PwC Cyprus recently released its annual report on the real estate market, providing valuable insights into the sector's performance in 2023. The report highlights the remarkable resilience and adaptability demonstrated by the Cypriot property market throughout the year. Key takeaways from the report: Overall transaction value reached €5.5 billion, remaining at the same level as 2022. Larnaca...
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,...
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...
The TRNC Post Office has released an updated list of items and products that are prohibited from being sent in parcels arriving in Northern Cyprus. The list includes medications, precious metals, and certain financial documents. "Based on our previous experience, it is very important that our citizens are aware of the list of items that cannot be transported. This is important for both the health of the...
Cyprus is a beautiful island nation located in the Eastern Mediterranean Sea. Renowned for its stunning beaches, crystal-clear waters, and rich history, Cyprus is a popular destination for tourists and investors alike. The Cyprus Residency by Investment Program offers a straightforward path to permanent residency for individuals and families who invest in real estate on the island. The program is...
Are you looking for a beautiful, tranquil, and affordable place to live or invest? Choose North Cyprus! With its stunning beaches, crystal-clear waters, and mild climate, North Cyprus is a hidden gem waiting to be discovered. The North Cyprus Residency Program offers three straightforward paths to residency: 1. Property Investment: No minimum investment threshold: Unlike other residency...