Paphos

Paphos and Limassol dominate top 10 property sales in February

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Paphos and Limassol dominate top 10 property sales in February

– Ask Wire released a report outlining the ten most expensive property transactions completed in February 2024.
– The top 50 property transactions in February amounted to over €55 million in total value.
– The most expensive sale was a plot of land in the Paphos district valued at €4.8 million.
– Paphos district accounted for five transactions in the top ten sales, followed by Limassol with four, and Nicosia with one.
– The top 50 transactions totaled over €55 million, with 63.4% of this value attributed to properties in Paphos and Limassol districts combined.
– The top ten most expensive properties in Paphos were sold for €17.5 million, in Limassol for €17.4 million, and in Nicosia for €9.4 million.
– The lowest value properties sold in February were in the Larnaca district at €7 million, followed by Famagusta district at €3.7 million.
– Paulos Loizou, Managing Director of Ask Wire, noted a significant increase in high-value property transactions in February compared to January 2024.
– Paphos district demonstrated strength in the market, surpassing Limassol in total sales value due to the highest-priced sale on the island occurring in Paphos.

Larnaca is becoming an emerging investment hub

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Larnaca is becoming an emerging investment hub

Limassol is losing its position as Cyprus’ top investment hub to Larnaca, according to the ‘Cyprus Real Estate Market Report for the 2nd Semester 2023’ by Danos & Associates. Commercial properties in Cyprus are increasingly being used for professional purposes and workspaces, with potential disadvantages such as damages and malfunctioning spaces. However, the value of commercial properties tends to increase at a faster rate than residential properties. Demand for office spaces in Limassol has increased, with the average office value rising by 42% from 2015 to 2019. The real estate sector contributes significantly to the Cypriot economy, with a total of 5,974 transactions amounting to €1.52 billion in property sales in the second quarter of 2023. Nicosia and Famagusta provinces saw an increase in property value, while Limassol experienced a significant decrease. The abolition of the citizenship by investment program did not affect the real estate market in Cyprus, which continues to grow due to strong domestic demand and returning foreign investors.

Cyprus restaurants packed during 3-day weekend , — financial breather welcomed

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Cyprus restaurants packed during 3-day weekend , — financial breather welcomed

Fact: Restaurants and bars in Cyprus were teeming with customers during both three-day weekends, with hospitality venues being about 80-90% full and areas along the coast reaching 100% occupancy rates.

Police launch clampdown on organised crime

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Police launch clampdown on organised crime

Police in Cyprus have launched a 60-day clampdown on organised crime, with a focus on stepping up night patrols and carrying out coordinated operations and systematic vehicle checks. Crime per capita has risen for the second consecutive year, with offences against property constituting the largest group of offences. Officials of justice and police have been targeted by the underworld, leading to specific instructions for heightened surveillance in 36 geographic areas. Police unions have raised concerns about officers required to work overtime without appropriate remuneration and the inadequacy of staffing numbers and detention facilities.

Paphos police arrest two more suspects in forgery case

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Paphos police arrest two more suspects in forgery case

Two men, aged 21 and 27, were arrested as part of an investigation into conspiracy and preparation of forged documents abroad, including forged driver’s licenses and a fake residence permit for the Republic of Cyprus.

Minors arrested, charged with car theft

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Minors arrested, charged with car theft

Three minors aged 15, 16, and 17 were remanded in custody for five and two days for a case of vehicle theft in Paphos. The stolen car, worth €2,000, was found abandoned in a remote area in Stavrokonou after five days.

Several visitors at the Geroskipou beach enjoy the first days of sunshine

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Several visitors at the Geroskipou beach enjoy the first days of sunshine

The implementation of projects on the coastal front of Geroskipou has turned the area into a popular destination for locals and visitors, attracting hundreds of people daily.

First circumnavigation of Cyprus for 50 years

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First circumnavigation of Cyprus for 50 years

On September 21, 2023, a crew led by IOC Young Leader Sophia Papamichalopoulos completed a circumnavigation of Cyprus, a feat not achieved in over 50 years. The project, named Winds of Change, involved young Greek and Turkish Cypriots sailing around the entire island to promote peace-building and dialogue. The journey took almost 70 hours, covering 326.9 nautical miles, and ended on the International Day of Peace. The initiative has gained international attention, with a documentary set to be released at the Paris Olympics.

Man arrested in Paphos in car accident investigation

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Man arrested in Paphos in car accident investigation

A 43-year-old was arrested in Paphos for being suspected of involvement in an accident that injured a 54-year-old motorcyclist in Kissonerga. The accident occurred on Sunday morning, leaving the motorcyclist in critical condition at Paphos General Hospital. The arrest was made after police received an arrest warrant. Investigations into the cause of the accident are ongoing.