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Cyprus investment programme new changes and procedures

Январь 11, 2020

When it comes to the debate surrounding the Cyprus Investment Programme (CIP) which the government launched and promoted in the wake of the country’s economic meltdown, facts speak louder than feelings – or at least they should. Indeed, apart from the economists who welcome changes in various indexes, a large segment of the population is experiencing the benefits first-hand and is grateful for this programme and the major investments it has attracted. It is also safe to say that the CIP – and the economic activity it has triggered – contributed to the fact that Cyprus managed to exit the bailout programme earlier than scheduled.

The number of building permits issued every year is a leading economic indicator. As a reference, that number peaked in 2008 in terms of the square meter area covered by the building permits. From 2009 to 2013, the number fell by 66,7%, but climbed back by 33,4% in the years from 2014 to 2016. Numbers continued to rise by 32.2% in 2018, and by 37,5% from January to August 2019. In absolute numbers, 4.579 building permits were issued from January to August 2019.

Property sales increased accordingly. In 2013, 3767 transactions were registered, and in 2014 that number was 4527. Increases continued and reached 7517 transactions in 2018, and 8549 in 2019. In other words, the last year-on-year increase amounted to 14%.

Demand has had a reasonable effect on prices, which rose by 0,4% to 1.1% for houses and 3.1% to 4%, for apartments along the coast registering the highest price increases.

Another important indicator is the number of people employed in the construction industry. While that number peaked before the crisis at 47.671 in the third quarter of 2008, many

The number of building permits issued every year is a leading economic indicator. As a reference, that number peaked in 2008 in terms of the square meter area covered by the building permits. From 2009 to 2013, the number fell by 66,7%, but climbed back by 33,4% in the years from 2014 to 2016. Numbers continued to rise by 32.2% in 2018, and by 37,5% from January to August 2019. In absolute numbers, 4.579 building permits were issued from January to August 2019.

Property sales increased accordingly. In 2013, 3767 transactions were registered, and in 2014 that number was 4527. Increases continued and reached 7517 transactions in 2018, and 8549 in 2019. In other words, the last year-on-year increase amounted to 14%.

Demand has had a reasonable effect on prices, which rose by 0,4% to 1.1% for houses and 3.1% to 4%, for apartments along the coast registering the highest price increases.

Another important indicator is the number of people employed in the construction industry. While that number peaked before the crisis at 47.671 in the third quarter of 2008, many

The number of building permits issued every year is a leading economic indicator. As a reference, that number peaked in 2008 in terms of the square meter area covered by the building permits. From 2009 to 2013, the number fell by 66,7%, but climbed back by 33,4% in the years from 2014 to 2016. Numbers continued to rise by 32.2% in 2018, and by 37,5% from January to August 2019. In absolute numbers, 4.579 building permits were issued from January to August 2019.

Property sales increased accordingly. In 2013, 3767 transactions were registered, and in 2014 that number was 4527. Increases continued and reached 7517 transactions in 2018, and 8549 in 2019. In other words, the last year-on-year increase amounted to 14%.

Demand has had a reasonable effect on prices, which rose by 0,4% to 1.1% for houses and 3.1% to 4%, for apartments along the coast registering the highest price increases.

Another important indicator is the number of people employed in the construction industry. While that number peaked before the crisis at 47.671 in the third quarter of 2008, many

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