Building permits on the rise in February
The number of building permits in Cyprus rose to 706 in February, up from just below 600 each in January and December.
Cyprus property
Holiday home prices hit 8-year high
The vacation home sector in Cyprus has fully rebounded from the COVID-19 pandemic, with rental rates and sale prices reaching eight-year highs. Rental rates for vacation homes have surged, with prices more than doubling in Limassol. Sale prices for holiday homes have also climbed, with prices increasing by about 40% for apartments and 20% for homes.
President reaffirms support for construction sector
President Nikos Christodoulides stated that the construction sector, supported by the Cyprus Property Developers Association (LBDA), plays a vital role in attracting investments, promoting entrepreneurship, and positioning Cyprus as an investment destination.
Chestertons Global launches in Cyprus
Chestertons Global has expanded into the Cyprus property market with the launch of Chestertons Cyprus Residential, which will operate out of two premises in Paphos.
Cyprus property market continues to be sustained by foreign buyers
Foreign buyers account for four out of ten property sales in Cyprus in the first quarter of 2024.
Korantina Homes honoured at Luxury Lifestyle Awards
Korantina Homes, a premier real-estate developer in Cyprus, has recently been celebrated at the Luxury Lifestyle Awards, where it received international awards for its outstanding contributions to the island’s real-estate sector.
Cypriots squeezed out of the property market
Cypriots are facing difficulties in the property market due to climbing rents, high construction costs, and interest rates. The government is being urged to intervene to address the issue. In Limassol, renting a one-bedroom flat costs a minimum of €850 a month, making it unaffordable for many locals. The government has introduced new construction incentives to stimulate affordable housing development.
The illogical trend of holiday tents and yurts
The Deputy Ministry of Tourism is working on upgrading the quality of local hotels and entertainment venues while also encouraging the development of camping in an organized fashion within non-residential areas. The proposed camp sites must be set up in wooded areas or areas to be planted by developers and have specific requirements such as sewage treatment plants, electricity, parking, fencing, and security. There are concerns about the haphazard development of these camp sites and potential ecological destruction in areas like Troodos and Akamas.
Cyprus real estate sector steaming ahead
The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth €5.6 billion. Residential transactions were the main driver, representing 61% of the total market value. Limassol led in district-level performance, while Larnaca saw a remarkable 28% increase in sales value. Industry professionals expect minimal changes in the real estate landscape in 2024, with apartments remaining the preferred investment choice. George Martides from Deloitte Cyprus emphasized the sector’s resilience and the need to address future challenges such as sustainable development and affordable housing through collaboration between the public and private sectors.
Paphos tops February property deals, , €4.8 mln for plot
– Paphos and Limassol are driving the island’s property market, with the majority of sales in February taking place in these two districts.
– The most valuable transaction in February was the sale of a plot in the Paphos district valued at €4.8 million.
– Paphos district led with five transactions among the top ten sales, followed by Limassol with four, and Nicosia with one.
– The top ten transactions totaled €12.6 million in Paphos, €9.8 million in Limassol, and €2.75 million in Nicosia.
– The top ten highest-priced properties in the Paphos district fetched €17.5 million, while those in Limassol amounted to €17.4 million, and Nicosia recorded €9.4 million.
– The ten properties with the lowest values sold in February were in Larnaca district, totaling €7 million, followed by Famagusta district with €3.7 million.
– CEO Pavlos Loizou highlighted a significant uptick in high-value property transactions compared to January, with Paphos district surpassing Limassol in total sales value.