Real Estate News
Further rent increase in Limassol
A further increase in rents in Limassol is expected, as thousands of workers building numerous projects will need housing in or around the city, which will increase rents even higher.
Changes in the Cyprus Investment Program
On February 13, the Government of the Republic of Cyprus approved a number of changes in the Cyprus Investment Program:
Building Permits in November
Between January and November 2018, 5,929 building permits were issued, compared to 5,291 in the corresponding period in 2017; an increase of 12.1%, while their total cost and area increased by 20.9% and 17.1%, respectively.
New high-rise in Limassol
The construction of the 197-meter Aura tower in Limassol will be at the present site of the Debenhams Olympia shopping center on the seafront road in Limassol.
The sharp rise in property sales in February
February showed a sharp increase in real estate sales compared to 2018, according to official data published by the Department of Land Resources and Research.
Building Permits in December 2018
The total number of building permits issued in Cyprus in December 2018 was 479 compared with 437 approved in December 2017 (an increase of 9.6%).
Reduced VAT on land purchased for primary residence
The Government is preparing a bill exempting from payment of the full 19 per cent VAT, purchases of undeveloped land for the purpose of building on it an owner-occupied primary dwelling.
Property sales up 6% in October
The number of property sales in Cyprus continued to rise in October, the number of contracts deposited to the Land Regisrty offices increased by 6% compared with October 2017.
Cyprus cities for real estate investments
Limassol and Paphos are 2 cities that attract the majority of real estate investments (70% of foreign buyers), but Nicosia is gaining momentum, according to Fileleferos.
Agreement close on Airbnb type rentals
After several weeks of discussion, lawmakers are close to agreeing a bill regulating the operation of short-term Airbnb-style property rentals.
Construction of low-cost housing units in Limassol
The Ministry of the Interior supported the plans of the municipality of Limassol to build 500 units of low-cost housing units in the areas of Agios Nikolaos and Agios Ioannis to solve the problem of high rent in the city.
Further development in limassol
On the seafront of Limassol, dotted with luxurious towers and new developments, there is almost no space for new projects, so investors are switching attention to the area between the new marina and the old port.