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Latest News In Cyprus
Limassol in the Top 10
The US comapny Trip Advisor, issued a list of 10 destinations which appear to be of great interest to tourists worldwide.These destinations are expected to experience a rise in tourist arrivals in 2016. Limassol ranked number 3.
Construction activity in Limassol
After a series of incentives offered by the goverment for non-EU citizens, there has been a rise of construction activity on the coastal front of Limassol. Since last year multiple projects, and especially multistory buildings, started their construction, with many more still being on the planning stage, whereas dozens of applications for residential developments are still pending.
40 Story Building in Limassol
This modern 40 story building will be located on the seafront near the Mulicipality Gardens. The building will have a restaurant on the roof and a modern public square. The investors' proposal suggests that there will be a remodeling of the excisting building infront of it as well.
Cyprus Market is still a favorite
Cyprus’s property market still has plenty of pulling power when it comes to attracting foreign investors, but it needs to improve the way it issues title deeds if it wants to keep foreign investor interest. According to the Chairman of the Cyprus Land and Building Developers’s Association, Pantelis Leptos, who noted the upward trend in property sales recorded in recent months, the Cypriot property market hasn’t lost its touch, attracting foreign investors from many different countries. Property sales in Cyprus seem to be showing signs of recovery, after March saw a significant increase, up 19% in sales compared to March 2015. According to the island’s Land Registry data, which looked at the total number of property sale contracts submitted to the Registry, the sale contracts reached 539 in March this year, compared to 452 in March 2015. Meanwhile, the first quarter of 2016 recorded 1367 of sale contracts compared to 1098 in the corresponding quarter of 2015, recording an increase of 24%. Significant growth was also recorded in sales from foreign buyers with an almost four-fold increase in sales by foreign buyers at 157 sales this March compared to just 41 in March last year.
Cyprus issues 15,559 new residence permits in 2015, Eurostat says
Cyprus last year issued 15,569 residence permits to third country nationals, or 18.4 per 1,000 inhabitants, the European Union statistical agency Eurostat said. More than 47 per cent of the permits issued concerned workers while 17 per cent and 14 per cent were obtained by other family members or students respectively.
Tourist arrivals increased by 16.7% in September compared to the same month last, making 2016’s September the best ever recorded.
On the basis of the results of the Passenger Survey, arrivals of tourists reached 421,201 in September 2016 compared to 360,899 in September 2015, recording an increase of 16.7%. September 2016 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.
Cyprus’s economy to grow 2.2% in 2017 after growing 2.8% this year
The International Monetary Fund (IMF) said that Cyprus’s economy which exited a prolonged recession last year when it grew 1.5 per cent will see its growth rate slow down from 2.8 per cent this year to 2.2 per cent in 2017.