Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 15 July 2019 Larnaca new high rise tower projects

    In Larnaca, some 20 – 30 high-rise residential developments and hotels... read more

  • 27 June 2019 Home Saves homes but also sells them away

    On September 2, applications for the Home project will begin. Yesterday the... read more

  • 18 June 2019 Citizenship by Investment Property Fair in Beirut Lebanon

    On 13 and 14 June 2019 we took part, together with our legal team, in the... read more

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 15 July 2019 Larnaca new high rise tower projects

    In Larnaca, some 20 – 30 high-rise residential developments and hotels... read more

  • 27 June 2019 Home Saves homes but also sells them away

    On September 2, applications for the Home project will begin. Yesterday the... read more

  • 18 June 2019 Citizenship by Investment Property Fair in Beirut Lebanon

    On 13 and 14 June 2019 we took part, together with our legal team, in the... read more

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

Positive signs for the Larnaca Real Estate market

The new legislation passed by the Cyprus Parliament that Immovable Property Tax for 2017 will be abolished is a very positive development for the real estate market.  Specifically,  this new legislation provides that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75% on the amount paid last year.

 

The above new law, combined with the increased demand by foreign buyers for properties by the sea, as well as the restart of housing construction from developers in the favorable locations of Larnaca such as Krasa and Pascal areas, are all indicators of a very hopeful sign for the Real Estate market in the Larnaca region.

 

The banks have slowly begun lending to Cypriot buyers who comply with the new lending criteria.

It is worth noting that despite the fact that some banks have started selling/marketing repossessed properties, there is still a shortage of available flats for sale in good locations such as McKenzie and Dekelia Road.  We are confident that the real estate market is now on a good track.

Real Estate has been our business since 1970.