17.05.2019 Cyprus property sales continue to rise!!
Cyprus property sales in April reached the highest monthly figure recorded since September 2008 according to official figures from the Department of Lands and Surveys.
The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during April 2019 rose 61 per cent compared to April 2018. Sales rose in all districts. In percentage terms, Famagusta led the way with sales up 85%, followed by Limassol with a rise of 74%, while sales in Larnaca, Nicosia and Paphos rose by 69%, 44% and 43% respectively.
06.05.2019 Highest property prices and rents in Limassol!
Limassol is where rental and property prices are the highest in Cyprus due to tourism and Airbnb-type rentals. Filed Under THE INCREASE in tourism and home-sharing practices on platforms like Airbnb has led to a spike in property price and rental increases especially in Limassol. There is a recent report underlines the importance of tourism as a driving force of the Cyprus economy, attracting large investments that lead to upgraded properties and contribute to the steady improvement of the island’s real estate market. At the same time, the country’s highly sought-after passport (through investment) is beginning to pay off with dozens of foreign investors purchasing new properties in Cyprus and gaining residency rights. More specifically, the January-March 2019 period, average apartment prices rose by 1.6%, compared with a 1.5% increase in the corresponding period of 2018, driven by a significant 2.5% increase in the selling prices of flats in the Nicosia area. The going rates in Limassol meanwhile, increased to 1.8%, and to 0.7% in the other cities and areas across Cyprus. Meanwhile, increased demand in properties with the purpose of leasing these out short term for tourism accommodation purposes (Airbnb-style) has also played a decisive role in the increase of prices. Demand for commercial properties with a particular focus on office spaces and retail buildings also rose in the first quarter of 2019 with prices for high-end office space and stores up by 3.5% and by 2.1%, respectively, compared to the first quarter of 2018 with growth rates even higher in Limassol at 4.6% and 4%, respectively. Furthermore, investor interest in hotels in the first three months of 2019 saw a 5% rise in the number of new building permits. In 2019 is expecting further positive growth due to the higher demand and this is expected to stabilise over the next couple of years. The most significant issues related to the real estate are the high volume of NPLs, the large number of properties that now are under bank ownership, the political pressures, the government policy in regard to housing and lastly the Brexit uncertaint.
Indicative sale and rental prices for Limassol Asking prices for apartments on the seafront fetch €4,000 /sqm to €10,000 /sqm in central areas from €2,000 /sqm to €4,000 /sqm, central seafront plots range from €800, houses on the seafront are around €4,000/sqm (including central areas) and for commercial property its around €4,000 /sqm. Rental values for apartments at seafront start from €12 /sqm (including central areas). For commercial properties on the seafront, the range is from €20 /sqm to €30 /sqm and up to €25 / sqm in central areas of the town. The types of properties that are mostly in demand are apartment units in town centres and houses in sought-after suburbs.
27.02.2019 The scheme of Cyprus Citizenship by Investment will be renamed to “Cyprus Investment Programme” (CIP)
Important changes are coming to the most popular for 2018 Citizenship by Investment Programme. As time is getting closer to the date of changing regulations apply today to become a European citizen and save between 150000 to 650000 euro.
The changes include the following:
- Limitation to 700 Applications Per Annum
- Applicants should be in possession of a Schengen visa;
- Applicants who were rejected by another EU country shall be excluded from the CIP;
- The investment should be maintained for 5 years following the date of naturalization, instead of 3 years;
- During the 5-year period the investor will be able to change his investment, provided that a consent will be granted in this regard by the Ministry of Finance;
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available for the purposes of the CIP;
- A planning permit shall be mandatory for properties under construction;
- A donation of €75,000 for research and development shall be mandatory;
- A donation of €75,000 to the land development organization to fund affordable housing schemes shall be mandatory;
- Due diligence and background checks shall be carried on by a specialized foreign firm on each applicant (the firm has not been hired yet).