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Real Estate News

Cyprus proposed to Low Property Investment Threshold for Permanent Residency to €250,000

Cyprus proposed to Low Property Investment Threshold for Permanent Residency to €250,000

In Cyprus, there is a proposed bill in the Parliament to grant permanent residence permits to foreign citizens who buy real estate valued at a minimum of 250,000 euros plus VAT, which is a reduction from the current requirement of 300,000 euros. The aim of this bill is to attract more foreign investors to Cyprus,...
Government Extends Property Valuation Cycle to 5 Years

Government Extends Property Valuation Cycle to 5 Years

The Council of Ministers has presented a legislative proposal to the legislative body suggesting an extension of the interval between comprehensive property assessments by the Department of Lands & Surveys, changing it from every three years to every five years. Initially, comprehensive property assessments...
ReLux Estates Agency is the the 'Best Luxury Real Estate Consultancy in Cyprus' 2024

ReLux Estates Agency is the the 'Best Luxury Real Estate Consultancy in Cyprus' 2024

Thrilled to share the news that ReLux Estates Agency has been officially recognized the the 'Best Luxury Real Estate Consultancy in Cyprus' at the 2024 Luxury Lifestyle Awards! This recognition is a testament to our team's dedication to providing unparalleled service and expertise in the industry....
Limassol to Boast Cyprus' Tallest Building: A Landmark in the Making

Limassol to Boast Cyprus' Tallest Building: A Landmark in the Making

The ambitious Aura project, poised to be Cyprus's tallest structure at 181.5 metres boasting 44 floors, has secured permission for its construction along the Limassol coast. Nonetheless, its approval has not been without contention and intense discussions among the city's municipal factions. Disputes first...
Strengthened Measures to Combat Illegal Real Estate Agents

Strengthened Measures to Combat Illegal Real Estate Agents

The Cyprus Real Estate Agents Registration Council has announced that it has increased its efforts to combat illegal real estate agents and has taken legal action against individuals and entities suspected of breaking the Real Estate Agents Law of 2010. The Council has registered 167 criminal cases within 2023, which...
Efficient Title Deeds Issuance Process Unveiled

Efficient Title Deeds Issuance Process Unveiled

On Thursday, Interior Minister Constantinos Ioannou emphasized "significant improvements" in the property Title Deed examination and issuance process. He claims these improvements will help reduce the average processing time from the previous one to three years down to three months.  Speaking at a...
Rising Popularity of Short-Term Rental Properties in Cyprus: A Growing Trend

Rising Popularity of Short-Term Rental Properties in Cyprus: A Growing Trend

As per Yiannis Kotzias, general manager of operations at Phaedrus Living, a prop-tech residential rental platform, short-term rental properties are rapidly becoming a mainstay in the accommodation choices of both travelers and locals in Cyprus. In an analysis published this week, Kotzias stated, "This is a...
Enhanced Legal Protection for Cyprus Property Buyers

Enhanced Legal Protection for Cyprus Property Buyers

The Sale of Real Estate (Special Execution) Laws of 2011 to 2020 have been amended to provide those purchasing real estate in the Republic of Cyprus with greater legal protection. The amendments mandate, among other things, that a Search Certificate, dated no more than five working days before the contract's...
Cyprus Gives Green Light to 'Photovoltaics for All' Program: A Step Towards Sustainable Energy

Cyprus Gives Green Light to 'Photovoltaics for All' Program: A Step Towards Sustainable Energy

The "Photovoltaics for All" program, which will subsidize up to 6,000 homeowners to install solar systems on their roofs, has received approval from the Cabinet and will go into effect at the end of next month. According to a government announcement, the five different categories that make up the subsidy...
Positive Response from Europe: Reduced VAT on New Homes

Positive Response from Europe: Reduced VAT on New Homes

The finance minister announced on Monday that the European Commission has approved the application of the reduced 5 percent value-added tax on first-time homes in Cyprus. Speaking to reporters after a polite meeting with the newly appointed Chamber of Commerce and Industry leadership, Makis Keravnos said as much. He...
Rising House Prices and Rents: Q2 to Q3 2023 Market Update

Rising House Prices and Rents: Q2 to Q3 2023 Market Update

According to data from Eurostat, EU rents and home prices grew by 0.8% in the third quarter of 2023 when compared to the second quarter of the same year. In the EU, rents increased by 3.0% but house prices fell by 1.0% from the third quarter of 2022. This information is based on rent and home price data that...
Real Estate Market Hits Record High: Sales Reach Peak Levels

Real Estate Market Hits Record High: Sales Reach Peak Levels

With 15,567 contracts deposited with the Department of Lands and Surveys, property sales in 2023 reached the highest level since 2007. In 2007, sales hit a record 21,245 units. However, the global financial crisis—the worst economic downturn since the Great Depression of the 1930s—caused real estate...
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