The response to Cyprus’ small-scale building violations amnesty has been significantly lower than expected, Interior Minister Constantinos Ioannou revealed on Friday. Despite the measure being introduced in September with a six-month timeframe, only 550 applications have been submitted so far, even though thousands of properties have minor planning deviations. Purpose of the Amnesty The initiative...
The number of short-term rental properties registered in Cyprus has seen a significant surge, reaching 8,248 properties as of April 2025, compared to 4,765 just a year earlier. Deputy Minister of Tourism Kostas Koumis highlighted this growth on Tuesday, following a meeting of the Parliamentary Committee on Tourism, where the progress of legislation governing self-catering accommodations was...
The Cyprus Architects’ Association (SAK) is urging for more stringent regulations and swift amendments to the laws surrounding the creation and operation of tourist facilities across the island. This call comes after concerns were raised by Members of Parliament about the unchecked growth of foreign investments, especially in areas like Paphos, Famagusta, Limassol, and Larnaca. Lawmakers have voiced...
The Central Bank of Cyprus (CBC) published updated data on Wednesday, detailing interest rate trends at Monetary Financial Institutions (MFIs) for December 2024. Rising Mortgage Rates in Cyprus The average interest rate on new housing loans (including new contracts and renegotiations) increased to 4.75% in December 2024, up from 4.50% in November. Meanwhile, the eurozone saw a further decline in...
The Cypriot economy continued its upward trajectory in the fourth quarter of 2024, recording a real GDP growth rate of 2.6%, according to a flash estimate released by the Cyprus Statistical Service (CyStat) on Friday. After adjusting for seasonal and working day variations, the growth rate stands at 2.9%. The expansion was largely driven by key sectors such as Hotels and Restaurants, Wholesale and...
The government has rolled out a streamlined process to expedite building licence approvals for certain residential properties, aiming to reduce bureaucratic delays and encourage homeownership. This initiative, first announced in January, significantly shortens the approval timeline. Accelerated Approval Timeline Interior Minister Constantinos Ioannou outlined the new framework, which cuts the final...
Despite ongoing global economic challenges, Cyprus continues to demonstrate strong economic growth, according to Central Bank of Cyprus (CBC) Governor Christodoulos Patsalides. Speaking at the Cyprus Shipping Chamber’s (CSC) monthly members’ meeting, Patsalides highlighted the nation’s ability to navigate external pressures while maintaining stability and fiscal discipline. Credit Rating Boost and...
The demand for housing loans in Cyprus saw an increase in the third quarter of 2024, marking the first rise since early 2022, according to the Central Bank of Cyprus’ (CBC) October 2024 Bank Lending Survey (BLS). Stable Business Loan Demand While demand for housing loans grew, the survey found that business loan demand remained unchanged for the second consecutive quarter. Despite fluctuations in...
The Cyprus property market has begun 2025 on a high note, with property sales contracts registered at Land Registry offices increasing by 21% in January compared to the same period last year, according to data from the Department of Lands & Surveys. Growth Across All Districts Property sales have risen across all major districts, with Famagusta leading the trend with an impressive 40% surge....
While EU citizens enjoy the freedom to purchase unlimited properties in Cyprus, non-EU nationals remain subject to legal restrictions on property ownership. These limitations stem from the Acquisition of Immovable Property (Aliens) Law, Chapter 109, which has governed foreign property purchases for decades. Evolution of Property Ownership Rules Before 2004 (Pre-EU Membership): Cyprus imposed strict...
