Property valuers call for faster permits and safer buildings

Cyprus News Agency
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Property valuers call for faster permits and safer buildings

Faster planning approvals, regular building inspections and better access to property data were among the priorities raised at the annual general meeting of the Property Valuers Association (SEEAK), a member of the Cyprus Chamber of Commerce and Industry (CCCI).

Speakers also called for stronger management committees in jointly-owned buildings and renewed action to increase the supply of affordable homes.

Association president Polys Kourousides said simpler, digital processes and faster, more predictable permits are essential to development, investment and housing supply. He urged the authorities to make better use of state-owned land and support financially sustainable affordable housing schemes through public-private partnerships.

On building safety, Mr Kourousides renewed the association’s proposal for periodic technical inspections, describing it as an “MOT for buildings”. He also called for stronger powers for management committees, including effective ways to collect unpaid charges and ensure essential maintenance.

Licensed valuers, he said, should have formal access to relevant data held by the District Local Government Organisations (DLGOs), particularly information on planning and building permits. Access would need to respect personal data protection. Reliable, up-to-date records could make valuations more accurate and transparent, benefiting residents, lenders and the wider property market.

Constantinos Yiorkadjis, president of the Nicosia DLGO, said the planning reform was not yet complete. The Ippodamos digital system needs to be upgraded so that instructions, procedures and consultations are handled through one platform. He said consultations with outside bodies were a major source of delay and called on ministries to set time limits and use the system consistently. Digitising older property files is also needed.

The Nicosia DLGO took responsibility for dangerous buildings in April 2025, Mr Yiorkadjis said, initially without a structure or budget. It has since created a digital register, but current tools remain slow. He called for updated or additional legal powers to allow faster intervention, and for the new legislation on jointly owned buildings to be brought into force.

ETEK president Constanti Constantinos backed a digital identity for buildings, which he said would give valuers easier access to essential information. He also called for regular inspections, warning that the number of dangerous structures could rise from 2,000 – 3,000 today to 20,000 within five years without routine checks.

ETEK president Constanti Constantinos
Photo credit SEEAK -ETEK president Constanti Constantinos speaking at the AGM

Andreas Vyras, president of the Union of Cyprus Municipalities, said independent, evidence-based valuations support responsible lending and investment, market transparency and financial stability. He added that access to affordable housing remains a pressing issue for local communities.

CCCI secretary-general Philokypros Rousounidis said the valuers’ expertise could inform policy on property, construction and national development. Former association president and MP Charalambos Petrides said Parliament would help advance long-delayed bills, including measures on jointly owned and dangerous buildings.

The meeting also reviewed the association’s 2025–26 activity and priorities, European representation through TEGOVA, and specialist seminars on dangerous buildings and hotel and resort valuation.

Translated and adapted from an article published by the Cyprus News Agency

September property sales hit a new record high

Nigel Howarth
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September property sales hit a new record high

Cyprus property sales continued to rise in September, with 1,681 contracts recorded across the island. That was the highest September total since records began in 2000, and 13% more than the 1,484 recorded in September 2025.

The latest figures from the Department of Lands and Surveys show that sales increased in most districts. Larnaca recorded the strongest annual rise, while Limassol remained the island’s largest property market.

Larnaca leads September growth

Larnaca recorded the strongest growth in September. Sales rose 29% to 393, from 305 in the same month last year.

Limassol recorded the second-largest increase. Sales rose 16% to 506, from 436 in September 2025.

Sales in Paphos reached 345, up 10% from 313 a year earlier. Nicosia recorded a more modest rise of 7%, to 374 from 351.

Famagusta was the exception. Sales fell 20% to 63, from 79 in September 2025. This was the district’s fourth consecutive monthly decline.

Total Property Sales September

September market segment performance

Sales rose in all three buyer groups in September.

Cypriot buyers remained the largest group, making 976 purchases, or 58.1% of the total. EU citizens made 210 purchases (12.5%), while non-EU citizens made 495 (29.4%).

Property sales to domestic buyers

Sales to Cypriot buyers rose 10% in September, to 976 from 888 in the same month last year.

Paphos was the only district to record a fall: sales declined 14%, to 99 from 115. The falls were outweighed by increases elsewhere. Sales rose 34% in Larnaca, to 206 from 154; 26% in Famagusta, to 39 from 31; 8% in Nicosia, to 323 from 298; and 7% in Limassol, to 309 from 290.

Domestic Sales - September

Property sales to EU citizens

Sales to EU citizens rose 4% in September, to 210 from 202 in September 2025.

Famagusta was the only district to record a decline. Sales fell 85%, to 4 from 26. The other four districts all recorded growth. Nicosia, where sales fell 6% in August, saw them rise 50% in September, to 27 from 18.

Sales in Paphos rose 17%, to 97 from 83. Larnaca recorded a 13% rise, to 43 from 38, while Limassol was up 5%, to 39 from 37.

EU Sales September

Property sales to non-EU citizens

Sales to non-EU citizens rose 26% in September, to 495 from 394 in the same month last year.

Nicosia and Famagusta recorded falls of 31% and 9% respectively: sales declined to 24 from 35 in Nicosia and to 20 from 22 in Famagusta.

The other three districts posted double-digit gains. Limassol had the strongest growth, with sales up 45% to 158 from 109. Paphos followed, up 30% to 149 from 115. Larnaca recorded a 27% rise, to 144 from 113.

non-EU September Sales

Cyprus property market remains strong

Between January and September 2026, 14,969 sale contracts were lodged with district Land Registry offices. That was 14% more than the 13,173 recorded in the same period last year.

The increase points to continued demand for residential and commercial property across Cyprus.

Limassol remained the leading district, recording 4,860 contracts, up from 4,156 in the same period of 2025. Nicosia recorded 3,163, compared with 2,991 a year earlier. Paphos had 2,999 sales, up from 2,531, while Larnaca rose to 3,291 from 2,869. Famagusta recorded 656 contracts, up from 626.

The latest Land Registry figures show continued strong demand for property in Cyprus. Sales increased across all districts in the first nine months of the year, despite Famagusta’s monthly fall in September.

Total Property Sales - Year to Date

Year-to-date market segment performance

Domestic sales

Every district recorded higher domestic property sales in the first nine months of 2026 than in the same period last year.

Limassol led, with sales up 18% to 3,046 from 2,588. Famagusta followed, with growth of 9% to 356 from 328. Larnaca rose 7% to 1,748 from 1,628, while Nicosia was up 5% to 2,670 from 2,537.

Paphos recorded the smallest increase, at 1%, with sales rising from 877 to 882.

Domestic Year to Date

EU sales

Sales to EU buyers rose 21% in the first nine months of 2026, to 2,094 from 1,728 in the same period last year.

Paphos recorded the strongest growth, up 39% to 809 from 584. Larnaca rose 30% to 420 from 322, followed by Nicosia, up 12% to 246 from 220, and Limassol, up 9% to 500 from 459. Sales in Famagusta fell 17%, to 119 from 143.

EU Sales Year to Date

Non-EU sales

Sales to non-EU citizens were almost twice as high as sales to EU citizens during the first nine months of 2026. Overall sales to non-EU buyers rose 19%.

Paphos sales were up 22% from 1,070 to 1,308 and Larnaca also recorded a 22% increase from 919 to 1,123. Limassol followed with growth of 18% from 1,109 to 1,314, while Famagusta sales rose 17% from 155 to 181 and Nicosia recorded a 6% increase from 234 to 347.

Non-EU Year to Date Sales

Overseas buyers’ trends

Purchases by EU and non-EU citizens together accounted for 47% of all property sales in the first nine months of 2026.

Overseas demand was particularly strong in Paphos. EU and non-EU citizens bought 2,117 properties there, more than twice the 882 bought by Cypriot buyers.

Market Segment Summary

Long-term market segment performance

The long-term chart tracks year-to-date sales in each market segment from 2008. The Department of Lands and Surveys began reporting separate figures for EU and non-EU buyers in 2018. Before then, purchases by all foreign buyers were grouped together as overseas sales contracts.

Sales 2008-2026-September

Building permits surge 29.5% as apartments lead

Nigel Howarth
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Building permits surge 29.5% as apartments lead

Cyprus authorised 4,401 building permits in the first half of 2026, up 29.5% on the same period last year, as apartment blocks drove a sharp rise in the number of homes covered by approved projects.

The permits provide for the construction of 11,100 dwelling units, a 67.8% increase year on year, according to the Statistical Service of Cyprus. The figures point to a larger development pipeline, although permits do not confirm that every project will proceed or when construction will begin.

Apartment blocks dominate planned homes

Residential apartment blocks accounted for 7,832 of the dwelling units covered by permits between January and June. That was 85.3% more than in the first half of 2025, when permits covered 4,227 units in this category.

By comparison, permits covered 1,760 single houses, up 4.2%, and 671 buildings with two housing units, up 25.2%. Residential and commercial apartment blocks added another 837 units, more than five times the 164 recorded a year earlier.

Chart of Cyprus building permits - June 2026

June permits rise 18.3%

In June alone, authorities authorised 751 building permits, an 18.3% increase on June 2025. The projects had a combined value of €469.5 million and covered 394,717 square metres. They provide for 2,122 dwelling units.

Across the first six months, the total value of permitted projects reached €2.57 billion, up 48.2% year on year. Their combined area rose 47.1%, to about 2.10 million square metres.

Residential building activity led those gains. The permitted area for residential buildings increased 65.8% to 1.90 million square metres, while their value rose 66% to €2.21 billion.

What the figures show

The sharpest increase in planned homes was in apartment blocks, while the growth in permits’ residential area and value also points to a stronger pipeline for housing projects. The statistics record permits authorised; they do not measure homes completed, construction starts, sales or market prices.

Source: Statistical Service of Cyprus, “Building Permits: June 2026”, published 5 October 2026.

Property developers call for curbs on foreign property investors

Nigel Howarth
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Property developers call for curbs on foreign property investors

Property developers in are calling for tighter rules on foreign property investors in Cyprus. They say overseas buyers are pushing up land prices and warn that some developers may lack the experience needed to build responsibly.

Their proposals include regular training and licence renewals for technical directors, as well as checks on who can set up land development companies. They say their objective is to protect local buyers and make sure investment benefits Cyprus.

We shouldn’t sell our land without safeguards

Stelios Gabriel, president of the Cyprus Federation of Building Contractors’ Associations (OSEOK), told StockWatch that some foreign property investors were setting up construction companies and hiring technical directors who might no longer have up-to-date skills.

He wants the law changed so all technical directors receive training. He also says construction companies should employ registered contractors, rather than relying on retired technical directors.

Gabriel plans to propose that professional licences, which currently last for life, be renewed every two or three years after an exam.

He said Cyprus should welcome investment and development, but in a way that avoids overheating the property market or leaving homes unused. The country should also look at the quality of investors and whether their projects benefit local communities, he said. Gabriel added that local buyers can only afford so much: if prices go too high, many will be priced out.

Larnaca draws Israeli, Lebanese and Jordanian investors

Michalis Zavos, chief executive of the D. Zavos Group, also wants safeguards, though he says foreign property investors in Cyprus should not be shut out.

He suggests that when a businessperson from outside the EU sets up a land development company, Cypriots should own at least 51% of it.

Zavos told StockWatch that some foreign developers did not know the local market as well as Cypriot firms. He said investors comparing Cyprus with more expensive markets such as Israel might be willing to pay too much for land. A plot worth €500,000 could sell for €900,000, he said, adding that this could push apartment prices up by 35% to 40%.

He singled out Larnaca, where he said Israeli, Lebanese and Jordanian investors had become especially active. Zavos alleged that some were buying land, drawing up plans and pre-selling apartments before getting the required permits, which can take up to two years. Some investors, he added, pool their money to buy, build and sell properties off-plan.

Zavos said the lack of safeguards reminded him of problems linked to Cyprus’ former “golden passports” scheme. He also argued that some money brought into Cyprus later leaves the country again.

He suggested that the government consider a tax on foreign investors in Cyprus buying land for development, with the money going into a fund to help people who need housing. Greece, he said, was planning to raise a property tax for buyers from outside the EU from 3% to 15% from 1 January 2027.

Zavos said the market, Cypriot businesses and local people hoping to buy a home all needed protection.

Foreign investment should benefit Cyprus

George Chrysochos, director of the Cyfield Group, said the key question was what foreign investment gave back to Cyprus.

He argued that the local economy did not benefit when overseas investors set up companies with people who had been out of the industry for years, then built and sold properties without using the experience of Cypriot developers.

Chrysochos said the developers’ association wanted limits and checks on land sales to foreign buyers. It had proposed a maximum purchase of 4,000 square metres, he said.

He also questioned why investors from Israel and Lebanon did not use local contractors, who know the development rules and local labour market. He raised concerns about the quality of some projects and backed tighter checks on foreign purchases of land.

Translated and adapted from an article published by StockWatch

Cyprus housing crisis: a crisis of the economic model

Dr. Stelios Platis
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Cyprus housing crisis: a crisis of the economic model

Recent government announcements on housing are welcome, but they will not be enough to correct the long-standing distortions in Cyprus’ property market.

Home prices continue to rise, driven mainly by demand from overseas buyers and increasing construction costs. A fundamental shift in the economic model is needed, with greater emphasis on productive investment and a clear distinction between housing as a home and property as a speculative asset.

The housing crisis is not just another social problem. It is the result of an economic model that must finally change.

The Government’s recent housing announcements are welcome, both as a package of measures and as a sign that the authorities recognise access to affordable homes as a serious social issue. The proposals could offer relief to some families. But a few hundred plots, additional building allowances or subsidies cannot be expected to correct a distortion that has built up over the past 15 years.

The underlying problem is that land and home prices are moving further and further beyond the means of ordinary Cypriots. The Central Bank reports that house prices continued to rise in the first quarter of 2026, citing strong demand from foreign buyers and higher construction costs as the main drivers, with domestic demand playing a smaller part.

That is the heart of the matter.

Cyprus Housing Crisis: the economic model behind rising prices

For years, a significant part of Cyprus’ economic model has rested on real estate: attracting foreign capital through tax and other incentives, and generating gains from rising land values. The “golden passports scheme” was the most extreme expression of a model in which property became a central engine of growth, capable of producing rapid gains and drawing in easy money.

Cyprus needs foreign investment. But not all investment contributes equally to the economy. Investment that brings expertise, exports, productivity and well-paid jobs is different from capital directed mainly into land and property, increasing the wealth of a small and privileged section of society. That distinction should be at the heart of a different approach to economic development.

That is why the Cyprus housing crisis can no longer be solved by adding more schemes. The economic model must change.

First, the incentives used to attract investment need to be reconsidered. Tax policy and state support should reward productive investment in technology, research, manufacturing, exports, the green economy, quality jobs and partnerships with local businesses. Cyprus cannot compete internationally by relying chiefly on selling advantages and access to a limited supply of property.

Second, policy must clearly distinguish between a home to live in and property bought as an investment. Planning permission, public subsidies, guarantees, tax incentives and preferential finance should be tied to genuine primary residence. That requires a register of principal homes and effective checks on how properties are actually used.

At the same time, the case for targeted taxation of speculative property holdings and second homes should be examined carefully, within the European legal framework. The aim would not be to close the market. But the tax system should not make speculation in land more attractive than productive investment.

Third, housing finance needs a complete redesign. The collapse of the Co-operative Bank removed a mechanism which, had it been properly cleaned up and modernised, could have provided long-term finance to Cypriot households. The result was greater concentration in the banking system and fewer options for borrowers.

A structural response could include dedicated finance for owner-occupied homes, supported by long-term funding through covered bonds and channelled through the banking system solely for principal residences. Other options include state guarantees for the riskiest portion of a first mortgage, shared ownership and rent-to-own programmes.

Fourth, the state needs an active land policy: a bank of development-ready land, better use of public property, faster planning processes and a requirement for large developments to include a proportion of affordable homes.

Fifth, none of this will work without strong institutions. The public has seen economic decisions that appeared to be influenced by privileged access, possible conflicts of interest and opaque relationships – particularly in land development and construction. The public ultimately bears the cost. Corruption is not only an ethical problem. It distorts competition, raises costs and rewards connections over productivity.

Homes, investment and the future

The Cyprus housing crisis, then, is much bigger than a housing scheme.

It is a choice about the economic model.

The real challenge is to build an economy where development is measured not only by GDP, property sales and capital inflows, but by whether a young worker, a young couple and a middle-class family can build a life in their own country.

When a country’s growth pushes up the value of its land faster than its people can afford to buy it, something in the economic model is failing.

If that model is not changed at its roots, the risk is not simply more expensive homes. It is a Cyprus where people born, working and raising their children here gradually feel like second-class citizens in their own country.

The author holds a PhD in Finance and Macroeconomics from the University of Cambridge.

(Translated an adapted from an article by Politis)

How homeowners can claim up to €32,000 for energy upgrades

Nigel Howarth
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How homeowners can claim up to €32,000 for energy upgrades

A €20 million grant scheme will help homeowners in Cyprus improve their properties’ energy efficiency, with funding of up to €32,000 available for eligible upgrades.

The “Save and Upgrade Homes (2026)” scheme supports work designed to reduce a home’s energy needs and, in turn, help households lower their energy bills. It forms part of the THALIA 2021–2027 Programme and is co-funded by the European Union’s European Regional Development Fund and the Republic of Cyprus.

Grants of up to €32,000

The maximum grant depends on the type of energy upgrade.

Under Type A, homes must be upgraded to nearly zero-energy buildings and achieve energy savings of at least 60%. The grant can cover up to €32,000.

Under Type B, homes must achieve energy savings of at least 60%. The maximum grant is €24,000.

Higher grants are also available for certain types of homes and applicants, subject to the scheme’s terms and eligibility conditions.

What work is covered?

Eligible investment can include:

  • Insulating a home’s building envelope and replacing windows and doors.
  • Installing shading systems and solar water-heating systems.
  • Fitting standalone air-conditioning units or high-efficiency heat-pump systems for heating and cooling.
  • Installing photovoltaic systems under net billing, as well as energy-storage systems.
  • Paying for services from a qualified expert.

Who can apply?

Individuals can apply to upgrade an existing home, provided it is not used for an economic activity. Each person may submit one application under this call.

The property must meet the conditions set out in the scheme’s implementation guide. Before applying, homeowners must obtain an Energy Performance Certificate (EPC) from a registered qualified expert. The initial EPC must have been issued after 15 May 2026, and eligible work must begin after the certificate is issued.

Applications open on 20 October

Applications open at 09:00 on Tuesday 20 October 2026 and close at 23:59 on 30 December 2026, or earlier if the available budget is exhausted.

Applications must be submitted through the online grants system. They will be assessed in order of the date and time they are received.

The scheme is part of a wider effort to improve the energy performance of Cyprus’s housing stock and support households as they move towards homes with lower energy needs. Its stated aims include encouraging energy savings, reducing household energy costs and supporting the green transition.

For full details on eligibility, eligible costs and grant amounts for each type of work, see the scheme’s implementation guide. The helpline is 17107.

(Adapted from an article published by StockWatch)

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