Our February 2018 newsletter provides an overview of the Cyprus property market and the Cyprus and the Global economy View Issue 90, February 2018 in your browser  Past Issues: Cyprus Property News 

Deposits and loan rates decrease

02/02/2018, Stockwatch
Deposits and loan rates, apart from consumer loans, were down in December 2017 in Cyprus, data released by the Cyprus Central Bank data released on Thursday show.

Unemployment rate at 11.3% in December 2017

31/01/2018, Stockwatch
The seasonally- adjusted unemployment rate in Cyprus was 11.3% in December 2017, up from 11.1% in November 2017, but significantly down form 12.8% in December 2016, according to figures published by Eurostat, the statistical office of the European Union.

University of Cyprus expects economy to grow

30/01/2018, Cyprus Business Mail
The University of Cyprus said its economic growth forecast for this year remained unchanged at 3.6 per cent, after the economy expanded in 3.8 per cent in 2017, the highest growth rate in eight years.

Largest Annual Decrease in Public Debt

25/01/2018, Gold News
Cyprus had the second largest debt decrease in quarterly basis (-2.9 pp) and the largest decrease in annual basis (-7.4 pp), among EU 28 countries, according to Eurostat data released on Wednesday 24 January.

New home building permits up 41 per cent

16/01/2018, Cyprus Property News
The number of new homes in Cyprus for which building permits have been issued rose by 41.4 per cent in October 2017 compared to October 2016 according to the Cyprus Statistical Service. 

RICS: Cyprus property prices on the rise

15/11/2017, Cyprus Property News
Cyprus property prices are continuing to rise, according to the thirty-first publication of the RICS Cyprus Property Price Index with apartment and house prices maintaining a steady growth.

Home prices up says Cyprus Central Bank

10/11/2017, Cyprus Property News
Home prices in Cyprus (houses and apartments) recorded a quarter-on-quarter increase of 0.5 per cent in the second quarter of 2017 according to the Cyprus Central Bank’s latest Residential Property Price Indices.
Economy & Property Market
18/01/2018, Gold News
Economic sentiment in Cyprus strengthened as the Economic Sentiment Indicator (ESI-CypERC) increased in January 2018 by 3.3 points compared with December 2017

Industrial production up by 10.2% in November 2017
30/01/2018, StockWatch
The Public Debt Management Office (PDMO) said Thursday the government may issue a euro medium-term note (EMTN), or Eurobond, of up to €1bn next year.

Deposits to loans gap drops below €2bn for the first time since 2013
30/01/2018, Cyprus Business Mail
The gap between deposits and loans in the Cypriot banking system narrowed in December to €1.9bn, the smallest value since November 2012, the Central Bank of Cyprus said.

23/01/2018, PropertyWire
The UK is now the most popular location globally for commercial real estate investment with Germany losing favour as a commercial property hotspot, the latest research suggests.

Europe's economy grew faster than the U.S. last year 
30/01/2018, CNN Money (VIDEO)
Economic growth in the 19 countries that use the euro currency was 2.5% in 2017, according to official data published Tuesday. Growth in the 28-member European Union also reached 2.5% last year.

East Europe Real Estate Stays Hot at Pre-Crisis Growth Pace
30/01/2018, Bloomberg
Commercial and industrial real-estate in eastern Europe remains attractive to developers, as the economic outlook overcomes the region’s volatile politics, according to industry executives at a conference in Vienna.


Properties sold to Foreigners only

District 2017 2016 2015 2014 2013
Nicosia 117 131 96 90 92
Limassol 810 611 394 290 267
Larnaca 384 335 292 234 130
Famagusta 176 109 86 125 83
Paphos 865 627 481 454 445
TOTAL 2406 1813 1349 1193 1017
Source: Department of Lands and Surveys:
Total number of properties sold with registered contracts of sales by foreign buyers

Property Sales in Cyprus

District 2017 2016 2015 2014 2013
Nicosia 1464 1031 749 748 709
Limassol 3167 2496 1566 1417 1049
Larnaca 1340 1360 1072 794 604
Famagusta 628 436 324 330 241
Paphos 2135 1740 1241 1238 1164
TOTAL 8734 7063 4952 4527 3767
Source: Department of Lands and Surveys:
Total number of registered contract of sales
Property Sales in Cyprus 
Year Foreigners Locals Totals
2000 450 12214 12664
2001 1207 12849 14056
2002 2548 14111 16659
2003 3991 15294 19285
2004 5384 11947 17331
2005 6485 10106 16591
2006 8355 8598 16953
2007 11281 9964 21245
2008 6636 8031 14667
2009 1761 6409 8170
2010 2030 6568 8598
2011 1652 5366 7018
2012 1476 4793 6269
2013 1017 2750 3767
2014 1193 3334 4527
2015 1349 3603 4952
2016 1813 5250 7063


2406 6328 8734

Articles in English that you might have missed

A cause for worry?

As time passes so the pressure on Cyprus from the E.U. and others increases. At this point of time the visa/passports measure is working well for us and has contributed to the expansion of the economy to 4% this year, whereas the net income from these sales of around ½ bil., is a sizeable amount.

Non Performing Loans and Ability to Handle

The subject of Non Performing Loans (N.P.L.s) is hugely serious and according to Averof Neophytou (Chairman of the governing party) it is the biggest problem we have in Cyprus after the political one.

Who is responsible at the end?

We note several reports regarding soil subsidence at various locations and the recent reports refer mainly to Armou village and in certain other locations.

Swimming Pools - Confusion

There is a huge and serious confusion whether a swimming pool is private or public. The prevailing regulations (even this is not clear) stipulate that a pool is considered as being public if it serves more than 10 units.

Alternative Resale Procedures

The main market in housing is the resales, that is individuals who wish to sell their homes. If a title in hand this is simple because you just transfer the title deed and all is finished.

Managing Foreign Real Estate Sales

It is a fact that foreign real estate sales which represents ±25% of the total in terms of numbers and around 50% in terms of value, has had a most positive contribution to the local building industry and by projection to the Cyprus economy

VAT & Understanding

We are at a loss dear readers what are the new VAT provisions all about. We have read the law over and over again and we have attended one lecture on the subject given by one of the international auditors, but we still cannot profess that we understand fully the provisions.

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Articles in Greek that you might have missed

Όποιος δεν έχει συντεχνία την έπαθε

Μας κάνει εντύπωση η ευκολία με την οποία οι διάφοροι υποψήφιοι κάνουν υποσχέσεις σε διάφορες συντεχνίες και άλλους (για νέες παροχές) διότι πιστεύουν ότι έτσι θα προσελκύσουν ψηφοφόρους.

Μη Εξυπηρετούμενα Δάνεια & Δυνατότητες Αντιμετώπισης

10/12/2017Το θέμα των Μη Εξυπηρετούμενων Δανείων είναι μεγάλο και σοβαρό και κατά τον κ. Αβέρωφ Νεοφύτου, είναι το πιο μεγάλο μας πρόβλημα μετά το εθνικό.

Να ανησυχήσουμε;

Όπως περνά ο καιρός έτσι και οι πιέσεις από την Ε.Ε. και άλλους αυξάνονται. Στο στάδιο αυτό τα διαβατήρια/βίζες έχουν πολύ καλά αποτελέσματα και η Κυβέρνηση δηλώνει ότι μέχρι σήμερα παραχωρήθηκαν 1.700 διαβατήρια, αλλά εάν προσθέσουμε και την οικογένεια και εκείνους με τις βίζες (κυρίως Κινέζους) ο αριθμός είναι πολλαπλάσιος.

Φορολογίες - Τα Μυστικά της Μασονίας;

Στις διάφορες φορολογίες που μας επιβάλλουν οι Δήμοι και άλλες Aρχές, διερωτόμαστε πως καταλήγουν στον συγκεκριμένο ποσό του φόρου. Τι μεθοδολογία χρησιμοποιούν, ποια τα δεδομένα κλπ.

Προβολή της Κύπρου & Ακίνητα

Υπάρχει ένα εξαιρετικό εβδομαδιαίο πρόγραμμα στην Ελληνική τηλεόραση με την ονομασία Μένουμε Ελλάδα. Η σειρά αυτή επί εβδομαδιαίας βάσης επισκέπτεται διάφορους τουριστικούς προορισμούς με εξαιρετική φωτογράφηση και με συνεντεύξεις ντόπιων όσο και τουριστών, Ελλήνων και ξένων 

Eπεvδύστε στηv Πoιoτική Μόρφωση

Θα ηθέλαμε vα υπoδείξoυμε στoυς vέoυς και vέες πoυ θα ακoλoυθήσoυv τov δικό μας τoμέα, τoυ τεχvικoύ κόσμoυ, vα πρoσέξoυv τις ακόλoυθες εισηγήσεις, οι oπoίες και δεv είvαι και οι μovαδικές.

Ακίνητα & Συγκριτικά Στοιχεία

Ως ένα από τα γηραιότερα γραφεία από πλευράς εμπειριών ακίνητης ιδιοκτησίας από το έτος 1980, παρουσιαζόμαστε στο Δικαστήριο για διάφορα θέματα που αφορούν τις αξίες των ακινήτων για σκοπούς απαλλοτριώσεων και άλλων διαφορών.

Our Office News

  • The Office attended 2 seminars organized by KEVE on the new VAT provisions on sale of building plots and development land.  Not all cleared and we have written to the VAT Authorities for further clarifications.
  • Release of personal Data is becoming quite a serious offence with hefty penalties.  We are searching to understand how this affect our own operations.
  • A new site is being set up on “Nicosia Super Homes” suitable for embassies and high net worth clients.  Average sales price €3.0-€15.0 mil.  Other towns to follow.  The site will be operational by the end of February.
  • Our Xmas Office party took place on 24.1.2018 at the Donkey Theme Park at Kofinou village.
  • Two new members of staff dealing with sales have been hired increasing our sales team number to 16 members.
  • Our Office gave during the year 2017, 4 private lectures regarding real estate to professionals of the industry and developers.  The exchange of ideas was found most useful by all of us and we intend to continue this activity which is given free as part of our Education Services.
  • Nicosia Municipality requires a valuation of its real estate and has appointed our firm to do it.  An interesting job with a lot of parameters for the Municipality.

Properties for sale in Nicosia


5 bedroom Villa
€ 1.300.000
Title deeds 
Resale, 2013
Plot size: 1.114 m²
Covered: 600 m²
Covered Veranda: 20 m²

Agios Andreas

3 bedroom Apartment
€ 420.000
Ground Floor
Title deeds 
Resale, 2017
Covered: 205 m²
Covered Veranda: 35 m²


Building Plot
€ 90.000
Plot size: 525 m²
Coverage: 45%
Build Density: 60%
Maximum Floors: 2
Road, Water, Electricity Available

Properties for sale in Limassol

Potamos Germasogeias

3 bedroom Detached House 
€ 425.000
Title deeds 
Resale, 2005
Plot size: 374 m²
Covered: 154 m²
Covered Veranda: 10 m²

Mesa Geitonia

3 bedroom Duplex Apartment 
€ 245.000
2nd & 3rd floor
Covered: 98 m²
Covered Veranda: 16 m²


Kato Polemidia

Building Plot
€ 1.200.000
Plot size: 4.028 m²
Building Permit for 32 Apartments
Coverage: 50%
Build Density: 100%
Maximum Floors: 3
Road, Water, Electricity Available

Properties for sale in Larnaca


5 bedroom Detached House 
€ 1.450.000
Title deeds for the land
Plot size: 1.158 m²
Covered: 587 m²
VRV system, fencing, electric shutter


2 bedroom Apartment
€ 115.000
Title deeds for the land
Covered: 79 m²
Covered Veranda: 15 m²
Solar, Storage Room


Building Plot
€ 115.000
Plot Size: 762 m²
Coverage: 70%
Build Density: 140%
Maximum Floors: 2
Road, Water, Electricity Available  

Properties for sale in Famagusta

Protaras - Cavo Maris

3 bedroom Seaview Villa
€ 340.000
Title deeds
Plot Size: 286 m² 
Covered: 120 m²
Uncovered: 38 m²


3 bedroom Apartment 
€ 83.000
Title deeds (Share of land)
Covered: 70 m²
Covered Veranda: 10 m²


Building Plot
€ 115.000
Plot Size: 1.048 m²
Coverage: 50 %
Build Density: 90 %
Maximum Floors: 2
Road, Water, Electricity Available  

Properties for sale in Paphos

Mesa Chorio

4 bedroom Seaview Villa
€ 475.000
Title deeds
Plot Size: 986 m² 
Covered: 300 m²
Energy Performance B Certificate

Tombs of the Kings

3 bedroom Apartment 
€ 160.000
Title deeds
Covered: 94 m²
Uncovered: 18 m²
Fully furnished, granite worktops, ceiling fans, shutters


Building Plot
€ 280.000
Plot Size: 1.066 m²
Coverage: 50 %
Build Density: 90 %
Maximum Floors: 2
Road, Water, Electricity Available  
Copyright © 2018 Antonis Loizou & Asspcoates, All rights reserved.
Head Office | 68A Kennedy Avenue | 1076 | Nicosia | Cyprus
Tel: +357 22 477 600 | Fax +357 22 428 681
www.aloizou.com.cy | www.aloizou.ru

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