The Deputy Ministry of Tourism of Cyprus reports a growing market for short-term rentals. This market is regulated, and listing on online platforms requires obtaining a license. Penalties are provided for violators. According to Marios Tsanakas, a representative of the Deputy Ministry of Tourism, there are currently over 6,700 self-catering accommodations in Cyprus capable of accommodating over 30,000...
On February 21, the Cabinet of Ministers of the Republic of Cyprus approved seven measures to support the population and businesses in the fight against inflation. 60 million euros will be allocated from the state budget for this purpose. President of the Republic Nicos Christodoulides announced the decisions in a televised address to the nation. The measures include: Extension of the...
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...
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...
Looking for a scenic and easy hike to enjoy with your family? Look no further than the Vateri Nature Trail in Kakopetria, Cyprus. This short, one-kilometer trail is perfect for families with young children, as it is relatively flat and easy to walk. The trail winds along the west bank of the Klarios River, and while it is not particularly challenging, it is still very scenic. The area is lush with...