Reduced Vat on Properties – New Rules!
On the 8th of June, the Cyprus Parliament voted that the reduced VAT rate of 5% will only apply to the first 130 sqm of a primary residence, for both houses and apartments, up to a value of €350,000, provided that the property price does not exceed €475,000 and the total buildable area does not […]
IMF maintains Cyprus’ economic growth at 2.5%
The International Monetary Fund (IMF) maintained its projection for Cyprus’ economic growth in 2023 at 2.5% of GDP, while real GDP growth is expected to pick up pace in the next year. In its April 2023 World Economic Outlook (WEO), the IMF said that Cyprus real GDP will expand by 2.5% (as was the projected […]
Central Bank: GDP growth estimated at 2.6% in 2023
The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine. In its medium-term macroeconomic projections for March 2023, the CBC said that the Cypriot output this year […]
Real estate investments continue to follow an upward trend
Minister of the Interior Konstantinos Ioannou said on Wednesday that real estate investments in Cyprus follow an upward trend over the last years, which continues into 2023, despite being affected by the current conditions and international events. Speaking at the 17th Land Development Conference, in Nicosia, the Minister noted that the real estate sector is […]
Construction materials at highest point since 1986
The Price Index of Construction Materials for January 2023 reached 136.01 units (base year 2015=100), recording an increase of 12.25% compared to the same month of the previous year, according to data published by the Statistical Service on Friday. The price index for construction materials in January 2023 is at its highest point since 1986 when […]
Real GDP growth is projected at 5.6% and 2.6% for 2022 and 2023
Real GDP growth is projected at 5.6% and 2.6% for 2022 and 2023, respectively, according to the Economics Research Centre of the University of Cyprus. In its report, the Research Centre notes that, compared to the forecast in the October issue, the growth forecasts for 2022 and 2023 have been revised up by 0.7% and […]
Real Estate Worth €6 Billion Sold In 2022, Says Cyprus’ Real Estate Registration Council
The value of real estate sold during 2022 is approaching €6 billion, according to the comparative real estate sales of the Department of Lands and Surveys as processed and presented in the quarterly “Real Estate Market Bulletin” of Cyprus Real Estate Registration Council. As stated in a press release of the Council, “against the challenges […]
Housing prices up during Q3 of 2022
House Price Index (HPI) recorded an increase of 5.3% the third quarter of 2022, compared to the same quarter of 2021, according to preliminary estimate published by the Statistical Service on Tuesday. HPI for the thrird quarter of 2022 amounts to 112.51 units. Compared to the second quarter of 2022, the HPI increased by 5.8%. House […]
CBC: GDP growth at 5.8% in 2022, down to 2.5% in 2023
Economic growth for 2022 is expected to reach 5.8%, while GDP is expected to slow down to 2.5% in 2023 and grow by 3.1% in 2024 and 2025, according to the Central Bank’s macroeconomic projections. The CBC in its December 2022 medium-term projections for the main macroeconomic variables in Cyprus for 2022-2025, released on Friday, […]
GDP growth rate estimated at 5.4% in Q3
Τhe GDP growth rate in real terms during the third quarter of 2022 is positive and is estimated at 5.5% over the corresponding quarter of 2021, the Cyprus Statistical Service said on Thursday. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 5.4%. According to CyStat the positive GDP […]