflikudiya area in Limassol north of Limassol Marina worth € 30 million with the Bank of Cyprus.

The total number of building permits approved in Cyprus in July 2019 was 743, compared to 589 approved in July 2018; an increase of 26.1% according to official figures published by the Statistical Service of Cyprus.

New investments in exchange for Cyprus passports tend to decline, possibly as a result of the introduction of new strict rules applied under pressure from the European Union (EU), a program spokesman said Friday.