week 21 - 2024

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. Cypriots squeezed out of property market, the rising costs and high demand from foreign buyers are making it increasingly difficult for Cypriots to enter the property market. Commercial property values face challenges in Cyprus. The commercial real estate sector is expected to continue facing significant challenges with alternative investment opportunities drawing interest. In Cyprus, AstroBank and Leptos Group highlight investment opportunities. Both AstroBank and Leptos Group have pointed out investment opportunities in Paphos, which remains a top location for property sales to foreign nationals. Cyprus government support for the construction sector. The government has pledged to continue supporting the construction sector, which is a key component of the Cypriot economy. Cyprus among top three in Eurozone growth. Cyprus stands out as one of the top performers in the Eurozone with a growth rate of 3.3% for the first quarter of 2024. Cyprus record high economic growth. The Cypriot economy recorded its highest growth rate in five quarters with a 3.5% increase in GDP during Q1 2024. Bank of Cyprus profits soar. The Bank of Cyprus has reported a 39% increase in profits aided by the resilient Cypriot economy. Paphos becomes hotspot for luxury real estate. Paphos has emerged as a prime location for luxury real estate with several high-end residential projects underway and increasing demand from overseas buyers. Nicosia commercial property prices surge. Commercial property prices in Nicosia have surged by 10% over the past year, reflecting strong economic growth and increased business activity in the capital. Affordable housing initiatives gain momentum. New affordable housing initiatives are gaining momentum, aiming to address the housing needs of low- and middle-income families in Cyprus. For more information about lifestyle, travel, business and investment in Cyprus, visit yassucyprus.com