The Cyprus Customs Department recently issued clarifications on the rules and regulations concerning the declaration of cash when entering or leaving the Republic of Cyprus. Key points to remember: Declaration Threshold: All passengers entering or leaving Cyprus must declare cash if it equals or exceeds €10,000. This applies to everyone, including those traveling from or to other EU member...
Limassol: Limassol Castle: a medieval castle built in the 12th century. Kourion Archaeological Park: ruins of an ancient city-state. Medieval Museum: a collection of artifacts from medieval Cyprus. Limassol Promenade: a palm-lined waterfront with cafes and restaurants. Fasouri Watermania Waterpark: one of the best waterparks in Europe. Larnaca: Church of Saint...
Tourism revenue in Cyprus reached almost €3 billion in 2023, a 22.6% increase compared to 2022, according to the Statistical Service. In December 2023 alone, tourism revenue reached €74.3 million, compared to €57.6 million in December 2022, an increase of 29%. For the whole of 2023, the tourism sector generated €2.99 billion in revenue, €0.56 billion or 22.6% more than in 2022. The average...
Real Estate in the Republic of Cyprus In 2023, 541 apartment buildings began construction in the Republic of Cyprus. They will soon be completed, adding several thousand new apartments to the housing market. A lack of decent housing is one of the problems Cyprus has faced in recent years. The shortage of supply has led to rising rents and property prices. High prices for building materials, inflation,...
Oman: Untapped Gem or Uncertain Gamble? Unveiling the Real Estate and Tourism Landscape Oman, a nation steeped in ancient history and breathtaking landscapes, is emerging as a potential player in the Middle Eastern real estate and tourism scene. However, like any emerging market, it presents a unique mix of pros and cons, potential and real risks, and growth points. Untapped Potential: Oman's tourist...
Salalah is a city in southern Oman that is becoming increasingly popular as a tourist destination. The city has a mild climate, with average temperatures ranging from 25 to 30 degrees Celsius throughout the year. This makes it a popular destination for people looking to escape the heat of the Middle Eastern summer. In addition to its favorable climate, Salalah also has a number of other attractions,...
Muscat is the capital and largest city of Oman. It is a major commercial and financial center, with a well-developed infrastructure and a diverse population. The city is also a popular tourist destination, with a number of historical and cultural attractions. The real estate market in Muscat is currently in a state of flux. There is a high demand for housing, both from locals and expatriates. This is...
Oman is a country that has long been seen as an outlier in the Middle East. While its neighbors have embraced globalization and economic liberalization, Oman has remained relatively closed off. However, this is starting to change. The current Sultan, Haitham bin Tariq Al Said, has made it a priority to open up Oman's economy and attract foreign investment. He has implemented a number of reforms,...
RICS Cyprus, the Royal Institution of Chartered Surveyors, and audit firm KPMG have published the Cyprus Property Price Index for Q4 2023. The index shows that apartment prices in Cyprus are rising faster than any other type of property, while their rental yields are comparable to those of commercial properties. Key findings of the report: Apartments prices increased by 9.53% over the year, the...
On February 29, the Parliament of the Republic of Cyprus approved a bill to create a Ministry of Migration. This decision was called "historical for the country" by the head of the Ministry of Internal Affairs, Konstantinos Ioannou, who is currently in charge of the Migration Department and the Refugee Service. Currently, a significant part of the issues that will be transferred to the jurisdiction of...