The Cypriot parliament has passed a law allowing for a reduced value-added tax (VAT) rate of 5% on first homes

The Palm Beach Hotel in Larnaca, a well-known establishment in the tourist area of Oroklini, has been purchased by an Israeli company with interests in other hotels in the region.

Accor Group's mid-range hotel chain, Mercure, has entered the Cyprus market with the opening of Mercure Larnaca Beach Resort in Oroklini.

A total of 1,929 apartments and 864 houses were sold during the previous year

Property sales in May rose 34 percent compared to the same month last year according to official statistics from the Department of Lands and Surveys.

Those involved in the real estate sector, as well as the local authorities of Larnaka, characterize as unprecedented the demand