CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's fortnightly email newsletter.


Login - for registered users

Forgot Password?
Explore destinations
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 


Read the full article - Register now!

You have arrived at your allowance of 5 premium articles. If you enjoy our research and want full access, we ask that you support our hardworking team by registering with our site - it's free!

Already registered? Log in

Cyprus property market limps towards recovery


Cyprus enjoyed a three-year housing boom until 2008. Then the market began to fall, mainly because of lower demand from British buyers, who comprise around 70% of all foreign buyers in Cyprus. The UK recession, and the weakening of the pound against the euro, prompted British buyers to look for non-Euro destinations.

Residential property prices have fallen by as much as 20% and 30% in the past three years, with the most affected being Paphos, Sotira and other areas popular with foreign holidaymakers and retirees, according to real estate valuer Anthonis Loizou.  There are no long-term house price statistics in Cyprus, though the Royal Institution of Chartered Surveyors (RICS-Cyprus) released its first Property Price Index for Cyprus in Q1 2010.

Areas that rely on local buyers, mainly from Nicosia, have been doing relatively better, with prices in Protaras and west of Larnaca (Pervolia, Kiti, Tersefanou) recording smaller drops. The Department of Lands and Surveys registering an average increase this year of 20% in property sales volumes in Cypriot-oriented areas such as Paphos, Limassol, Nicosia, and Larnaca.

EU nationals who are residents in Cyprus may own as much property as they wish. Non-resident EU nationals may own as much land as they wish, but if they wish to buy any other sort of property, ownership is restricted to one house or one apartment for which approval from the ‘Council of Ministers’ is needed.

Regardless of their residency status, non-EU nationals must seek the approval of the Council of Ministers before they can own any type of immovable property. Furthermore, unless there are exceptional circumstances, their ownership will be limited to: an apartment, a house, a building plot or land up to approximately three donums (4,014 sq. m.).

Owners wishing to rent their property to the tourist market should seek a permit from the Cyprus Tourism Organisation.

» To continue reading this article, subscribe now!

Comments


Be the first to comment on this article!



Login or Register to submit a comment!

In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.



Intasure - insurance that speaks your language

News & Discussion
Compare Countries

Free Newsletter

Fortnightly updates from the global property arena directly to your inbox.


Email Address:





Connect to professional advice in Cyprus



PROPERTY RECOMMENDATIONS

 
Download free Global Property Guide reports Sponsor a property investment report

Our Newsletter

 
Fortnightly updates from the global property arena directly to your inbox.

Manage subscriptions
Featured on Lead Galaxy, along with A Place in the Sun, Medhead, Eurobrix, Alternative Outlook, Move Worldwide and more...

Which parts of the world are most attractive for property investment today?

Click here to download our FREE Property Recommendations Reports!

Close Me