cyprus real estate shows grit

innovation real estate

Cyprus Business Now: Weekly Wrap-Up

Cyprus shines as a ‘Strong Innovator’ in Europe, showcasing a vibrant ecosystem at events like ‘Bash 2024’ to boost collaboration among startups and investors, propelling the region’s innovative spirit. On the real estate front, debates over shortterm rentals and investments like the Latchi harbour expansion in Polis Chrysochous shape the dynamic landscape, while financial sectors see shifts in the House Price Index and a focus on corporate responsibility with Island Oil Holdings leading the charge.

real estate market dynamics

Cyprus Real Estate Market Faces a Slowdown

The Cyprus real estate market is currently facing a slowdown, with house and apartment prices decelerating and sales declining due to rising lending rates and high construction costs. Regional disparities exist, with Paphos and Famagusta seeing price increases while other areas progress more slowly, leading to a market recalibration.

real estate economic growth

Cyprus Business Now

Shortterm rentals like those on Airbnb are driving up housing costs in Cyprus, making longterm rentals unaffordable for many. The Cyprus Real Estate Agents Registration Council has called for a ban on these rentals to address the issue, as soaring prices are straining renters’ finances.

real estate cyprus

Cyprus Property Market: Recent Trends and Future Outlook

In Cyprus, apartment prices have surged by 6.3% and rents by 9.3%, fueled by foreign investment and incentives like the ‘Golden Visa.’ The market is expected to see continued growth in the short term, with technological advancements and increased housing supply shaping a more stable future outlook.

real estate rental market

Tackling the Rental Market Crisis: Cyprus Calls for Changes

The Real Estate Agents Registration Council in Cyprus is championing a ban on shortterm rentals like Airbnb to address the rental market crisis, caused by inflated prices and a scarcity of longterm housing. Marinos Kineyirou, the council president, advocates for a more regulated approach to stabilize the market and ensure affordable housing for residents, echoing measures taken in Barcelona to combat similar issues.

tourism fiscal surplus

Cyprus Business Now

Cyprus’s tourism revenue grew by 5.5% in the first quarter of 2024, reaching €440.7 million, showcasing the country’s rising appeal in the sector. Additionally, the government reported a fiscal surplus of 1.9% of GDP, marking a notable improvement and highlighting Cyprus’s economic resilience.

real estate property contracts

Erection of extra floor by developer

Buyers must be aware of their rights and the legal implications when a developer decides to add an extra floor to a building, as this can lead to breaches of contract, diminished property value, and share of communal spaces. Recent Supreme Court decisions have upheld buyers’ rights to terminate agreements, seek refunds, and claim damages in such situations, emphasizing the importance of contractual obligations in property transactions.

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