Residential property sales in Cyprus hit a 15-year record high in the second quarter of 2023, with a significant increase in prices, according to data released this week by the Central Bank of Cyprus.
The application for a planning permit for low-risk developments, that is, those that include houses and apartment buildings of 8-10 apartments, is abolished.
The following are key amendments and conditions regarding the reduced VAT rate for new residences in Cyprus, under Law 42(I)/2023, which will be in effect from November 1, 2023.
Cyprus is facing a housing crisis, as young couples are locked out of the property market by skyrocketing prices, while supply is quickly diminishing due to thousands moving to the island.
Almost 10,000 highly skilled and highly paid Ukrainian refugees have joined the island’s work force, paving the way for a number of socioeconomic and demographic changes to the structure of Cypriot society.
UK and other non-EU pensioners eyeing a retirement home in Cyprus need to rethink their plans as authorities have raised the bar for permanent residence permits.
Ask Wire, combining real estate know-how with technology, has published its Q1 2023 edition of the Ask Wire Index for property sale and rental values. The Ask Wire Index covers all districts and main property types, with values from Q4 2009.
In an attempt to attract foreign investments to the Island and help economic growth, the Cyprus government in March 2021 revised Regulation 6(2) of the Aliens and Immigration Regulations. These amendments were in tune with the government’s general objectives at the time to stimulate and increase foreign investment in areas other than real estate. Last Friday, […]
On April 22, in a move that came as a surprise to many, the Ministry of Interior of Cyprus submitted to the Council of Ministers a number of reforms to the Criteria of granting Permanent Residency to Investors under Category 6.2. The Minister of Interior Mr Constantinos Ioannou noted that the goal, was to “shield […]
Conflicting Market Forces Affect Sales
March saw the second highest number of property sales in the month since records began in 2000. But these figures face conflicting market forces.