Breaking news

Cyprus Real Estate Market Steady In 2024, Supporting Economic Growth

by THEFUTURE.TEAM

January 24, 2025

The Cypriot real estate sector maintained its role as a key contributor to the economy in 2024, achieving figures close to those of 2023 despite significant challenges, according to the Real Estate Agents Registration Council.

A total of 19,155 property transfers, valued at €4.3 billion, were completed nationwide, alongside 15,797 filed sales documents. Year-on-year, sales documents increased by 1.5%, and transfers rose by 1.8%, though the total value of transfers fell by 2.3%.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The sector faced hurdles including reduced purchasing power, high lending rates, soaring construction material costs due to geopolitical instability, and persistently high property prices, the council noted.

Regional Performance

Limassol led in sales documents (5,032), though it ranked second in property transfers (5,054). The city recorded the highest transfer value at €1.5 billion, despite declines of 1.2% in sales documents, 5.8% in transfer volume, and 6.3% in transfer value compared to 2023.
Nicosia, defined by its long-term market stability, had the highest number of property transfers (5,395) but ranked third in value at €950 million. Sales grew by 13.6%, with transfer volumes and values increasing by 5.8% and 1.4%, respectively.
Paphos showed a mixed picture: sales dropped by 7.9%, but transfer volumes rose by 12% and values surged by 21.7%, reaching €983 million.
Larnaka saw 3,775 transfers worth €637 million, with sales increasing by 5.4%. However, transfer volumes dipped by 1.7%, and values fell by 13%.
Famagusta faced notable declines in sales documents (down 4.5%) and transfer values (down 19%), which totaled €214 million. However, transfer volumes rose by 3.8%, reaching 1,204.

Despite these regional fluctuations, the sector’s resilience underscores its importance to Cyprus’s economic stability amid challenging market conditions.

The Future Forbes Realty Global Properties

Discovery of a New Dwarf Planet: Is Our Solar System Expanding?

by News Editor

June 16, 2025

A New Celestial Revelation: Meet 2017 OF201

In a groundbreaking astronomical discovery, researchers have identified a celestial body likely to be a dwarf planet far beyond Pluto. This thrilling discovery was made by astronomers from the Institute for Advanced Study in Princeton, New Jersey. Dubbed 2017 OF201, this object is located over twice the distance of Pluto from the Sun, marking it as one of the farthest known bodies in our solar system observable through optical telescopes.

Key Insights

The object is approximately 700 kilometers in diameter, smaller than Pluto’s 2377 kilometers, yet it stands to be the largest found in the outer solar system in over a decade if verified by radio telescopes.
Classified as an extreme trans-Neptunian object, 2017 OF201 joins the ranks of other icy bodies circling the Sun beyond Neptune’s orbit. This region is now known to host other giants such as Eris, Haumea, Makemake, and Gonggong.
Identified in a series of 19 observations over seven years, involving instruments like the Dark Energy Camera in Chile and the Canada-France-Hawaii Telescope, this discovery sheds light on the unexplored corners of the solar system.

Why 2017 OF201 Stands Out

2017 OF201 boasts a unique orbit, with its aphelion over 1600 times the Earth’s distance from the Sun. Meanwhile, its perihelion is 44.5 times the Earth-Sun distance, parallel to Pluto’s path. Such an extensive orbit is evidence of a chaotic past, likely involving gravitational interactions with a giant planet.

Unveiling the Kuiper Belt: A New Frontier

Nestled within the Kuiper Belt, this object hints at the possibility of numerous similar celestial bodies lingering in this icy expanse, largely hidden due to immense distances. As telescope technology advances, the possibility of unveiling more about our solar system’s outermost fringes grows ever more achievable.