Flourishing Residential Sales: Nationwide residential property sales in February 2024 witnessed a 17.3% year-on-year increase, reaching 93,902 units. Istanbul maintained its dominance as the city with the highest number of property sales, accounting for 16,344 units or 17.4% of the total. Ankara followed with an 8.8% share, and Izmir with a 5.5% share. Stabilizing Prices: In line with our 2023...
In today's globalized world, buying an apartment abroad is a more feasible and attractive option than ever before. It offers a wealth of opportunities to enhance your lifestyle, financial security, and personal enjoyment. Whether you're seeking a vacation home, a retirement destination, or an investment property, purchasing an apartment overseas can be a wise decision. Benefits of Owning an Apartment...
The small island of Petra tou Limniti is located off the coast of Tillyria, in the northern sea of Cyprus. The island is only 4,500 square meters in size, but it has a significant place in Cypriot history and archaeology. In 1927, a Swedish archaeological expedition led by Einar Gjerstad discovered a Neolithic settlement on Petra tou Limniti that dates back to around 5800 BCE. This makes it one of the...
Key takeaways: Overall property sales in Turkey increased by 17.3% in February 2024 compared to February 2023. Foreign property sales decreased by 44.9% in the same period. Istanbul, Antalya, and Mersin were the top three regions for foreign property sales. Russian citizens were the top buyers of foreign property, followed by Iranian, Iraqi, Ukrainian, and German citizens. Sales Growth...
New regulations reduce supply, pushing owners to long-term rentals Turkey's "Airbnb law," which came into effect on January 1, 2024, has significantly reduced supply in the short-term rental market. According to Emlak Kulisi, the number of apartments rented out for short-term (up to 100 days) has decreased from 13,500 to 3,000 in just two months. For example, in the Esenyurt district of Istanbul, only...
Key changes to citizenship requirements Cyprus recently introduced significant changes to its citizenship requirements. Language and local knowledge certificates are now mandatory for all individuals seeking Cypriot passports. Practical implementation still unclear However, specific details on how the new requirements will be applied in practice remain unclear. Consequently, new citizenship...
Thousands of homeowners in Cyprus still cannot obtain title to their property. The Ministry of Internal Affairs has prepared a strategy to overcome this long-term problem. Owners of property without title are divided into three categories: Those who have fulfilled all their obligations but were unable to obtain the document due to the developer's debts. Those who were unable to obtain title...
Rising demand and prices While Limassol has held and continues to hold the lead in terms of foreign investment in recent years, current investors are also turning their attention to other cities on the island. Increased interest has been recorded in Larnaca. Larnaca has started to develop both in terms of tourist infrastructure and housing. The high demand for houses and land in the region has caused...
Israeli Ministry of Transportation: Exploring the Possibilities Israeli Transportation Minister Miri Regev sent a delegation led by Uzi Yitzhaki, head of the state-owned Israeli port company, to Cyprus. The aim of the visit was to explore the possibilities of purchasing a port on the Greek side of the island. Cost Estimation and Cypriot Interest Israel estimates the port to be worth around $150...
Saudi Aramco: Record Profits and Plans for the Future 2023 was the second most successful year in history for Saudi Aramco, with net income reaching $121.3 billion. However, compared to 2022, it decreased by a quarter due to falling oil prices. Despite this, the Saudi company is not slowing down. Amin Nasser, CEO of Saudi Aramco, announced plans to increase renewable energy production. By 2030, the...