There were initial concerns that the halting of construction on Larnaca’s new marina would negatively affect the housing market and deter investors from the coastal city. For the past three years, this much-publicized project, particularly enticing to buyers from Israel, had boosted demand for homes around the port. However, despite the high-profile termination of the agreement with Kition Ocean...
After extensive deliberations, the Cyprus Association of Banks has announced that local financial institutions will reintroduce a moratorium on the sale of mortgaged properties whose owners are unable to obtain Residential Titles. Loan management companies have also supported this move. This moratorium, effective until 31 December 2024, offers borrowers temporary relief. The Cyprus Association of Banks...
With just one month remaining before the deadline for tax returns, many Cyprus residents are still delaying the process of reporting their income. According to Tax Commissioner Sotiris Markidis, a total of 174,600 taxpayers have started filling out their tax returns via the government portal. However, only 155,300 have officially submitted their returns, while 19,300 have saved their forms for further...
On September 25, the Central Bank of Cyprus released its latest Bank Lending Survey, detailing trends in loan demand and lending practices for businesses and households. The report highlights that in the second quarter of 2024, demand for business loans in Cyprus remained steady, while there was a sharp decline in consumer loans and mortgage lending. For business loans, the report noted that while...
Starting from October 2, 2024, Cyprus will no longer require mandatory construction licences for certain low-risk building projects. This change specifically applies to the construction of one or two residential buildings, provided specific conditions are met. This update was recently announced by Interior Minister Constantinos Ioannou. The main goal of this reform is to streamline the application...
Transport Minister Alexis Vafeadis announced on Friday that both foreign and Cypriot investors have expressed interest in the Larnaca port and marina development project. He encouraged Cypriot investors to participate in the bidding process, emphasizing the importance of ensuring the project benefits future generations. Following a meeting with the Larnaca mayor, Vafeadis highlighted the significance of...
The Cyprus government is placing significant emphasis on improving care for the elderly, acknowledging both the advantages of increased life expectancy and the challenges it presents. Speaking on behalf of President Nikos Christodoulides at the "Walking with the Elderly" march in Foini, Deputy Welfare Minister Marilena Evangelou highlighted the importance of adapting to longer lifespans. Evangelou...
Cyprus' banking sector saw a notable increase in liquidity, reaching €28.7 billion in August 2024, as reported by the Central Bank of Cyprus (CBC). This growth was driven by rising deposits and a decrease in loans, reflecting a robust financial position. According to CBC data, total deposits surged by €288.5 million in August, surpassing the €164.7 million rise observed in July. This brought the...
During a working lunch in New York on Wednesday, U.S. business leaders expressed strong interest in exploring investment opportunities in Cyprus, meeting with President Nikos Christodoulides to discuss potential collaborations. The Presidency released a statement indicating that the purpose of the meeting was to draw quality investments to the island. Government Spokesman Constantinos Letymbiotis...
As of Thursday, September 26, it has been confirmed that municipalities will continue to oversee hazardous buildings until the end of March 2025. This decision follows the passing of a last-minute law by parliament, which stemmed from a legislative proposal put forth by MPs, as the government opted not to present its own draft. Initially, the responsibility for dangerous buildings was set to be handed...
