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Cyprus Leads EU Housing Market Growth With 31% Increase In 2023

by THEFUTURE.TEAM

July 10, 2024

In an impressive display of market strength, Cyprus topped the European Union housing market growth charts in 2023, recording a staggering 31% increase in property prices. This growth, driven largely by foreign investment and robust demand, highlights the resilience and attractiveness of the Cypriot real estate market.

Key Drivers of Growth

Several factors have contributed to this remarkable increase. According to the Central Bank of Cyprus, the surge in property prices was significantly influenced by heightened demand, particularly from foreign buyers. These buyers accounted for nearly half of the property purchases in 2022 and the first quarter of 2023. Notably, there has been a considerable influx of professionals and investors relocating to Cyprus, driven by the country’s strategic policies aimed at attracting international headquarters.

Regional Performance

The rise in property prices was not uniform across Cyprus. Districts like Limassol and Larnaca saw the most substantial increases. Limassol, for example, experienced a 10.6% annual increase in house prices, while Larnaca saw a 7.7% rise. The demand in these regions has been bolstered by the government’s headquartering policy, which has successfully attracted foreign companies and professionals.

Market Stability and Future Outlook

Despite global economic uncertainties, including the war in Ukraine and fluctuating energy prices, the Cyprus housing market has demonstrated remarkable stability. The construction cost index has begun to stabilize, which has further supported the property market. Additionally, despite rising interest rates driven by the European Central Bank’s monetary policies, the overall demand for properties has remained resilient.

The market’s robustness is also reflected in the Central Bank of Cyprus’s projections, which anticipate continued positive economic momentum. With a GDP growth rate forecasted at 2.4% for 2023, and further increases in the coming years, Cyprus is well-positioned to maintain its appeal to both domestic and international investors.

Devastating Hollywood Fires Cause Delay In Oscar Nominations

by THEFUTURE.TEAM

January 15, 2025

The ongoing wildfires in California, which have ravaged much of Hollywood, have forced the Academy of Motion Picture Arts and Sciences to delay the announcement of the 2024 Oscar nominations. The nominations, originally scheduled for January 16, will now be announced on Thursday, January 23.

Key Facts

The Oscar nominations voting period has been extended to Friday, January 17, moving from the original deadline of Sunday, January 12.
The 97th Academy Awards ceremony will still take place on March 2 at the Dolby Theatre.
The nominations will be announced live on YouTube.
Academy CEO Bill Kramer and President Janet Young explained in a joint statement that the extension and change in schedule were necessary due to the ongoing fires and their impact on the Los Angeles community. They expressed solidarity with those affected and emphasized the need to accommodate the region’s infrastructure and housing challenges.

Accent

The fires, including the massive Palisades Fire, which has burned over 23,000 acres, continue to ravage the Los Angeles area. The fires have claimed at least 24 lives, and 23 people are still missing. Authorities have evacuated over 90,000 residents.

Tactical Impact

The devastating fires have also led to the postponement of other major industry events. The Writers Guild of America delayed the announcement of its nominations, which were originally set for January 9. The Critics’ Choice Awards, originally scheduled for January 12, have been rescheduled to January 26.

Despite the devastation, the Academy remains committed to supporting the industry and its members during this challenging time.