• Central Bank of Cyprus Reduces Interest Rates: The Central Bank of Cyprus has announced a reduction in the interest rate on loans for house purchases to 4.75%, down from 5.15% in the previous month. This adjustment is poised to have a positive impact on real estate investors by effectively lowering borrowing costs. Read more
  • Insights from Central Bank Report on Residential Property Prices: The Central Bank of Cyprus has released its latest report on Residential Property Price Indices (RPPI) for the fourth quarter of 2023. The report indicates a slight decline in the total value and volume of residential property transactions compared to the previous year, primarily attributed to escalating mortgage rates and a reduction in new housing loans. Despite this, there persists a higher demand for apartments over houses, driven by a preference for smaller properties. The report forecasts a potential alleviation of price pressures in the medium term, owing to an expected surge in residential property supply fueled by increased building permits and ongoing construction projects. Read more
  • Neocleous Tower Progresses According to Schedule: The construction of Neocleous Tower in Limassol continues unabated, achieving significant milestones as planned. Concrete casting for Level 14 was successfully completed in mid-May 2024, with work on Level 15 currently in progress, towering approximately 68 meters above road level. Managed by TQC Project Managers & Engineers®, the project encompasses completed underground car park levels and multifunctional areas up to Level 5. The tower is poised to attain LEED Gold accreditation, underscoring Cyprus's commitment to sustainable and contemporary corporate infrastructure. Read more
  • President Christodoulides Reaffirms Support for Construction Sector: President Nikos Christodoulides reiterated his unwavering support for the construction sector during a commemorative dinner marking the 40th anniversary of the Cyprus Property Developers Association (LBDA). Stressing the sector's pivotal role in attracting investment and fostering entrepreneurship, the government outlined plans to tackle the housing crisis through initiatives such as the Build to Rent scheme. Additional measures include streamlining licensing procedures and establishing a central planning authority, all aimed at enhancing development and efficiency within the sector. Read more
  • Limassol Leads Cyprus in Average Apartment Value: Limassol emerges as the frontrunner in Cyprus's real estate landscape, boasting the highest average apartment value in the first quarter of 2024. With an impressive average value of €208,220, Limassol outshines other districts, including Nicosia, Larnaca, Paphos, and Famagusta. Data from the Cyprus Real Estate Agents Registration Council also reveals Nicosia recording an average apartment value of €131,841, Larnaca at €116,914, Paphos at €107,175, and Famagusta at €105,182. Nationwide, a total of 421 apartment transactions were recorded, with the majority occurring in Nicosia. The council's comprehensive analysis includes apartments, houses, plots, and fields, providing valuable insights into property transactions and values across districts. Read more