Market

Residential real estate market going strong in Cyprus

Real estate transactions hit an all-time high in Cyprus last year, Deloitte has said in a report, noting that interest was focused on the residential market and on the seaside city of Limassol. It also said that it expects interest to remain strong this year, though luxury condos in high-rise developments may see a decline.

Property market distortions

As it emerged from the constructive debate in Parliament on Friday, government incentives to attract foreign capital, such as the Golden Visa program, have ended up causing more distortions in the property market than benefiting the national economy.

The acuteness of the housing crisis, but also the traces of opacity, justify a complete revision of the current regime.

Restrictions and benefits

The development of a short-term rental property market must be regulated in ways similar to those implemented by other European megacities, but not in the name of a nostalgic approach to city life. 

Apart from the distortions it creates in the housing market by banishing residents from urban centers, it also ends up degrading the "product" itself.

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