News, page 2

The construction industry in Cyprus reported a 16.5% increase in the total value of new buildings on the market in the first half of 2023. The total area of land under development also went up by 3%, according to the Cyprus Statistics Agency (Cystat). While the total value of new construction projects and the amount of land under development increased in the first half of the year, the number of building permits for the period fell by 7.4% year-on-year. This is a decrease from 3,898 permits in the first half of 2022 to 3,608 permits...

Real estate experts from Lefkoşa (North Nicosia) named the advantages of investing in Famagusta District and singled out several areas where investments would be the most profitable. The local luxury housing market is considered particularly lucrative, attracting investors and buyers from all over the world. According to the experts, properties with the highest returns are in the following locations: Long Beach is a resort area with many large residential projects. The cost of rent is high thanks to the well-developed...

In Cyprus, in addition to skyrocketing property prices, the cost of home repairs rose markedly. This refers to both eliminating household emergencies and maintaining the efficiency of utility systems. Experts note that the main reason for the increase in repair prices was the rise in the cost of building materials. In addition, trades people (for example, electricians and plumbers) are charging more and more for their services. According to statistics, over the year, plumbing work rose in price by 20.8%. In June 2022,...

Courtyard Platinum, a premium residential development consisting of 940 apartments, will be built in İskele. Layouts include studios and 1+1, 2+1, and 3+1 units. In addition to apartments, residents will receive small gardens and rooftop terraces. The internal infrastructure features several outdoor and indoor swimming pools, a shopping street, restaurants, a spa, a fitness centre, picnic areas, and tennis and basketball courts. The development is being built just 600 metres from the sea coast with several large beaches. ...

A new premium residential development, consisting of upmarket villas and high-end apartments, will be built in the village of Akanthou (Gazimağusa District). The Aurora Bay project will offer a total of 58 properties with sea views. The houses are a five-minute walk from the lagoon with a sandy beach. The project consists of 14 two-storey villas with private infinity pools, six houses with a large communal swimming pool, and 38 apartments. On the roofs of all villas, the developer will make terraces offering views of the surroundings...

A new luxury residential development, Natulux, will be built not far from Küçük Erenköy Beach in Kyrenia District. The seafront project of villas and apartments will stand on a site atop a cliff, providing a 270-degree view. For all residents to enjoy the sea view, the developer designed the development as buildings of varied heights. The following options will be available for sale in the community: Seafront four-bedroom villas with a 360-degree sea view ...

According to analysis, by July 2023, Cyprus started to see fewer real estate sales contracts. In Q2, the total number of transactions amounted to £1.55 billion ($2 billion), while in Q1 2023 and Q4 2022, this figure was £1.72 billion ($2.23 billion). The decline was caused by several factors: inflation, rising bank rates, and higher construction costs. Analysts note that, despite this, the market shows stability. According to statistics, in Q2, there were 5,974 real estate transactions for a total of £1...

In Kyrenia District (the Turkish name is Girne), sales of the fifth phase of the Sea Magic Garden project, a luxurious residential development a 15-minute drive from the administrative centre, have started. The development consists of several two-storey houses, featuring one- and two-bedroom apartments. All units have access to private terraces, which are rooftop in the apartments on the first floor. The developer hands over all the apartments turnkey: with full finishes, heated floors in the bathrooms, pre-installed plumbing...