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Cypriots are investing their income in buying new hous...

Cypriots prefer to invest any surplus income in the purchase of a new home or renovation of existing ones rather than saving it in banks, according to the 2019 Fiscal Council Autumn report. Despite the island’s economic recovery and the significant reduction in unemployment, household savings in Cyprus remain at very low levels compared to other EU countries, the report also said. In fact, …

Free Houses offered to people willing to relocated to ...

Over the past few years, numerous towns in Italy have resorted to selling homes for just over a dollar in a bid to revitalize their dwindling communities. Zungoli near Naples and Sicily’s Sambuca were the most recent Italian destinations to get in on the act, launching schemes promoting dilapidated properties for just over a dollar with the hope of attracting new residents. Now, the …

Ferry service from Cyprus to Greece expected to start ...

The deputy ministry of shipping is working ‘intensely’ on a proposal to submit to the European Commission for the establishment of a ferry service to Greece, minister Natasa Pilides said on Monday. Speaking at a news conference to announce a state subsidy for upgrading cruise-ship services, Pilides said the target was to have a ferry service up and running with Greece by May next …

The Big problem with Cyprus tourism and how to fix it

TOURIST arrivals are down this year and hoteliers have reported lower occupancy rates compared to 2018 which saw the highest number of visitors – 3.93 million – in Cyprus’ history. A fall in arrivals was inevitable after three record years, said the under-secretary for tourism Savvas Perdios, “especially in a period in which the competition from Turkey, Egypt, Tunisia and Morocco is continuously increasing”. …

Everything you need to know about the new rules of Cyp...

Cyprus offers many key benefits to foreign investors and their dependent family members who are looking for a jurisdiction that offers a gateway to Europe, high quality standards of living, exceptional professional services and a safe and secure living environment. The main advantages and benefits of Cyprus and its Citizenship are: The acquisition of Cypriot Citizenship by Investment provides full EU Citizenship to an …

Upcoming auctions for houses in Cyprus coming soon

Auctions by banks and private funds that have bought non-performing loans in Cyprus are taking a short break in August but with a strong comeback. Ministry of Interior data shows foreclosures to be running at full-speed up until August 9. And after a short break, a strong comeback is set for August 19 with fields, plots of land, homes and shops in all districts …

The number of tourists in Cyprus is down, especially f...

Six months into the new year and official statistics clearly show that the Mediterranean island’s tourism season is slightly down compared to the corresponding one in 2018. Specifically, tourist arrivals were down by 0.9% between January and June 2019 with Germans, Poles and Scandinavians being the ones turning their back to Cyprus. It seems that smaller markets have ‘saved’ the island from the substantial …

Cyprus among few EU countries were property prices in ...

Cyprus is among the few countries in the EU where house prices fell between 2010 and 2018, a new Eurostat report published on Wednesday said. The largest decreases among member states were observed in Italy (-17 per cent), Spain (-12 per cent) and Cyprus (-8 per cent). Overall, between 2010 and 2018, house prices increased by 15 per cent in the EU. Among the …

Tricks you should know about House insurance

VERY few people read let alone understand the small print when they take out insurance for property. Even if you insure a building for ‘all purposes’ including acts of God (rain, floods etc) be sure that the insurance company has its back covered to avoid a reduction to your claim. Recent events have come to our knowledge leading us to express the following: Excess: …

Which bank in Cyprus has the smallest housing loans op...

The island’s credit institutions have very attractive housing loan schemes on offer for young people who want their own roof but don’t have the cash. However, with the shadow of non-performing loans because of malpractice still hanging over their head, banks are now extremely cautious with lending criteria.  But his does not imply that young people are restricted from getting a housing loan. INSIDER …

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