News https://cypruspropertyfund.com en President of Cyprus: growth in Cyprus real estate market will continue https://cypruspropertyfund.com/tpost/3xz0ute9ta-president-of-cyprus-growth-in-cyprus-rea https://cypruspropertyfund.com/tpost/3xz0ute9ta-president-of-cyprus-growth-in-cyprus-rea?amp=true Thu, 09 Jan 2020 12:00:00 +0300 Cyprus Real Estate News

President of Cyprus: growth in Cyprus real estate market will continue

The growth in the Cyprus real estate sector will proceed and gain more momentum because of a noticeable increase in number of local and foreign investments in the country.

Nicos Anastasiades noted that “our primary concern is to support the efforts aiming to upgrade the natural and structured landscape and to further boost the impetus in the building industry.”

The President also highlighted that the high employment percentages, supported by the momentum in the real estate sector with a noticeable registered growth both in sales and building permits demonstrate that the sector’s revival has been achieved with significant number of benefits for Cyprus.
]]> Cyprus, Israel and Greece have signed the deal for EastMed gas pipeline https://cypruspropertyfund.com/tpost/zmsjg3tiku-cyprus-israel-and-greece-have-signed-the https://cypruspropertyfund.com/tpost/zmsjg3tiku-cyprus-israel-and-greece-have-signed-the?amp=true Thu, 02 Jan 2020 12:00:00 +0300 Cyprus Economic News

Cyprus, Israel and Greece have signed the deal for EastMed gas pipeline

Cyprus, Israel and Greece have signed an agreement on construction of a pipeline planned to supply Europe with Mediterranean gas.

This pipeline will be a new source of gas supply diversification for Europe.

It will transfer up to 12 bcm (billion cubic meters per year) for 2 000 km from offshore gas block between Israel and Cyprus to Greece. From Greece this gas will be transported to other EU south countries. According to the forecasts, this gas could satisfy up to 10% of the EU's natural gas demand.

The discovery of hydrocarbon reserves in the eastern Mediterranean has sparked a rush for the energy resources in the region.

On the other side, it is important to remember that the signing of the deal provides no guarantee that the construction of the pipeline will go ahead.
]]> Cyprus is easing lockdown measures https://cypruspropertyfund.com/tpost/9zzudry4nn-cyprus-is-easing-lockdown-measures https://cypruspropertyfund.com/tpost/9zzudry4nn-cyprus-is-easing-lockdown-measures?amp=true Mon, 15 Jun 2020 00:16:00 +0300 Cyprus Economic News

Cyprus is easing lockdown measures

The 3rd phase begins at 9-th of June and will last until 24-th of June (previous date 14-th July). Airports and ports will reopen as well as malls, indoor catering services, hotels, open-air theatres and cinemas. Also kindergartens, outdoor children’s playgrounds, nurseries, all-day and summer schools with refectories will be open. Gyms and thematic parks, dancing schools and schools for other sports, and casinos will reopen from 13-th of June.


The Ministry of Health has clarified that restriction of 10 persons for gathering will last until June 24, based on current epidemiological situation. From 24-th of June till 6-th of July meetings will be allowed up to 50 people indoors or up to 100 people outdoors if the sanitary protocols are provided. Following premises are not allowed under the 3rd stage of reopening, their reopening will be considered later based on epidemiological situation:

·        Discos
·        Entertainment venues
·        Nightspots
·        Music and dancing venues

Health Minister Constantinos Ioannou had said that indoor cinemas will re-open early August. Festivals, concerts, wedding receptions and christenings as well as graduation ceremonies will be allowed from 1st of September.]]> Residential property price index loses positions https://cypruspropertyfund.com/tpost/mmpu3fyulr-residential-property-price-index-loses-p https://cypruspropertyfund.com/tpost/mmpu3fyulr-residential-property-price-index-loses-p?amp=true Mon, 15 Jun 2020 00:18:00 +0300 Cyprus Real Estate News

Residential property price index loses positions

The Cyprus Residential Property Price Index (RPPI) increased by 2.2% on annual basis in the last quarter of 2019, albeit in slower pace compared with the two previous quarters, which marked an increase of 2.8%. House price rose by 1.5% and apartment prices increased by 4.1%. The largest annual increase was in Famagusta – 3.3%, apartments in Larnaca and Limassol gained 7.4% and 7.6% respectively, according to the CBC.

In the last quarter of 2019 the housing prices index remained almost unchanged marking a quarterly increase of 0.2% compared with 0.3% in the previous quarter. The slowdown is more pronounced in the apartments index which in the last quarter of 2019 increased by 0.5% over the previous quarter, compared with an increase of 1.5% in the third quarter.

According to the Central Bank of Cyprus (CBC), the RPPI continued its upward trajectory in the last quarter of 2019, marking a quarterly increase of 0.3% compared with an increase in previous quarter of 0.7%, with the slowdown affecting apartments and houses.

According to the CBC data, the largest quarterly reductions in the prices of houses and apartments were in the district of Pafos with 0.9% and 3.0% respectively, while prices in the Larnaca and Famagusta marked quarterly reductions.]]> Ministry of Finance holds a Eurogroup teleconference on the country's economic forecasts https://cypruspropertyfund.com/tpost/hzottn1zf6-ministry-of-finance-holds-a-eurogroup-te https://cypruspropertyfund.com/tpost/hzottn1zf6-ministry-of-finance-holds-a-eurogroup-te?amp=true Mon, 15 Jun 2020 00:20:00 +0300 Cyprus Economic News

Ministry of Finance holds a Eurogroup teleconference on the country's economic forecasts

Constantinos Petrides, Cyprus Finance Minister, has informed his Eurozone counterparts about the government's projections on the Cyprus economy for coming years.

Cyprus economy, just like all other European economies is expected to be seriously affected by the Coronavirus, despite the fact that Cyprus implemented very strict measures to protect citizens and support its public health system. Fiscal support and liquidity package were equivalent to 15% of GDP.

At the same time, Petrides briefed the Eurogroup that the Cypriot economy is expected to shrink significantly in 2020. However, a significant recovery is expected in 2021, mainly supported by local demand. Government macroeconomic scenario suggests an increase of real GDP of 6% in 2021.]]> Growth of the house prices https://cypruspropertyfund.com/tpost/d952poefvv-growth-of-the-house-prices https://cypruspropertyfund.com/tpost/d952poefvv-growth-of-the-house-prices?amp=true Sat, 18 Jul 2020 13:17:00 +0300 Cyprus Real Estate News

Growth of the house prices

House prices, measured by the House Price Index, increase by 5.0% in the EC during the Q1 2020 compared with the same period of the previous year. This is the highest annual increase since the Q2 of 2007. In the EU house prices rose by 5.5% compared with the same quarter of the previous year. In Cyprus, house prices grows by 2.5% and 1.1% in quarterly and annual basis, during Q1 2020. Data comes from Eurostat.

Compared with the previous quarter, the highest increases were recorded in Portugal (+4.9%), Estonia (+4.8%) and Slovakia (+4.0%), while decreases were observed in Malta (-4.3%), Hungary (-1.1%), Ireland (-0.8%) and Belgium (-0.1%). Among the Member States for which data are available, the highest annual increases in house prices in the Q1 of 2020 were recorded in Luxembourg (+14.0%), Slovakia (+13.1%), Estonia (+11.5%), Poland (+11.3%) and Portugal (+10.3%), while prices only fell in Hungary (-1.2%).

]]> Cyprus current account deficit at €0.9 bn https://cypruspropertyfund.com/tpost/fvnl88hy90-cyprus-current-account-deficit-at-09-bn https://cypruspropertyfund.com/tpost/fvnl88hy90-cyprus-current-account-deficit-at-09-bn?amp=true Sat, 18 Jul 2020 13:21:00 +0300 Cyprus Economic News

Cyprus current account deficit at €0.9 bn

Cyprus recorded a €0.9 bn deficit in Q1 2020, rise from €-0.5 bn in Q4 2019 and €0.6 bn in Q1 2019. The trade in services balance was positive at €0.4 bn in Q1 2020, down from €1.2 bn in Q4 2019 and €0.5 bn in Q1 2019.
EU seasonally adjusted current account of the balance of payments recorded a surplus of €59.9 billion (1.8% of GDP) in the Q1 of 2020. It was decrease from a surplus of €78.6 billion (2.2% of GDP) in the Q4 of 2019 and from a surplus of €102.0 billion (3.0% of GDP) in the Q1 of 2019. Date released by Eurostat.]]> Decrease of main Economic indexes during the second quarter of 2020 https://cypruspropertyfund.com/tpost/nk44l2idc8-decrease-of-main-economic-indexes-during https://cypruspropertyfund.com/tpost/nk44l2idc8-decrease-of-main-economic-indexes-during?amp=true Tue, 18 Aug 2020 20:29:00 +0300 Cyprus Economic News

Decrease of main Economic indexes during the second quarter of 2020

The GDP growth rate in real terms during the second quarter of 2020 is negative and estimated at -11.9% over the same quarter of previous year, according to the Statistical Service. The negative GDP growth rate is mainly attributed to the following sectors: "Hotels and Restaurants", "Manufacturing", "Construction", " Transport, Storage and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", "Other Service Activities".
Similarly, the Cyprus Composite Leading Economic Index (CCLEI) recorded a decrease of 8.5% (on a y/y basis) in June 2020 reaching a level of 99.6, after y/y reductions of 11.3% and 10.6% in April and May respectively. The negative y/y growth rate of the CCLEI in June 2020 reflects the uncertain environment caused by the pandemic and its effects.
Tourism – one of the main drivers of the Cypriot economic activity has been significantly affected by the restrictive measures taken by the Cypriot Government as well as other countries, with the tourists’ arrivals in June and July of 2020 being considerably lower compared to the corresponding months of the precious years.
Moreover, the improvement of the Economic Sentiment Indicator (ESI) in the euro area, including Cyprus, combined with the fact that the value of visa card transactions continues to increase, reflects the gradual improvement of the economy as well as the transition to electronic methods of payment as a precautionary measure against the coronavirus pandemic. The reversal of the downward trend of the CCLEI for June as well as of the estimation of the Index for July 20 indicate some improvement in economic activity.]]> Building permissions records a reduction compared with the previous year https://cypruspropertyfund.com/tpost/gao6a3y2yn-building-permissions-records-a-reduction https://cypruspropertyfund.com/tpost/gao6a3y2yn-building-permissions-records-a-reduction?amp=true Tue, 18 Aug 2020 20:47:00 +0300 Cyprus Real Estate News

Building permissions records a reduction compared with the previous year

Building permissions issued in the first five months of this year in Cyprus recorded a reduction compared with the same period of last year, data released by the Cyprus Statistical Service (CyStat).
Number of building permissions in May 2020, the month at which COVID-19 containment measures started to increase in Cyprus, authorized by the municipal authorities and the district administration offices were 708. The total value of these permits – €274.3 million and the total area – 200.9 thousand square meters. These building permissions provide for the construction of 956 housing units.
During the period January – May 2020, 2,429 building permissions were issued compared to 2,820 in the corresponding period of the previous year.
Total value of these permissions decreased by 43.7% and the total area by 25.4%. The number of housing units recorded reduced by 5.7%.
Building permissions constitute a leading indicator of future activity in the construction sector. It makes sense to monitor this factor in order to indicate deferred demand and the entry point on the market.]]> Government of Cyprus announces new housing programs and incentives https://cypruspropertyfund.com/tpost/szh95d7o31-government-of-cyprus-announces-new-housi https://cypruspropertyfund.com/tpost/szh95d7o31-government-of-cyprus-announces-new-housi?amp=true Fri, 19 Feb 2021 21:00:00 +0300 Cyprus Economic News

Government of Cyprus announces new housing programs and incentives

The Government announced new housing programs and incentives with an emphasis on rural areas and young people on Wednesday. The schemes, which were earlier approved by the Cabinet, aim at further supporting the economy and entrepreneurship.

The new plans were unveiled in detail at a press conference at the Presidential Palace by the Interior Minister Nicos Nouris. In his speech, President Nicos Anastasiades said that the Government wants to turn the rural and less privileged areas into attractive places for living and business. The goal is for young families to choose these areas for their permanent residence, and for investors and entrepreneurs to come and start their businesses.

The president also mentioned plans already in place, such as the new strategy for the Troodos mountain communities, which has a budget of 250 million euros.

He also mentioned local projects to enhance health, education, welfare and cultural services, such as the modernization of a hospital in Keiperounte, the creation of health centers in several communities and villages, the modernization of nursing homes and day care centers and other facilities that improve the quality of life for citizens. The budget allocated for the period 2021-2022 will be 21 million.

The housing programs are aimed at citizens who want to have permanent residency in rural areas. The scheme was first introduced in 2019, and so far, 226 applicants have benefited from it for a total of €6.5 million. The financial assistance is up to 55,000 euros.

The second housing program targets specific rural areas, and according to the minister, 128 communities are expected to participate. The financial assistance for a family of four is up to 20,000 euros. Applications can be submitted between March 1 and December 31, 2021.

The government has also announced benefits ranging from 400 to 600 euros for families who permanently reside at least 40 km from the city center. Applicants can submit their applications from April 2.

]]> Alternative market in 2020. Brief summary https://cypruspropertyfund.com/tpost/uayornz3v1-alternative-market-in-2020-brief-summary https://cypruspropertyfund.com/tpost/uayornz3v1-alternative-market-in-2020-brief-summary?amp=true Thu, 25 Feb 2021 20:17:00 +0300 Cyprus Real Estate News

Alternative market in 2020. Brief summary

In the 4th quarter of the 2020, the Total Asset Under management (AUM) increased by 10.3% from the previous quarter and reached €7.97 billion. Comparing with same quarter of 2019, the increase was 3.8%. The amount of Net Asset Value (NAV) from individual investors reached €6.31 billion at the end of 2020.
According to the 2020 reports, Cyprys alternative investment market have following structure: Private equity – 35%, Funds of Funds – 1%, Hedge Funds – 13.5%, Real estate – 14.7%, Other – 35%.]]> Investment Funds sector growth outpaces growth in Central and Eastern Europe https://cypruspropertyfund.com/tpost/f1io18e311-investment-funds-sector-growth-outpaces https://cypruspropertyfund.com/tpost/f1io18e311-investment-funds-sector-growth-outpaces?amp=true Thu, 06 May 2021 13:12:00 +0300 Cyprus Economic News

Investment Funds sector growth outpaces growth in Central and Eastern Europe

Cyprus is consolidating its position as an international hub for Investment Funds, with the sector growth outpacing its European peers. According to a press release issued by CIFA, presenting the international trends for Collective Investments, the growth rate of the sector in Cyprus in the last few years has been far greater than its counterparts in Central and Eastern Europe. At the end of 2020, 47% of the net assets in Cyprus were held by cross-border funds.
This trend shows that Cyprus is growing into a new European destination for international Investment Funds, since only Ireland (92%), Luxembourg (76%) and Malta (76%) concentrate higher percentages – these are destinations that have been servicing Investment Funds for decades, the press release added.]]> GDP growth projected at 3.3% in 2021 https://cypruspropertyfund.com/tpost/mv8oj9ddd1-gdp-growth-projected-at-33-in-2021 https://cypruspropertyfund.com/tpost/mv8oj9ddd1-gdp-growth-projected-at-33-in-2021?amp=true Thu, 06 May 2021 13:16:00 +0300 Cyprus Economic News

GDP growth projected at 3.3% in 2021

GDP growth in Cyprus is estimated at 3.3% in 2021, accelerating to 3.6% in 2022, due to the Economic Outlook of the University of Cyprus Economics Research Center, issued in April.
The growth forecast for 2021 has been recalculated downwards relative to the forecast in the February issue (3.7%), because of the smaller-than-projected contraction in GDP in 2020 and impediments to economic activity caused by the lockdown in January.
As regards downside risks, it says they stem from setbacks to the reopening of economic activities and renewed pandemic containment measures. Downside risks are also associated with the path of external demand for tourist services that depends on the epidemiological conditions, including vaccinations, in Cyprus and abroad.
Additional downside risks relate to pressures on public finances and a possible re-escalation in NPLs as the pandemic persists, in addition slow progress in implementing structural reforms and uncertainties around the foreclosure framework may undermine the country’s credibility, renew vulnerabilities and weigh on the growth prospects.]]> Price of construction materials up 4.38% in March https://cypruspropertyfund.com/tpost/scp5x73f21-price-of-construction-materials-up-438-i https://cypruspropertyfund.com/tpost/scp5x73f21-price-of-construction-materials-up-438-i?amp=true Thu, 06 May 2021 13:17:00 +0300 Cyprus Economic News

Price of construction materials up 4.38% in March

The Price Index of Construction Materials for March 2021 reached 105.36 units (base year 2015=100), recording an increase of 4.38% compared to March 2020, the Statistical Service of Cyprus announced 19.04.
By main commodity category, increases were recorded in metallic products (11.54%), products of wood, insulation materials, chemicals, and plastics (1.72%), minerals (1.38%), mineral products (0.98%) and electromechanical products (0.72%).
Compared to February 2021 the Index recorded an increase of 0.71% compared to the previous month.]]>