Cyprus remains a prime destination for investors eyeing lucrative deals in the real estate sector, as the island offers a variety of investment opportunities for both local and foreign investors, according to a leading real estate company. The biggest opportunity at the moment is on the south east coast, in Larnaca, as the government moves … Read more
The district offices of the Department for Town Planning and Housing will close on June 14 and will no longer accept applications from the public. The closure is in preparation for the transition to a new system of local government starting on July 1, with five district-level organizations taking over the department’s role.
The fact described in the text is that the interior minister is expected to issue decrees mandating that the final say on permits will rest with the technocrats in the district-level organizations, not the elected officials.
Newly revised housing plans were approved by the cabinet to regenerate mountain villages, rural areas, and areas on the Green Line. 1,500 applications have been approved under the schemes, corresponding to the granting of €55 million in financial assistance. 14,000 households, corresponding to 29,500 people, benefited from the allowances in 2023, with a total grant of €7.5 million. The plan has been extended until December 31, 2025, and becomes a two-year plan to allow interested parties sufficient time to secure the necessary planning and building permits required to apply.
The GBPUSD pair rose near 1.2688 due to weaker US CPI inflation data. Inflation in the US eased slightly in April, with the CPI rising 3.4% on a yearly basis. The softer inflation data raised the odds for a Fed rate cut in 2024, leading to a weaker dollar and supporting the GBPUSD pair. The UK employment data showed deteriorating job market conditions, and Bank of England policymakers are concerned about high service inflation potentially stalling progress in the disinflation process.
The number of building permits in Cyprus rose to 706 in February, up from just below 600 each in January and December.
Fact: The increase in overall property demand came from domestic buyers, while a decrease was observed in the number of sale deeds submitted by foreign buyers.
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Cyprus’ construction sector has shown significant growth in early 2024, with an increase in building permits issued. In February alone, 706 permits were granted, contributing to a total of 1,293 permits in the January-February period. This represents a 13.1% increase compared to the previous year. The total value of permits increased by 16.9%, with a total area increase of 14.3%. The economic value of permits reached €248.9 million in February and €470.19 million over the two months. Residential building permits rose by 8.6% and non-residential buildings saw notable growth as well. Civil engineering projects had a significant increase in permits issued.