The final quarter of 2024 brought sobering news for the Cyprus property market, particularly for the owners of homes in financial distress. Primary residences sold at auction by lenders fetched 27% less than their market value on average, highlighting ongoing pressure in the real estate sector, especially in distressed sales. Primary homes sold below market The post Repossessed homes auctioned at 27% below market value appeared first on Cyprus Property News.

The Deputy Ministry of Tourism reminded property owners that anyone operating short-term rentals without a registration permit is committing an offence and, if convicted, faces a fine of up to €5,000 or a prison sentence of up to one year. With the tourist season already under way, the Deputy Ministry stressed the obligation for all The post Government cracks down on unlicensed short-term rentals appeared first on Cyprus Property News.

The European Court of Justice (ECJ) has ruled that Malta’s “golden passport” programme, which allowed wealthy non-EU nationals to buy citizenship, violates European Union law. In a major legal decision that marks the end of EU-wide citizenship-by-investment schemes, the ECJ today declared Malta’s programme illegal. The scheme had allowed foreign investors to acquire Maltese nationality, The post ECJ rules golden passport schemes illegal appeared first on Cyprus Property News.

Trapped buyers have been given a fresh lifeline, as Cyprus’ banks have agreed to extend the freeze on property sales and repossessions until the end of July 2025, according to Kathimerini’s Panayiotis Rougalas. In a letter to Parliament’s Legal Affairs Committee, the Cyprus Banks Association confirmed the move. The association’s director general, Michael Kammas, said The post Trapped buyers protection extended to end July appeared first on Cyprus Property News.

Concerns are growing over a possible resurgence of discussions around investor citizenship schemes, following the eagerly awaited ruling on Malta’s controversial “golden passport” programme. The outcome could reignite interest in reinstating such programmes across EU states, including Cyprus, which scrapped its scheme under international pressure. Malta’s citizenship-by-investment programme is under intense scrutiny, with the Court The post Future of golden passport schemes hangs in the balance appeared first on Cyprus Property News.