Comprehensive overview of the premium residential property market in Cyprus for the whole of 2023 and Q4 separately. Key Findings: Overall Market Performance: The total value of transactions in 2023 reached €4.4 billion, including all types of properties: residential, commercial, land, and buildings. Residential units (apartments and houses) alone accounted for €3.8 billion in sales,...
The European Commission's Directorate-General for Competition has approved the Cypriot government's plan to subsidize the interest rate on housing loans. The program will provide support to families with an annual income of less than €50,000 who took out a mortgage between January 1, 2022 and December 31, 2023 for an amount not exceeding €400,000. The subsidy will cover 50% of the increase in the...
1. Kaputaş Beach: Small but charming: Located in Kaş, this beach is considered one of the most picturesque in Turkey. Turquoise water and golden sand: Perfect for a relaxing swim and sunbathing. Majestic cliffs: Surround the beach, creating a unique atmosphere. 2. Göreme, Cappadocia: Fairytale town: Houses and hotels are carved into the rocks, creating a magical feel....
Buying Property in Turkey: A Guide to Associated Costs Owning a property in Turkey can be a great investment or a perfect holiday getaway. However, besides the property price, there are a number of additional costs to consider when purchasing real estate in Turkey. Here's a breakdown of the expenses you can expect to encounter: One-time expenses: Real estate appraisal: Approximately $440...
Cyprus’ economic growth has slowed down, but inflation is decreasing. The European Commission has published its interim economic forecast for 2024. Real GDP growth in Cyprus from the first to the third quarter of 2023 showed a slowdown to 2.5% compared to 5.8% in the same period of 2022, mainly due to a decrease in demand for non-tourist services. In 2023, the tourism sector continued to grow, with...
Step back in time and experience the evolution of motoring at the Cyprus Historic and Classic Motor Museum in Limassol. This unique museum houses a collection of over 240 vintage cars, taking visitors on a journey through more than a century of automotive history. A treasure trove of automotive history From the moment you step through the doors of the museum, you are transported to a bygone era. The...
Cyprus, an island that was the center of various ancient civilizations, is an open-air museum in itself. But this is not a reason to neglect visiting traditional exhibition buildings. We have collected five museums where you can spend your time with interest and benefit. And they are not only about ancient culture. Cyprus Police Museum, Nicosia The Cyprus Police Museum is located at the intersection...
RICS and KPMG have released their latest Cyprus Property Price Index, which shows that property prices and rents continued to rise in the fourth quarter of 2023. Key findings include: Paphos was the leader in overall property price growth. Apartments saw the highest price increases, followed by houses in Paphos, Larnaca, and Limassol. The most significant rental increases were recorded for...
The government of the Republic of Cyprus will cover half the cost of building, buying, or renovating real estate. The benefits will be provided through a new state program to support the population. Married couples, singles, and young families (spouses under 41) will be able to receive a subsidy for the purchase of housing. The program will be launched in the first quarter of this year and will last for...
This article will guide you through the process of paying taxes on your rental income in Turkey, ensuring you can rest easy knowing you are in compliance with the law. When to file: The declaration is filed with the tax authorities in March of the current year for the previous year. Tax-free threshold: You are exempt from paying tax if your total annual income is no more than 21,000...