RENTAL PRICES ON THE INCREASE

  In recent years, the demand for rent in Cyprus has increased, especially for apartments, due to the financial inability of young families to put together the required deposit to buy a residential property. Marinos Kineyirou, chair of the Real Estate Agents Council, argued that young people in Cyprus are putting off leaving their parent’s h...

CYPRUS REAL ESTATE OVERCOMING PRICE SHOCKS

  Momentum in Cyprus’ real estate market after two years of Covid lockdowns and restrictions is surviving the cost-of-living crisis and raw material hikes powered by the Ukraine war, say stakeholders. In comments to news site Stockwatch, Marinos Kineyirou, chair of the Real Estate Agents Council, argued that high demand for buying and renting, combine...

Property Transfer Fees REDUCED by 50%

CYPRIOT MPs voted unanimously to cut Property Transfer Fees by 50 percent as part of a wider tax reform package designed to modernise the island’s property tax system and encourage economic activity in the real estate sector. Transfer Fees Exemption: The reduced transfer fees will apply to all property sales and registrations of leases or subleases. In addition, the tra...

Cyprus property market shows strong momentum, KPMG reports

KPMG Cyprus has released its 13th Real Estate Market Report, highlighting continued expansion in property development across the island, with a particular focus on residential projects. The report shows improving market liquidity in 2023 and early 2024, with Limassol maintaining its position as the dominant market, particularly in the luxury housing sector. Larnaca emerged ...

Cabinet approves 2% mortgage subsidy for first-time home buyers

The Council of Ministers has approved significant measures addressing housing and cost of living issues, including a 2% interest rate subsidy for mortgages taken between January 1, 2022 and December 31, 2023. The Ministry of Finance will begin accepting applications for the subsidy scheme, which applies to mortgages for purchasing or building first homes. The programme is ava...