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Archive for December, 2006

Cyprus Building Permits Reach 14% of GDP

The value of building permits authorised in Cyprus rose by 8.3% year on year in January to October, to reach CYP 1.18 bln, or 14% of likely GDP in 2006, according to our calculations.In the same period the number of building permits rose by 8.3% and the area of permits rose by 3.8%. By far […]

Construction Cost up 3.9%

According to the Cyprus Statistical Service (CYSTAT) data released on Friday, the Building Material Price Index in November 2006 recorded an increase of 3.9% to 133.68 points against 128.65 points in the corresponding month of 2005. The higher increase was observed in the price of electro-mechanical products (+5.1%) and the industrial products (+4.8%). Also, the […]

Beach Properties – Care of What you Own

We are writing this article because there is a big confusion regarding what property owners of beach properties actually own. The seaside plots may be affected by the seashore protection zone. This zone, which is indicated on the official plans, sets a distance from the seashore line (approximately 300 metres) within which you cannot erect […]

Structural and Routine Defects

It is normal when someone acquires new property that he gets a guarantee for defects for a period of 12 months after delivery. Although not stipulated, in most/all contracts, the Cyprus common law sets out that the developer is liable for ever for the structural stability of a building (other things being equal e.g. earthquake, […]

Holiday Home Buyers Return to France and Spain

British holiday home buyers are returning to the traditional locations of France and Spain when looking for property, according to a new survey. The two countries, which have long been popular holiday home destinations, made up 55 per cent of all currency transactions for buying property, according to the latest study from currency specialist HIFX. […]

Warnings for Overseas Property Investors

Investors looking to buy a property abroad are being warned to ignore the hype and look out for dodgy paperwork by overseas property experts. Property Secrets say UK buyers are still making “fundamental mistakes” when investing in a property abroad. “The perception that a property located near to a beach equals a safe and profitable […]

Cyprus Property Prices Fall for Third Successive Month

The Cyprus property price index is published monthly by BuySell Cyprus Real Estate, a real estate advertiser. The company started to produce its property price index in 2004. It shows the movement of prices at which residential properties in Cyprus are sold and is based on an average of around 400 to 500 home sales/month. […]

Strong Pound and Booming House Prices Help Brits Move Abroad

More than 198,000 British nationals moved overseas last year, bringing the total number of Brits abroad to more than 5.5 million, according to new research from the Institute for Public Policy Research, published today (Monday). The report says that a strong economy at home has encouraged emigration and that very few Britons leave because they […]

Greek Cypriot Property + Turkish Held Areas

The change in the Cyprus Government law on people buying property in the Turkish held areas (T.H.A.) is very important and it is worth mentioning it in our articles. The arrest of a Russian couple who have bought a house in the T.H.A. is a point to be noted, since, they stand to go to […]

A Reader’s Disgust

ONE of our readers, Kate Jones, wrote to us saying how disgusted she was on reading the facts of life about the incompetence of some of the lawyers in Cyprus. We must make it clear from the start that this is not a Cypriot phenomenon but a worldwide one, since there are good and bad […]

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