week 20 - 2024

The Yassou Cyprus podcast provided updates on various aspects of Cyprus's economy and real estate market. The top property sales were concentrated in Paphos and Limassol, indicating high market activity in these areas. Financial literacy in Cyprus was found to be low, emphasizing the need for better financial education. Unemployment rates decreased significantly, suggesting an improving job market. Consumer interest rates increased, while mortgage rates decreased in March. Efforts are being made to promote Cyprus as an attractive investment and business destination. Credit rating agencies are considering upgrading Cyprus's economic rating, reflecting confidence in its financial stability. Further improvements in the banking sector are crucial for the potential upgrade. Despite a decline in sales, housing prices have been on the rise, especially for apartments in Limassol. The development of Larnaca Port and Marina is at a critical stage, with potential investment at risk. Property valu 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. Top property sales dominated by Paphos and Limassol. The top 10 property sales in April were predominantly in Paphos and Limassol, showcasing these areas high market activity. Financial literacy in Cyprus. Less than 40% of Cypriots are considered financially proficient, highlighting a need for improved financial education. Reduction in unemployment in Cyprus. There has been a significant annual decrease of 17.2% in registered unemployed individuals in April, suggesting an improving job market. Cyprus consumer and mortgage rate trends. Consumer interest rates have increased, while mortgage rates have decreased in March, according to the Central Bank of Cyprus. Cyprus as an investment destination. Cyprus is being promoted as an attractive investment and business destination, with efforts to showcase its potential in international forums. Cyprus credit ratings outlook. Credit rating agencies such as Standard & Poor's and Fitch are considering upgrading Cyprus's economic rating, reflecting confidence in the country's financial stability. Banking sector progress, key to upgrade in Cyprus. The potential upgrade of Cyprus's credit rating is contingent upon further improvements in the banking sector. Cyprus housing prices on the rise. Despite the decline in sales, housing prices have maintained an upward trend, with apartment values hitting the highest in Limassol. Larnaca Port and Marina at a critical stage. The development of Larnaca Port and Marina is now considered to be at a critical stage, with the investment potentially in jeopardy. Cyprus property valuations every five years. Cyprus will now conduct property valuations every five years, which could affect property taxes and the real estate market. For more information about lifestyle, travel, business and investment in Cyprus, visit yassucyprus.com.