CYPRUS Trends and Developments Contributed by: Marios Konstantinou and Stalo Konstantinou, George K. Konstantinou Law Firm
Looking for a solution to the title deeds matter Nevertheless, the Ministry of the Interior has held meetings with the banking sector, members of the working committee for trapped buyers, and other stakeholders. The matter is given priority, and hopes have been expressed that a solution will be found soon. Upcoming and new projects Long-awaited public projects – ie, landmark developments that will enhance lifestyles in their respective areas – are approaching completion in 2025. One such example is the regeneration of Nicosia’s commercial centre, especially the central Archbishop Makarios Avenue. The Holy Metropolis of Limassol announced its willingness to make 448,033 square metres of land in Amathous municipality available for development. Such development must involve beneficial projects related to health, education and the environment. The Minister of the Interior noted in a speech on 11 April 2025 that the government is preparing a new scheme for mixed developments in com - mercial areas. Meanwhile, reports in the press talk of further new project competitions in 2025. Other developments Housing plans and business premises loans Various mortgage schemes are maintaining mobility in the real estate market. For example, one major bank has announced a new housing plan, which provides for a stable interest rate for the first three years while giving home buyers a five-year option. The scheme is expected to start at the end of March 2025.
At the same time, all banks offer commercial mortgages, business loans or business prem - ises loans. These are lending schemes designed especially for starting or expanding a business, purchasing goods and equipment, renovat - ing premises or buying commercial property or property for professional purposes. Repayment can be arranged over 20 years, while the maxi - mum amount lent can be over EUR1 million. Forecast Forecasts for 2025 are antithetical. Some esti - mates predict that growth will slow down, mak - ing 2025 a turning point for the real estate mar - ket, but other reports are positive. In late 2024, the Real Estate Agents Registration Council expressed optimism, saying that the real estate sector is retaining resilience. At the same time, the Council admitted that 2024 was “difficult” year, with only a marginal rise in transactions and sales. Challenges include high interest rates, weakening buying power on the part of Cyprus citizens and increased construction costs. Still, some market analysts reportedly do not expect any significant problems in 2025; the year is expected to be similar to 2024 concerning real estate. Conclusion The real estate sector in Cyprus retains its vibran - cy despite challenges and continues to evolve. Trends and developments relate to social condi - tions, geopolitics and how Cyprus interacts with the rest of Europe and the world. Importantly, they also relate to legislation, judicial develop - ments and ongoing government policies, initia - tives and schemes.
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