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Archive for September, 2007

Authorities failed to protect buyers and Cyprus’ reputation

LITTLE appears to have been achieved at yesterday’s meeting between finance minister Michalis Sarris and a delegation from the Cyprus Property Action Group. The group which had been set up earlier this year, to deal with the problems faced by expatriates buying property in Cyprus, wanted to brief the minister about the many complaints it […]

Hundreds of expats duped by dodgy property developers

A GROUP of exasperated expats yesterday informed Finance Minister Michalis Sarris of the hundreds of complaints made against developers and estate agents in Cyprus relating to fraudulent dealings in the lucrative property market. The Cyprus Property Action Group, formed last April to deal with the growing problem in the property market, met with Sarris to […]

Distortions in Cyprus property sale contracts

THE LEGAL SERVICES AND CYPRUS LAND REGISTRY OFFICE are to prepare a bill that would improve procedures for land purchases in an effort to close numerous loopholes in the system that lead to price distortions and other manipulations. House Legal Affairs Committee Chairman Ionas Nicolaou of DISY said that maybe as many as 90 percent […]

Law reform hopes to clear up Cyprus property title deeds trap

NEW HOMEOWNERS IN CYPRUS will have greater property security if an amendment that allows their contract of sale priority over developers’ mortgages is approved. The issue was brought up for discussion at the House Legal Affairs Committee on Thursday and is backed by the Lands and Survey department. By law, in order for a person […]

Cyprus Home Price Index up 0.57 percent in August

BuySell Cyprus Real Estate, a real estate advertiser, publishes a monthly ‘Home Price Index’ – the only one of its kind in Cyprus. The company started to produce the 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 […]

Cyprus developers concerned over banks’ lending freeze

PROPERTY DEVELOPERS yesterday said they were worried about the Cyprus Central Bank’s new rules for mortgage financing, fearing serious damage to tourism and the economy. A statement from the Cyprus Land and Building Developers Association said the move to curb excessive lending in the real estate sector affected 129 developers, 1,453 building contractors and 14 […]

Compensation for late delivery of a property

IN A CONTRACT OF SALE regarding immovable property, either off plan or under construction, there is usually a term stating that the purchaser is entitled to a specific amount of money as monthly compensation in the case of late delivery of the sold property. This term, however, is considered as a penalty clause and it […]

New action needed on Cyprus building boom

AUTHORITIES need to take prudent new measures to tame a construction boom that threatens the soundness of the country’s banking system just as it is about to adopt the euro, economists warned yesterday. Despite a newly reduced ceiling on lending for holiday home buyers, bank credit grew in August by an annual 25 per cent, […]

Cyprus Central Bank defends property margin action

THE GOVERNOR of the Cyprus Central Bank, Athanasios Orphanides, has defended the Central Bank’s decision to increase the margin requirement on loans for property purchases in Cyprus, which aims to improve the risk profile of the bank loan portfolios as well as curtail the rapid growth in property loans and prices. During the last two […]

Cyprus property market is competitive

The property market in Cyprus has seen strong price appreciation in recent years, with high end prices in Nicosia, Limassol and Larnaca doubling in the past four years and tripling in Paphos. The property market has been supported by the recovery in the Cypriot economy in recent years, international growth (offshore services and tourism) and […]

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