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Archive for June, 2007

The Cyprus property industry must be brought up to scratch

Tourism may be falling, but its decline is being offset by the health of the property and building sector, which has shown steady increases over recent years, to become one of the pillars of growth in our economy. Figures released this week show that 2007 looked set to become a record year in property transactions, […]

Cyprus plot prices boom

The latest increase in property prices is beyond forecasts. According to the new study of the Cyprus Real Estate Agents Association to be published in the next few days, the increase in plot prices in the domestic market will exceed 20% in 2007. The study, which concerns the first half of 2007, shows a slowdown […]

Nothing in site for villa victims

ON paper it looked like a great deal. A property in the sun for half the market price and all you have to do in return is let the developer rent the place for six months a year for 10 years. When the 10 years is up the house in Cyprus would be yours for […]

Cyprus Building Permit Statistics: March 2007

Figures just released by the Cyprus Statistical Service show that the number of building permits authorized by the municipal authorities and the District Administration offices during March 2007 stood at 986. The total value of these permits reached CYP 170.8 million and the total area 389.0 thousand square metres. These building permits provide for the […]

Property boom fills state coffers

STATE revenue has shot up as a result of the property boom in the first four months of 2007, further smoothing Cyprus’ Euro aspirations. Figures released yesterday show revenue from capital gains tax has shot up to CYP 81.6m in the first four months of 2007 – a massive 206% jump (CYP 54.9m) over the […]

Record year for Cyprus property transactions

During the first three months of this year property sales valued at £560 million have been made and it looks as if 2007 could set a record for the number of properties transacted on the island.

Minister acts to stop illegal dealing in Cyprus land

THE GOVERNMENT has been forced to take action against a businessman using insider information to buy vast amounts of land at low prices knowing that his purchases would soon double in value. On Friday, Interior Minister Neoclis Sylikiotis cancelled certain provisions that were announced last May regarding the upgrading of rural land to urban land […]

Cyprus Home Price Index up 1.8 percent in May

The index is published monthly by BuySell Cyprus Real Estate, a real estate advertiser. The company started to produce its 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. When the index started […]

Ombudswoman Blasts Cyprus Land Registry

OMBUDSWOMAN Eliana Nicolaou stated yesterday she would be launching an investigation into the Cyprus Land Registry Department after allegations of mismanagement. Speaking at the House Committee on Institutions, Merit and the Commissioner for Administration, Nicolaou informed members that there appeared to be vast flaws in operations at the Land Registry Department, which works under the […]

Property Owners Lobby for their Rights

HOME owners have announced the launch of the Cyprus Property Action Group (CPAG), the first-ever organised pressure group set up to lobby for their rights. Dennis O’Hare, one of the founders of the CPAG, which also launched its own website earlier in the week, said the idea kicked off in Peyia in discussions with the […]

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