Apartment

Business

Cyprus economy slows down in fourth quarter amid regional tension

Cyprus’ Composite Leading Economic Index (CLEI), a key economic indicator compiled by the University of Cyprus’ Economic Research Centre (CypERC), remained positive in the fourth quarter of 2023, albeit while experiencing a slowdown during this period. The centre noted that the ongoing deceleration of the index underscores the challenges posed by a geopolitical environment rife with tension, combined with a broader sense of economic instability, on

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Business

Mortgage of a share of a plot

The mortgage burdens the share of the plot and the building and not the apartment During the construction of apartment buildings, in their attempt to sell apartments, developers often facilitate buyers in securing a loan from a bank by offering a mortgage on a share of the plot or land that corresponds to the apartment. They believe they are helping the buyer and that the other

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Business

Swapping a house for an apartment

The question of whether to swap a house for an apartment comes up quite regularly for homeowners who have reached a certain age. Circumstances change. Children grow up and leave home, older people are not as active as they used to be and finances are not as healthy as were when their house was built or purchased. When investing in a house for a family with

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Business

Cyprus leads EU in cross-border investment services

Cyprus has emerged as the top-ranking European Union member state in providing cross-border investment services, according to George Theocharides, chairman of the Cyprus Securities and Exchange Commission (CySEC). The announcement came following a session of the House Finance Monday on Monday, where Theocharides presented the commission’s budget for 2024. The CySEC chairman also outlined the commission’s plans to introduce a regulatory framework for crypto-assets from 2025.

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Business

Bad tenant register suggested as way to normalise rental prices

Council for Registration of Real Estate Agents president Marinos Kineyirou this week released a statement addressing the issue of soaring rental costs in Cyprus. “The troubling situation with rents is growing as inflationary pressures mount and household disposable income is squeezed,” Kineyirou said. “At a time when everything is getting more expensive, we see that the whole issue is becoming a subject of discussion not only

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Business

Solutions to the rent problem

A good effort by the Cyprus Land Development Organisation (ΚΟΑG) to offer properties for rent (residential) at affordable levels. The announcement by this organisation and Limassol municipality to help lower income groups face in paying rent is noteworthy, although the supply to be provided is not enough to address the problem. In addition to the above effort, we had previously suggested our own thoughts on the

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Business

The quality of a house depends on certain criteria

We are very often faced with the question of whether improving the quality of a project will pay off. This is not an easy question and the answer depends, amongst other things, on what the quality is and whether the cost of higher quality is affordable for the wide market. The main criteria in terms of quality, is the location. The better the location, the availability

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Business

Increasing the chances of selling an older house

Homes that are 30-40 years old are likely to need improvements to meet today’s standard of living, especially houses which were built according to the owner’s specifications at the time. This is particularly important if you are thinking of selling at any point. Regrettably, nowadays, houses are like a car, in that each year a new model comes on the market with all sorts of added

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Business

‘Construction sector can support Cypriot economy in difficult times’

Cyprus Land and Building Developers Association general manager Mersina Isidorou on Tuesday said that the Cypriot construction sector can help the economy withstand the challenges that it is being faced with. “Our industry is essentially Cyprus’ heavy industry,” Isidorou said, adding that it should once again assume the role of the core pillar of support and help the economy overcome the difficulties and challenges that have

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Business

Cyprus economy: challenges and prospects

Cyprus’ GDP decrease in 2020 was bound to 5 percent, notwithstanding disturbances in global exchange, supply chains, and air transport. Simultaneously, unemployment was reduced to moderately low, given the conditions, level of 7.5 percent. By 2021, Cyprus outperformed beginning assumptions, arriving at a palatable development pace of 5.5 percent. The better than expected performance in 2021 is mainly attributed to four factors: (a) the containment of

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