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Archive for March, 2008

Loan financing further reduced for Cyprus property buyers

THE Central Bank of Cyprus has stepped in once again to reduce loan financing for those buying property in Cyprus. In October last year the Bank reduced financing from 70% to 60%; but in spite of this move, housing loans continue to surge, reaching a record €8.26 billion in January this year. The new measures […]

Cyprus property output slows

ACCORDING to Eurostat data released on 12th March, construction output in Cyprus has slowed, boosting estimates that the island’s economy will grow slower in 2008. Specifically, construction output in the fourth quarter of 2007 grew by 3% compared to 9% in the third quarter of 2007, 7.5% in the second quarter of 2007 and 4.2% […]

Top 10 pitfalls to avoid when buying property in Cyprus

When undertaken properly, purchasing a property in Cyprus is a pretty straightforward process. However, I am regularly approached by individuals who have purchased in Cyprus and have encountered some sort of problems with their property purchase and they need me to help them to clean up the mess! The truth is that almost always, the […]

Paphos property sold for 66 million

According to Stockwatch Ltd, KEO has sold its property at the Tombs of the Kings in Paphos to a joint venture of Athienitis and Aristo Developers for €66 million. According to newspaper “Politis”, the development will be uniform but the property will be separated in two parts, the commercial and the housing. Aristo will deal […]

Moratorium on golf courses

Ecologists have requested the Cyprus government to impose a moratorium on the issue of new licenses for the golf courses. In their announcement released today, they demanded the “freezing” of the procedures until the adoption of extraordinary measures to deal with the current water supply crisis. The Ecologists also requested the minimization of the water […]

Another scam bites the dust?

DISREPUTABLE Cyprus property developers extort ‘contract cancellation fees’ from buyers wishing to sell their property before Title Deeds have been issued in the buyers’ name. I have personally heard from some buyers who have been charged as much as CYP 20,000 (€ 34,000) by these ‘crooks’ for the privilege of selling a property they have […]

European house price boom ‘is over’

The great European house price boom ended in 2007 according to a new report predicting storm clouds on the horizon for the Continent’s property markets. Only Cyprus and Iceland saw house prices outstrip the previous year’s performance, according to the Royal Institution of Chartered Surveyors report, which called the end of the property goldrush. Report […]

Property developers move in

LAND developers are showing an interest in the Pyrgos Tylliria area, now that the prospect of the Limnitis checkpoint opening appears firmly on the agenda. Citing sources yesterday, Phileleftheros newspaper claimed that

Housing loans surge

According to the Central Bank Monetary Review, credit growth in January 2008 stood at 33.48%, higher than February 2007. The total value of loans granted in the first month of the year stood at €42.19 billion from €31.6 billion in January 2007. This increase of €10.58 billion stems from loans to non-financial organizations and the […]

Top 10 property contract clauses

When you instruct a lawyer in Cyprus you trust them to include everything that needs to be included in the contract purchasing the property to protect you. Sometimes it is only when things go wrong that you realise that something extra could have been added into the contract to protect you. As a non-specialist it […]

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