Stop Trapped Buyers property repossessions

Nigel Howarth
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Stop Trapped Buyers property repossessions

The Chairman of the Parliamentary Committee on Legal Affairs, Justice and Public Order, Mr Nicos Tornaritis, has written to the heads of the Association of Cyprus Banks and the Association of Credit Acquiring Companies (Vulture Funds), asking them to immediately stop property repossessions, auctions, and recoveries involving so-called “Trapped Buyers.”

This comes after a Court of Appeal decision in July last year, which ruled that the current law protecting these buyers is unconstitutional. Thousands of people are affected – buyers who paid for their properties in full but never received the Title Deeds, often because the sellers had taken out mortgages on the same properties.

Mr Tornaritis stated that the Committee is already reviewing the matter and working urgently on a new law that will offer a fair and legal solution. Until the new law is ready, he is asking banks and credit companies not to take any forceful action, so that vulnerable buyers are not further harmed.

“This is a very serious issue and must be handled quickly and responsibly,” Mr Tornaritis said, adding that he expects a written reply from the organisations involved as soon as possible.

These buyers are stuck in a difficult situation through no fault of their own. They have paid in full for their homes but do not legally own them, and now risk losing them due to legal and financial problems they didn’t create.

The request to stop property repossessions is a temporary but necessary step to protect these people while a proper legal fix is being prepared. It is also a reminder of the need for bigger changes in Cyprus’s property laws to make sure similar problems don’t happen again.

Further reading

I’m pleased to hear that the Cyprus government has listened to my call to stop banks and vulture funds attacking trapped buyers.

Euro area house prices up 4.2%, but down 1% in Cyprus

Nigel Howarth
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Euro area house prices up 4.2%, but down 1% in Cyprus

In the fourth quarter of 2024, house prices in the euro area experienced a year-on-year increase of 4.2%, according to figures published by Eurostat, the official statistical office of the European Union.

Across the broader European Union (EU), prices rose even more sharply, with a 4.9% increase when compared with the same period in 2023. This growth marks a notable acceleration from the third quarter of 2024, during which the euro area saw house prices rise by 2.7%, while the EU overall recorded a 3.9% increase.

On a quarterly basis, between the third and fourth quarters of 2024, house prices rose more modestly – by 0.6% in the euro area and by 0.8% across the EU.

House prices in EU Member States

Looking at individual EU Member States, the majority saw rising property prices over the year. Of the countries for which data were available, twenty-four experienced an annual increase in house prices.

The most significant surges were recorded in Bulgaria, with an impressive 18.3% rise, followed by Hungary at 13.0%, and Portugal at 11.6%. However, not all countries followed the upward trend. France and Finland both recorded annual declines of 1.9%.

When comparing prices with the previous quarter, eighteen Member States registered an increase, while six experienced a decline.

Two countries – Malta and Finland – reported no quarterly change. The sharpest quarter-on-quarter declines occurred in France and Cyprus, both of which fell 1.0%, and in Estonia, where prices dropped by 0.7%.

In contrast, Slovakia saw the strongest quarterly growth at 3.6%, followed closely by Slovenia (3.1%) and Portugal (3.0%).

Euro area House Prices Q4 2024

These figures indicate a continuing overall upward trend in the EU housing market, though with significant variation among Member States, reflecting differing economic conditions and housing market dynamics within the bloc.

Affordable apartments priced at €124,000 by year end

Nigel Howarth
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Affordable apartments priced at €124,000 by year end

The Cyprus Land Development Corporation (KOAG) has announced the availability of affordable apartments, each measuring 75 square metres, at a price of €124,000.

This development was revealed on Tuesday during a joint press conference held by Interior Minister Constantinos Ioannou and KOAG Chairwoman Elena Kousiou-Hadjidemetriou, where they discussed the organisation’s ongoing housing initiatives.

According to Minister Ioannou, the KOAG aims to construct 220 homes in the current year and will begin developing 135 plots in Nicosia, Larnaca, Limassol, and Paphos during the fourth quarter.

The Minister also confirmed that a total of €12 million – a figure expected to increase – will be channelled into KOAG’s dedicated fund through compensation incentives offered to land developers. A further €9 million will be raised via government-announced urban planning incentives, while a further €5 – €6 million is expected from urban planning amnesty schemes, which have so far attracted around 1,200 applications.

Chairwoman Kousiou-Hadjidemetriou presented KOAG’s strategic three-pillar plan. This includes utilising 135 plots to develop 247 residential units, constructing 213 additional units funded by the government, and partnering with the private sector to create affordable housing available for both sale and rental.

KOAG’s Director-General also noted that since the organisation’s establishment in 1982, it has provided housing support to around 5,000 families. This figure includes approximately 1,000 families assisted through the low-income housing programme and 2,500 under the moderate-income applicants’ scheme.

Minister Ioannou also spoke about upcoming revisions to housing specifications, highlighting a proposal currently under consideration that would allow a 15% reduction in the floor area across all apartment types. However, some critics have pointed out that such a reduction in size may not lead to an equivalent decrease in sale prices.

Finally, the Minister touched on expected Cabinet decisions aimed at improving the housing framework. These include removing the obligation to adhere to fixed percentages for different apartment types in developments located in tourist zones – a change that would align regulations with those already in place in other residential areas.

These initiatives form part of the government’s broader strategy to address housing affordability and supply, particularly for middle- and low-income families.

Top 50 sale transactions hit €64.8 million in February

Press Release
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Top 50 sale transactions hit €64.8 million in February

The Cyprus’ high-end property market recovered significantly in February 2025, with the 50 largest transactions across the island totalling €64.8 million, according to a report released on Monday by real estate analytics firm Ask Wire.

The ten most expensive property transactions alone reached €36.75 million, with sales in Limassol dominating the list by accounting for eight of the ten top deals, collectively worth €26.55 million.

The remaining two high-value transactions were recorded in Paphos, contributing a combined €10.2 million.

The highest-value transaction of the month was the €9.4 million sale of a field in the Tserkezoi area of Limassol.

This was followed by a €7.6 million sale of a mixed-use property in Kato Paphos, and a €3.7 million apartment building in Potamos Germasogeias, Limassol.

Other significant transactions included a €2.6 million house in Kouklia, Paphos; a €2.55 million field in Agios Athanasios – Agios Stylianos, Limassol; a €2.5 million field in the same community; and a €2.3 million house in Germasogeia – Agia Paraskevi.

Two additional Limassol fields in Kato Polemidia – Archangel Michael and Agios Athanasios – Agios Stylianos sold for €2.3 million and €2.1 million respectively.

The tenth most expensive sale was a €1.7 million house in Potamos Germasogeias, Limassol.

In terms of regional performance:

  • Limassol accounted for €29.2 million or 45 per cent of the national total.
  • Paphos followed with €18 million, representing 27.7 per cent.
  • Nicosia ranked third with €7.8 million (12 per cent), just ahead of
  • Larnaca, which recorded €7 million (10.8 per cent).
  • Famagusta trailed with €2.9 million, accounting for 4.5 per cent of the total.

The top transaction in each district reflects this broader trend of concentration, with Limassol and Paphos recording significantly higher-value deals compared to other regions

In Limassol, the €9.4 million field sale represented 32.2 per cent of the district’s total.

In Paphos, the €7.6 million mixed-use property comprised 42.2 per cent of the district’s value.

Nicosia’s top deal was a €1.45 million house (18.5 per cent of its total), followed by a €1.15 million field in Larnaca (16.4 per cent) and a €500,000 house in Famagusta (17.2 per cent).

Ask Wire CEO comments

Pavlos Loizou, CEO of Ask Wire, commented, “February marked a strong rebound in Cyprus’ high-end property market, more than doubling January’s figures. The surge was driven largely by Limassol, where eight of the top 10 transactions occurred, underscoring the city’s continued appeal to institutional and international investors.

“Interestingly, although a €9.4 million field sale topped the charts, residential real estate remains the cornerstone of the high-value segment. Of the 50 largest transactions, over 60 percent were residential – either houses or apartments – highlighting sustained demand for move-in-ready or income-generating assets over speculative land holdings.

“We’re also seeing notable geographic polarization. While Limassol and Paphos captured nearly 73 percent of the market’s top value, districts like Famagusta and Larnaca remain underrepresented, despite offering more competitive pricing. This signals a clear gap – and potential opportunity – in regional development and investor targeting.

“These insights underline why market participants increasingly rely on data-driven intelligence to make informed decisions – not just on what to buy, but where, when, and why. At Ask Wire, we remain focused on equipping our clients with the clarity they need to navigate this fast-evolving landscape.”

Grants up to €35,000 for renovating empty homes – with a catch

Nigel Howarth
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Grants up to €35,000 for renovating empty homes – with a catch

The Ministry of Interior has officially launched the “Renovate-Rent” Scheme, opening the door for property owners to receive grants of up to €35,000 to fix up vacant homes — as long as they rent them out affordably.

Starting Wednesday, April 9, at 12:00 noon, homeowners can submit applications through the government platform www.prositistegi.cy. The initiative is designed to tackle two big issues at once: the growing number of empty, run-down properties across Cyprus and the lack of affordable housing for people in need.

Through the scheme, grants ranging from €15,000 to €35,000 will be offered to help cover the costs of renovation or upgrades. In return, property owners must make those homes available to tenants who meet specific income criteria.

Who qualifies to rent a renovated home?

According to the Ministry, eligible tenants must not already own a home and must fall within set income brackets, depending on their family size:

Single person: up to €25,000

Couple or single parent with 1 child: up to €45,000

Families or single parents with 2 children: up to €50,000

Families or single parents with 3 children: up to €55,000

Families with 4 or more children: up to €65,000

Tenants interested in applying can fill out a form through the same online platform. Once the Cyprus Land Development Corporation (KOAG) reviews and approves their application, they’ll be able to browse a list of available renovated homes and directly arrange to rent one.

The Ministry hopes the plan will breathe new life into underused properties while also easing the housing pressure for lower- and middle-income families.

For full details and to apply, visit www.prositistegi.cy.

This article was first published in Knews 8 April 2025

Cyprus property sales surged 19% in March

Nigel Howarth
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Cyprus property sales surged 19% in March

Cyprus’ real estate market saw a notable 19% surge in property sales in March compared to the same month last year, with all districts reporting double-digit increases over March 2024.

Sales in Paphos rose by 32%, sales in Larnaca rose 21%, sales in Nicosia were up 18%, sales in Famagusta rose 15% and finally sales in Limassol rose by 11%.

Although Limassol recorded the smallest percentage rise in sales, it achieved the highest number of sales of all the districts (477). Furthermore, 477 is the highest monthly number of sales for any district since monthly sales figures were first published in 2008.

Total contracts of sale deposited – 2024/2025 Comparison (March)

During the first quarter of 2025 sales are up compared to the same period last year with all districts reporting increases. Sales rose 26% in Larnaca, 15% in both Limassol and Nicosia, 7% in Paphos and 4% in Famagusta.

Total contracts of sale deposited – 2024/2025 Year-to-Date Comparison

Although Cyprus could be on on-track for a record year in sales, President Donald Trump’s trade tariffs could influence the Cyprus property market indirectly as a result of:

  • An economic slowdown in the eurozone resulting from reduced exports from the EU to the U.S. This could result in loss of investor confidence and foreign investment, both of which are vital for the health of Cyprus’ property market.
  • Inflationary pressures resulting in increased prices for imported goods and materials, which could lead to higher construction costs and increased inflation. These economic conditions could dissuade potential property buyers and investors, reducing demand.
  • Inflationary pressures may influence the European Central Bank’s monetary policies, potentially leading to adjustments in interest rates. Higher interest rates can increase borrowing costs for mortgages, home loans and property development loans, which could slow down the property market.

Although Cyprus has yet to feel the effects of these U.S. trade tariffs, there’s still a chance of knock-on effects, depending on how long the tariffs last, how big they are, and how the wider Eurozone economy reacts.

It’s impossible to predict what’s going to happen. Just yesterday Elon Musk expressed his support for eliminating tariffs between the United States and Europe. He supported a “zero-tariff situation,” creating a free-trade zone between the two regions.

Tens of thousands of demonstrators descended on Washington yesterday as part of nationwide “Hands Off!” rallies against spending cuts from Elon Musk’s Department of Government Efficiency and President Trump’s new “Liberation Day” tariffs. Protests were also held in New York City, Los Angeles and Philadelphia.

Cyprus property sales – market segment analysis

Property sales to the domestic (Cypriot) market

In March, sales to the domestic market rose 14% compared with March last year with all districts reporting gains.

Sales in Famagusta rose by 27%, while sales in Nicosia rose 26%, sales in Paphos rose 20%, sales in Larnaca were up 7%, and finally sales in Limassol rose by 6%.

Once again, although Limassol recorded the smallest rise in sales, it achieved the highest number of sales (305) to the domestic market of all the districts.

Domestic contracts of sale deposited – 2024/2025 Comparison (March)

Overall, domestic sales for the first quarter of 2024 are up 15% compared to the same period last year.

Although sales in Paphos fell by 8% and remained steady in Famagusta, increases of 29%, 17% and 16% were reported in Larnaca, Limassol and Nicosia respectively.

Domestic contracts of sale deposited – 2024/2025 Year-to-Date Comparison

Property sales to the overseas market

Sales to the overseas market (including both EU and non-EU citizens) in March rose 25% compared to March 2024.

Although sales in Nicosia fell 13% and remained steady in Famagusta, Larnaca, Paphos and Limassol reported increases of 41%, 39% and 21% respectively. Paphos achieved the highest number of sales in the month reaching 204.

Overseas contracts of sale deposited – 2024/2025 Comparison (March)

In the first quarter of 2024, overseas sales have risen by 15% compared to the same period last year, with all districts reporting gains.

Sales in Larnaca up 22%, Paphos up 16%, Limassol up 14%, Famagusta up 9% and finally Nicosia up 2%.

Overseas contracts of sale deposited – 2024/2025 Year-to-Date Comparison

Property sales to EU citizens

Sales to EU citizens increased by 16% in March compared to the same month last year.

Although sales in Nicosia fell by 36% and sales and Famagusta fell 27%, sales in Larnaca, Paphos and Limassol rose by 65%, 60% and 10% respectively.

Contracts deposited by EU Nationals – 2024/2025 Comparison (March)

In the first quarter of 2024, sales to EU citizens have risen 29% compared to the same period last year with sales rising in all districts except for Nicosia where they fell by 6%.

Sales in Paphos are up 55%, Famagusta up 49%, Paphos up 52%, Nicosia up 32%, Larnaca and Limassol up 27% and 16% respectively.

Contracts deposited by EU Nationals – 2024/2025 Year-to-Date Comparison

Property sales to non-EU citizens

In March, property sales to non-EU citizens rose 30% compared to March last year, with all districts recording gains.

Sales in Famagusta rose 40%, followed by Larnaca 34%, Paphos 31%, with Limassol and Nicosia both reporting a 26% increase.

Contracts deposited by non-EU Nationals – 2024/2025 Comparison (March)

In the first quarter of 2024, property sales to non-EU citizens rose 10% compared to March 2024.

Although sales in Famagusta fell 21%, the numbers rose in the other four districts. Sales rose 20% in Larnaca, 14% in Limassol, 10% in Nicosia and 3% in Paphos.

Contracts deposited by non-EU Nationals – 2024/2025 Year-to-Date Comparison

Market segment summary

The chart below illustrates the popularity of each district among different market segments. In Paphos, which is particularly attractive to those seeking holiday homes, property sales to non-EU nationals alone exceed those to the domestic market.

The popularity of Larnaca is increasing with the overseas market recording the strongest growth in the first quarter of 22%.

Market Segment Summary Analysis Year-to-Date

Contracts Deposited 2008 to 2025 Year-to-Date Comparison

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