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1. Mykonos faces tourism crisis amid declining numbers

Despite promising signs for other parts of the country as regards the number of flights and seat bookings for the 2024 tourism season, Mykonos is seeing a decline in both indices for the second year in a row. ...

2. Cyprus announces aid package for victims of Limassol tornado

In response to the recent tornado and extreme weather conditions that struck the Limassol Province on February 14, 2024, the Cyprus government has unveiled a comprehensive aid package to assist affected individuals and properties....

3. Luxury living or lawlessness? Squatters occupy Hollywood Hills mansion

A luxurious mansion in the heart of Hollywood Hills became an unexpected shelter for squatters earlier this year, showcasing a bizarre mix of characters including a self-proclaimed OnlyFans creator and a French bulldog....

4. Imperio leads Cyprus real estate into green future with first-ever ESG report

Imperio remains steadfast in its commitment to promote the green transition of Cyprus’ real estate sector – a development that will greatly benefit the sector’s businesses, society, economy, as well as the environment itself, in multiple ways....

5. AstroBank: Residential and commercial plots land for sale

AstroBank is selling residential, as well as commercial plots in various areas of Cyprus in the districts of Nicosia, Larnaca, Famagusta, and Paphos....

6. Tenants urge Parliament for fairness amid €150 to €2,800 spikes

The Professional Committee for the Management of Turkish Cypriot Properties in Limassol has reported significant rent hikes for commercial assets....

7. Reclaiming 700,000 vacant homes could ease Greece's housing crisis

The return to the real estate market of at least 700,000 homes that are currently closed or have stood empty for a number of years could play a key role in addressing Greece’s housing crisis....

8. Landlords urged to be reasonable when pricing rentals

Marinos Keynegirou, the president of the Real Estate Registration Council, warns of escalating prices and dwindling demand in the real estate market's fourth quarter....

9. EAC refunds €82.85 to flat tenants over faulty photovoltaic charges

The Electricity Authority of Cyprus (EAC) has decided to refund 82.85 euros to tenants of apartments connected to photovoltaic systems in response to an incorrect charging mechanism, known as ripple control, that was found to be nonexistent in the system. ...

10. Mortgage-to-Rent scheme sparks overwhelming interest as call centers inundated

In a significant response to the newly launched 'Mortgage to Rent' Scheme by the implementing agency, KEDIPES, the service center has been inundated with hundreds of calls since the official commencement of the initiative today....

11. KEDIPES introduces 'Rent-to-Own' scheme for vulnerable households

Starting December 4, the government, in collaboration with KEDIPES, opens applications for the innovative "rent for hire-purchase" scheme. This initiative aims to fully settle loans secured on the main residences of vulnerable households, offering a lifeline to those facing financial challenges....

12. Should tenants have a 'paw-sitive' right to pets?

Is a tank full of snakes in a bedsit OK? Would three St Bernard dogs in a two-bedroom flat be too much?...

13. Rising rent costs challenge Cyprus middle-class budgets

A disconcerting trend is unfolding in Cyprus, where not only are the prices of essential goods on the rise, but rents are also skyrocketing, sparking extensive debates and concerns throughout society according to a report on Philenews....

14. Violent clashes between tenants and property owners as rents spike 700%

A craftsman in Turkey, who has been diligently paying rent for two decades, now finds himself threatened with eviction due to an unexpected rent increase of nearly 700%. His monthly rent has surged from 3,200 Turkish lira (110 euros) to a staggering 25,000 lira (867 euros)....

15. Real estate prices surge by 7.7%

The prices in the Cyprus real estate market have been going up in recent years....

16. 2022 marks best real estate year in 14 years

DANOS, a prominent real estate consulting agency, hails 2022 as a remarkable year for Cyprus real estate, breaking through the economic challenges and awakening from the post-COVID stagnation. ...

17. Applications open for 'Rent in Exchange' program

"The submission of applications for the 'Rent in Exchange for Installment' program will begin in October," said Ioanna Markidou, Chief Economist A' at the Ministry of Finance, in a statement to CNA....

18. Relief for vulnerable households with non-performing loans

The ''Rent vs Instalment Scheme'' was approved by the Council of Ministers today, as announced by Government Spokesperson Konstantinos Letymbiotis following the conclusion of the Council. The European Commission's Directorate General for Competition also granted approval on July 6....

19. Parliament to vote on law for borrowers' foreclosure appeal

The news from the "Oikonomiki Kathimerini" about the suspension of first home foreclosures up to €350,000 until the end of October has been confirmed. ...

20. Turkish or Turkish Cypriot? Court decision controversy

The Republic of Cyprus will pay a compensation of €345,000 to a Turkish Cypriot of American origin, while also returning his property in Limassol, which was being irregularly exploited....

21. June Newsletter - Deadline for settlement of taxes through self-assessment

22. Surge in fraudulent accommodation scams targets holidaymakers

The director of the Electronic Crime Sub-Directorate, Andreas Anastasiades, has issued a warning about a surge in fraudulent activities where criminals are posing as tenants or owners of houses, apartments, and hotels....

23. Real estate: A closer look at prices and rental trends

With the chapter on imposing a reduced VAT rate of 5% on primary residences as a social policy measure finally moving towards resolution, an unresolved issue that has been lingering in the real estate market for years is being addressed....

24. The real estate industry's crucial turning point

The European Parliament recently approved a new bill that aims to tackle climate change by reducing carbon emissions. This new legislation has significant implications for the property markets in Cyprus and Greece, where there is a large stock of buildings over 30 years old and requiring energy upgrades....

25. 'Mansion tax' introduced to help homeless Californians

Some of the biggest names in Hollywood are rushing to sell their multi-million-dollar houses in Los Angeles before a new “mansion tax” kicks in on April 1....

26. Legalities and time constraints delaying repairs of refugee apartments

Attempting to overcome legal and time constraints in the construction of refugee apartment buildings...

27. 'Structural Integrity Certificates' should be made mandatory

The recent earthquakes in neighboring countries, as well as the aftershocks, felt in Cyprus, have brought to the forefront what we have been saying for years: the need to check the suitability of all our buildings on a regular basis....

28. Real estate trends in 2023

Increased inflation, rising interest rates, rising building costs, rising property values, a slight decline in new development approvals, a slight decline to stabilization in the unemployment rate, a slight increase in GDP, and a slight decline in private lending are just a few indicators of the (very) general economic picture....

29. 1,100 euro rental cap on thousands of homes in the Netherlands

The Dutch government will impose limits on rents for more than 300,000 homes in order to provide affordable housing in the face of a shortage in the country's housing problem....

30. The Commission is pushing for regulation of Airbnb-style lodgings

As part of its efforts to promote transparency in the short-term rental sector, the Commission adopted on Monday a proposal for the regulation to improve transparency and assist public authorities in ensuring the sector's balanced development in the context of sustainable tourism....