While EU citizens enjoy the freedom to purchase unlimited properties in Cyprus, non-EU nationals remain subject to legal restrictions on property ownership. These limitations stem from the Acquisition of Immovable Property (Aliens) Law, Chapter 109, which has governed foreign property purchases for decades. Evolution of Property Ownership Rules Before 2004 (Pre-EU Membership): Cyprus imposed strict...
The Central Bank of Cyprus (CBC) has officially set the reference interest rate at 11.50%, exercising its authority under Article 314A of the Cyprus Criminal Code (Cap. 154). This decision establishes a legal limit on interest rates for various financial transactions, ensuring compliance with national financial regulations. Under the provisions of Article 314A, individuals or entities engaged in...
The Cyprus Architects’ Association (SAK) has urged authorities to tighten regulations on tourism-related construction projects, citing growing concerns over unregulated developments across the island. The association is advocating for immediate legal reforms to ensure sustainable growth and proper oversight in the sector. Growing Concerns Over Unchecked Investments This call for stricter controls...
The Ippodamos digital platform, which has been streamlining the approval process for smaller construction projects, is set to expand in March to include larger developments, according to the Ministry of Interior. Currently, the platform processes permits for projects with up to two terraced houses, with approvals taking 20 days per permit type. With the upcoming expansion, larger projects—such as...
The Cypriot property market has attracted a substantial number of foreign buyers in recent years, with official data from the Department of Lands and Surveys revealing over 37,000 properties sold to non-Cypriot buyers between 2021 and the end of 2024. These transactions include both EU citizens and non-EU nationals, while during the same period, Cypriots purchased more than 200,000 properties. According...
The Cypriot real estate sector remained steady in 2024, maintaining figures close to those of the previous year despite ongoing economic challenges. According to the Real Estate Agents Registration Council, the industry continued to play a vital role in the country’s economic growth. A total of 19,155 property transfers took place nationwide, with a combined value of €4.3 billion, while 15,797 sales...
Larnaca is set for a significant transformation, with development projects worth over €130 million planned for the next two years. This comes after the collapse of a €1.2 billion deal for the city’s port and marina redevelopment in 2024. A highlight of the plans is the establishment of a new public university faculty focused on marine sciences, technology, and sustainable development. The €20...
Between January and August 2024, Cyprus saw an 8.6% annual increase in building permits, though a sharp drop of 59.3% was recorded in August compared to the same month in 2023. The decline was largely attributed to technical difficulties with the "Ippodamos" information system, according to the Statistical Service of Cyprus. In August 2024, only 183 permits were authorized, a significant decrease from...
In 2024, Cyprus’s real estate sector achieved transactions worth €4.3 billion, with 19,155 property transfers and 15,797 sales contracts recorded across the country, according to the Department of Lands and Surveys. These figures represent a 1.8% increase in property transfers and a 1.5% rise in sales contracts compared to 2023, though the total value of transfers dipped by 2.3%. Marinos Kineyirou,...
In the coming weeks, the Cyprus government plans to introduce a comprehensive "strategic plan" aimed at attracting foreign investment while seeking input from local business leaders on enhancing the economy’s competitiveness. This announcement came from Energy, Commerce, and Industry Minister George Papanastasiou during an event at the finance ministry, which was attended by industrialists and...
