The Cyprus Real Estate Agents Registration Council has expressed strong opposition to draft bills currently under parliamentary discussion that could significantly impact property transactions.
- The Cyprus Real Estate Agents Registration Council has expressed strong opposition to draft bills currently under parliamentary discussion that could significantly impact property transactions.
Property transactions: Concerns Over Bureaucratic Bottlenecks
In a statement released on Friday, the council cautioned that the proposed legislation might create a bureaucratic bottleneck in the property market. It highlighted concerns that the already understaffed building authorities could be overburdened by the new requirements.
Contention Over Communal Expenses
A major point of contention involves a proposal mandating a certificate from the management committee to confirm the settlement of communal expenses. This certificate would be required for both filing a sales contract and completing the final transfer of property. The council’s president, Marinos Kineyirou, stated, “Such a requirement will obstruct thousands of property transactions, cause endless delays, and open the door to cases of owners being blackmailed by arbitrary or mismanaged committees.”
Impact of Short-Term Rentals
In related news, Cyprus has seen significant growth in short-term rental accommodation, with a reported increase of 29 per cent in the second quarter of 2025 compared with the same period in 2024, according to Eurostat. This surge places Cyprus third in the EU, following Malta and Slovakia, which experienced increases of 36 per cent and 29.1 per cent, respectively.
From April to June 2025, guests in Cyprus spent a total of 245.9 million nights in accommodation booked through online platforms. This figure indicates a 17.8 per cent increase compared to the previous year, reflecting a growing trend in the tourism sector.
Unemployment Rates on the Rise
Cyprus recorded an unemployment rate of 5.1 per cent in August 2025, up from 5 per cent in July and 4.6 per cent in August 2024. The number of unemployed persons reached 27,000, an increase from 25,000 in June and 24,000 in May. Youth unemployment remains particularly concerning, with a rate of 14.7 per cent, significantly higher than the 11.2 per cent recorded in August 2024.
Gender Disparities in Unemployment
Further breaking down the unemployment figures, male unemployment was reported at 4.7 per cent, while female unemployment stood at 5.5 per cent in August 2025. These statistics highlight ongoing gender disparities in the labour market.
SMEs and Digitalisation Initiatives
Meanwhile, the Enterprise Europe Network Cyprus has announced an opportunity for small and medium-sized enterprises (SMEs) to contribute to shaping future EU policies on digitalisation. The European Commission has initiated the SME Panel Digital Omnibus Survey 2025 to gather insights from SMEs across Europe. Christina Panayides, an officer at the local chamber of commerce, encouraged businesses to participate, stating, “Your input will help the commission better understand the digital challenges and opportunities faced by businesses like yours.”
Warnings of Forged Communications
The Central Bank of Cyprus recently alerted the public regarding a forged letter bearing the bank’s insignia, which demanded money from a citizen. The bank confirmed that the letter was not legitimate and stressed that it never requests payments from individuals. “The Central Bank of Cyprus never requests immediate payment of money from individual citizens,” it stated.
Stock Exchange Initiatives for Sustainability
The Cyprus Stock Exchange (CSE) has announced plans to organise presentations on environmental, social, and governance (ESG) assessment tools, aimed at enhancing sustainable development in corporate governance. The CSE has already begun collaborating with a company focused on sustainability assessment and certification to support publicly traded companies in adopting ESG standards.
House Price Trends in Cyprus
According to preliminary estimates from the Cyprus Statistical Service, house prices in Cyprus saw a modest year-on-year increase of 1 per cent in the second quarter of 2025. The House Price Index (HPI) for this period stood at 113.99 units, marking a slight rise of 0.2 per cent compared to the first quarter of 2025.
Delivery Platforms Boost Local Businesses
In a recent local commerce survey conducted by Wolt, 74 per cent of Cypriot partner businesses acknowledged the importance of delivery platforms. The survey revealed that over half of Wolt’s business partners experienced higher sales attributed to their collaboration with the platform. Additionally, 60 per cent of consumers reported using Wolt to support local shops, indicating a positive trend for small and family-run businesses in Cyprus.
Regulatory Updates from CySEC
The Cyprus Securities and Exchange Commission (CySEC) has informed regulated entities about new guidance on annual fees under the Digital Operational Resilience Act (DORA) for the financial sector. This directive applies to various financial entities, including investment firms and crypto-asset service providers, requiring them to complete a self-categorisation form for the first annual ICT fee for 2025.
Inflation Trends and Consumer Price Index
Inflation in Cyprus has continued to decline for five consecutive months, as reported by the Cyprus Statistical Service. In September, the Consumer Price Index (CPI) recorded an annual drop of 0.7 per cent. The CPI increased slightly on a monthly basis, indicating a complex economic landscape.
Upcoming Public Holiday Notification
As a reminder, the Central Bank of Cyprus has announced that all banks will be closed on Tuesday, October 28, in observance of Ochi (No) Day, advising customers to plan accordingly for their banking activities.
