Building permits no longer required for small-scale housing construction
The Ministry of Interior is striving to complete the simplification of the development control system by July 1 of this year through a package of 22 measures agreed upon with the Cyprus Scientific and Technical Chamber (CSTC). One of the key measures is the elimination of urban planning and building permits for small developments, specifically […]
GDP expected to rise in 2024-2026, unemployment and inflation to fall
The GDP growth rate for 2023 is expected to reach 2.2%, while for the years 2024-2026 GDP is expected to reach 2.6%, 3.1%, and 3.2%, respectively, according to the Macroeconomic Forecasts of the Central Bank of Cyprus in December 2023 for the Cypriot Economy. CBC points out that unemployment is expected to continue its downward […]
Significant surge in real estate market amid soaring demand
The real estate market in Cyprus recorded a noteworthy upswing during the first quarter of 2023, with prices continuing to rise, particularly in the apartment sector, primarily driven by increased demand. According to data published on Tuesday by the Central Bank of Cyprus (CBC), the Residential Property Price Index (RPPI) exhibited a significant acceleration compared […]
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 […]