Property News Cyprus 

November 28, 2019

National Bank of Greece (NBG), the country's second biggest lender, has sold its Cyprus subsidiary as part of plans to sell off international operations and improve its capital position.

​NBG said that it has signed a definitive agreement with AstroBank Limited for the sale of its 100 percent stake in its Cypriot subdsidiary for an undisclosed amount. 

"The transaction is expected to have a positive impact on NBG’s CET1 rat...

November 19, 2019

Rating agency DBRS has changed its outlook on Cyprus to positive from stable, citing improved economic conditions in the country.
"The positive trend reflects DBRS Morningstar’s view that the outlook for the downward trajectory in the public debt ratio has improved, driven by sustained robust economic growth, large primary surpluses and early debt repayments. While moderating, economic growth in Cyprus is projected at around 3...

November 7, 2019

Property sales in Cyprus were almost flat in October despite strong growth in Larnaca and Nicosia, according to figures from the Department of Lands and Surveys.

Across the island, the number of sales contracts prepared rose to 813 from 811 in the same month a year earlier. In Larnaca, property sales jumped 38 percent and 26 percent in Nicosia. Drops were recorded in Limassol, Famagusta, and Paphos.

For the first ten months of...

April 2, 2019

Office rents in Limassol, on the southern coast of Cyprus, are expected to head higher amidst growing demand and a shortage of quality space, say asset managers Pepper Hellas in a report.

The Cypriot economy is showing solid growth with economic output tipped to expand by 3.3 percent this year, after growing by 3.8 percent in 2018, according to the European Commission. The country's office market contains of a large supply of g...

March 12, 2019

International real estate advisor Savills has formed a new residential association with Elit Blue in Cyprus, the two companies said in a statement.

Elit Blue was founded by 8G Capital Partners, a private equity firm primarily focused on asset management and transaction advisory services and established in 2007. Elit Blue will offer residential real estate services.  

Hugo Thistlethwayte, head of international residential, Savill...

March 4, 2019

Property sales in Cyprus shot up by 25 percent in February, with demand from foreign buyers driving new business across the island state.

The number of contracts on property sales rose to 834 from 666 in the same month a year earlier, according to data released on Monday.

The largest increase was in Nicosia, which showed a 47 percent in real estate contracts, followed by Paphos (22 percent).

For the first two months of the year,...

February 27, 2019

Greek real estate investment company (REIC) Pangaea has agreed to purchase the Hilton hotel in Nicosia, tightening its grip on the Cypriot market.

The Greek REIC will take a 90 percent stake in the hotel, with UK based Invel Real Estate Management acquiring the remaining 10 percent stake. The total price for the Hilton came to 54.9 million euros.

The Cyprus Tourism Development Public Company Limited (CTDC) is currently the owner...

February 21, 2019

Cyprus is looking to build on growing interest from wealthy Indians looking for a holiday home abroad as the Ayia Napa Marina hooks up with investment consultant Millwood Kane International (MKI).

The two companies announced a partnership on Thursday that involves promoting the Ayia Napa Marina development to Indian investors eyeing high yielding assets and Cyprus' citizenship via investment program.

"A 300 million-euro pro...

February 7, 2019

Construction companies Terna and J&P Avax are in the race to build a new casino resort in Cyprus - a project worth 550 million euros. The two companies have submitted a joint bid for the construction of the casino, called the City of Dreams Mediterranean, in what is being dubbed as Europe's largest casino resort.

Another bid has been submitted from France's Bouygues and Cypriot Cybarco, with a third one coming from Consolidated...

February 4, 2019

The price of renting in Cyprus shot up by as much as 20 percent last year due to a low supply of homes, but this upward trend is seen as stabilising in 2019, says Panos Danos, chief executive of Danos/BNPRE group.

In an article published in Financial Mirror, Danos says that data collected by DANOS/BNPRE shows that rent prices in 2018 rose by an annual pace of 15 percent.

"The main reason for this rise is the wide-spread use of...

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