President Nikos Christodoulides has unveiled an ambitious development plan for Larnaca, committing over €180 million to more than 60 projects aimed at enhancing the district’s infrastructure, economy, and quality of life. Speaking during a stakeholder meeting in Voroklini as part of his nationwide tour, the President emphasized the government’s dedication to aligning policies with the real needs of...
Property prices in Cyprus have experienced a remarkable recovery, reaching levels not seen since 2012, just before the banking crisis. According to recent data from the Central Bank of Cyprus, the apartment price index has reached a new high. Record High for Apartment Prices The apartment price index hit 113 points in the third quarter of 2024, slightly up from 112.3 points in the second quarter. This...
The Interior Ministry has introduced provisions in its Housing Schemes aimed at making it easier for applicants to secure loans from banking institutions, according to Interior Minister Constantinos Ioannou. Pre-Approval for Grants Before Loan Secured The revised schemes, which cover mountainous, border, and disadvantaged regions, as well as the Housing Subsidy Scheme for Young Couples and Individuals...
February 2025 saw a significant shift in Cyprus’ financial landscape, with loans and deposits both recording substantial net increases, according to the Central Bank of Cyprus' latest Monetary and Financial Statistics report. Loan Growth Rebounds After January Decline Total loans rose by €42.7 million in February, marking a turnaround from the €45.6 million decline recorded in January 2025....
The Cypriot government has introduced new housing incentives aimed at encouraging students and residents to return to their villages in the northern, Turkish-occupied areas of the island. This initiative, which mirrors the support provided to enclaved students, highlights an emerging real estate opportunity in these historically significant locations. Government-Backed Housing Support A housing...
The Cyprus real estate sector remains strong and stable, with experts predicting a promising future, according to discussions at the 19th Property Development & Construction Conference and Exhibition. Market Stability and Emerging Challenges During the roundtable session, "Cyprus Real Estate 2025 – How are Values Fluctuating and Expectations for the Future?", industry leaders examined the...
Tourism in Cyprus saw a notable increase in February 2025, with 133,760 arrivals, marking a 7% rise compared to 125,034 visitors in February 2024, according to data released by the Cyprus Statistical Service on Monday. Strong Start to 2025 for Tourism The upward trend extends beyond February. During the first two months of 2025, Cyprus welcomed 245,860 tourists, reflecting a 15.4% growth compared to...
The Cypriot real estate market experienced a 7% rise in property sales in February 2024, compared to the same period in 2023. Key cities Limassol, Larnaca, and Nicosia each recorded over 300 sales, indicating continued demand in urban centers. However, the market presented a mixed picture across different regions. Sales in Larnaca surged by 36%, while Nicosia saw a 13% increase. Limassol recorded a...
The rise in residential property prices (both houses and apartments) slowed down in the third quarter of 2024, signaling a cooling trend in the market, according to the Central Bank of Cyprus. The latest data suggests that the upward momentum in real estate is easing, particularly in apartment prices, which saw a sharper slowdown compared to houses. Market Trends and Influencing Factors In its Q3 2024...
The Urban Planning Amnesty Scheme, designed to legalize minor planning violations, has received 699 applications since its launch on September 23, 2024. The scheme remains open for six months, with the deadline set for March 23, 2025. Breakdown of Applications by City According to Elikkos Elia, Permanent Secretary at the Ministry of the Interior, the vast majority—616 applications—pertain to...
