week 19 - 2024

A new 2 million euro event venue is planned for Larnaca, Cyprus. Thanos Hotels and Resorts has unveiled their new hotel in Mykonos. The Cyprus real estate market has remained stable at 5.5 billion euros. Property sales have increased in April, indicating a healthy market. Demand for holiday homes has driven up rental rates and property prices. Regular property valuations will be conducted every five years. Cyprus continues to attract wealthy migrants, contributing to the property market. Foreign buyers play a significant role in sustaining market growth. Residents of Limassol plan to protest against high rental prices. The 5% VT rate on new homes has been extended. For more information, visit yassucyprus.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's new event venue, a new 2 million euros event venue is planned for Larnaca, which will include multiple facilities and amenities. Thanos Hotels and Resorts has provided a first look at its new hotel in Mykonos, expanding beyond Cyprus. Cyprus real estate market overview, the Cyprus real estate market has maintained a steady value of 5.5 billion euros in 2023, with significant activity in Larnaca and Pathos districts. Property sales growth in April. The month of April witnessed a robust increase in property sales across Cyprus, indicating a healthy real estate market. Surge in holiday home rents and prices. The demand for holiday homes has led to a significant surge in both rental rates and property prices, particularly in tourist-favored areas. Regular property valuations. Cyprus has introduced a policy for property valuations to be conducted every five years to ensure accurate market assessments. Welcoming wealthy migrants. Cyprus continues to attract affluent migrants, contributing to the sustainability of the property market. Foreign buyers. Sustained market. The Cyprus property market is heavily supported by foreign investors, who remain a key demographic in sustaining market growth. Protests against high rents in Limassol. Residents of Limassol are planning to protest against the escalating rental prices in the city. VT rate extension for new homes. The 5% VT rate on new homes has been extended, offering some relief to homebuyers in Cyprus. For more information about lifestyle, travel, business and investment in Cyprus, visit yassucyprus.com. www.yassucyprus.com www.yassucyprus.com