A lot of investment has been undertaken for touristic development ranging from hotels to quality places of entertainment and even more important addressing the upgrading of staff, food and service. Previous years with the tourist arrivals have been increasing by approximately 8% p.a. and this, coupled with the planning relaxation given by the then Government, … Read more
In the near future, the Cyprus property market is expected to continue on its dynamic path, however, it will not be a bed of roses, and strategic planning will be crucial to navigate changes and challenges ahead. In the next couple of years, we should expect to experience moderate growth as high interest rates stabilise … Read more
There is a lot of discussion about what is more beneficial to the taxpayer – to build or rent government offices or even buy ready office buildings from the open market. Some uninformed reports blow up the rental payment issue out of all proportion in the sense that the government is spending €26 mln a … Read more
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
Until recently we had the impression that foreign well-sounding brands were the criterion of buying e.g. clothing from €100 to €500, because they are of an international brand and therefore if you are show-off who seem to be the majority, not only will you buy the brand, but with great pride you will tolerate the … Read more
The cost of buying houses or apartments in Cyprus has become a big issue, especially in recent years. The level of residential rents has increased by around 20% in the last 2 years. Various proposals have been made to alleviate the problem, including increasing area ratio, abolishing minimum areas, and creating low-cost units. Immediate measures are needed to address the housing crisis, such as tax reductions for landlords who rent out apartments and implementing summary eviction procedures. Colleges and universities could also play a role in providing housing for students. The Housing Finance Corporation and Land Development Agency may not be able to effectively address the issue.
Property prices in Cyprus increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, 0.4% for retail, 3.6% for holiday apartments, 1.0% for holiday houses, and remained stable for warehouses in Q1 2024 according to the Ask Wire Index.
Office rental rates in Cyprus have reached the highest levels in five years, with prices increasing by about 8.5% year-on-year in the first quarter of 2024. Limassol and Larnaca are leading the way in office rental price increases, with Nicosia showing a steady recovery. Prices for office sales have remained at 2023 levels, with increases recorded in Larnaca and Famagusta district. The demand for modern, Grade A offices is expected to continue throughout 2024, driven by both the private and public sectors.
– The Cyprus real estate sector is experiencing growth and prosperity, with a booming economy and construction flourishing in coastal hotspots like Limassol.
– Locals are facing financial strain due to rising interest rates, inflated property prices, and loan restructuring, while foreign investors are attracted to Cyprus for its incentives.
– Foreign investment has fueled the coastal boom but creates vulnerability due to reliance on external capital.
– Cyprus has a history of overlooking problems and needs a proactive approach from the government to ensure long-term stability.
– One in four persons living in Cyprus was born overseas, contributing to the economy and cultural landscape.
– Challenges in the housing market include increased competition for jobs, rising prices, and pressure on public services.
– Integration policies and inclusive economic planning are essential to ensure fair distribution of benefits and foster shared prosperity for all residents.
The text discusses the issue of common expenses in buildings and the need for a common expenses association to address the problems caused by non-payment of these expenses. The association would have thousands of members and would aim to collect common expenses debts through legal means. The proposal includes the requirement for a certificate from the management committee before any property can be rented, sold, or mortgaged, and the possibility of assigning disputes to a special arbitrator.