week 17 - 2024

The Yassou Cyprus Podcast provides updates on real estate and economic news in Cyprus. Key points include the renewal of the financial guarantee for the Larnaca Port and Marina Project, plans for the tallest building in Limassol, the installation of photovoltaic systems in apartment complexes, a rebound in property sales to European Union nationals, increased apartment construction to meet housing demand, the resilience of the Cyprus real estate sector, rising house prices driven by a stable environment and favorable tax policies, profitable investment opportunities with rental yields averaging 8.5% annually, the Cypriot economy's growth rate of 2.3% in the fourth quarter of 2023, and Cyprus recording the second highest growth rate among EU member states. For more details, visit yasucyprus.com. Welcome to the Yassou Cyprus Podcast. I'm Marios, bringing you the latest real estate and economic news headlines from Cyprus over the past week. Larnaca Port and Marina Developer Renewing Financial Guarantee. The developer behind the Larnaca Port and Marina Project is renewing its financial guarantee, fulfilling an ongoing commitment to the project's success. Limassol to host the tallest building in Cyprus. Plans are underway for Limassol to erect the tallest building in Cyprus, a move that will redefine the city's skyline. Photovoltaics in apartment buildings in Cyprus. There is a push for renewable energy solutions in residential buildings with photovoltaic systems installed in apartment complexes. European Union nationals' property sales rebounding in Cyprus. There are signs that property sales to European Union nationals are recovering in Cyprus, which could indicate a resurgence of interest from this demographic. Apartment construction in Cyprus to bolster housing supply. The construction of new apartments in Cyprus is expected to increase the housing supply, potentially easing the demand for residential properties. Cyprus real estate proves resilient. Despite various challenges, the Cyprus real estate sector demonstrated resilience throughout 2023. House prices and investment factors in Cyprus. House prices in Cyprus saw a 7.6% year-on-year increase as of September 2023, driven by factors such as a stable environment, favorable tax policies, and quality of life. Profitability and rental yields in Cyprus. The real estate market in Cyprus offers profitable investment opportunities with rental yields averaging around 8.5% annually. Cyprus economic growth rates. The Cypriot economy grew by 2.3% in the fourth quarter of 2023, with an overall annual growth rate of 2.5% for the year. Cyprus has high growth rate among European Union member states. Cyprus recorded the second highest growth rate among European Union member states for the fourth quarter of 2023. For more information about lifestyle, travel, business and investment in Cyprus, visit yasucyprus.com