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Archive for September, 2008

Cyprus property market: crisis expands

A new StockWatch survey among twenty developers and real estate agents carried out last week shows that the crisis in the Cyprus property market has expanded. It has started to affect the value of shops and offices as well as plot prices. The crisis is exceptionally intense on housing properties, where prices have declined up […]

Cyprus property price correction

THE Finance Minister, Charilaos Stavrakis, is reported as saying that Cyprus property prices will go through a phase of correction, boosting beliefs that the sector is facing a crisis. “Normally, property prices will be corrected. Although the downturn in the market is expected to affect the public revenues, the government has taken into account this […]

Aristo sales down

Dolphin Capital Investors, the company with a sizeable stake in Aristo Developers (Aristo), published its results earlier this week: “Total home sales booked by Aristo as at 31 August 2008 of €79 million, 37% lower than the corresponding record breaking period of 2007 mainly due to a slowdown in demand by UK buyers.” (Founded in […]

Cyprus banks impose stricter borrowing measures

RISKS lurking in the Cyprus property market are forcing domestic banks to take stricter borrowing measures to limit their exposure. The measures include increased collateral, fewer grace periods and changes in loan payment terms. The banks already screen property investors, developers and non-Cypriots who want to invest in Cyprus. But things are now much tighter […]

Details of new Title Deed law emerge

DETAILS of the proposed legislation concerning Title Deeds and designed to protect property buyers in Cyprus have recently emerged in the local news. The Interior Minister, Mr Neocles Sylikiotis, admits that the problems concern both foreign and Cypriot buyers and confirms that the new legislation will be ready by the end of the year. Speaking […]

Cyprus Building Permits June 2008

THE Cyprus Statistical Service (CySTAT) has just released the building permit figures for June 2008. During the month 779 were issued, compared with 848 during June 2007. The total value of these permits was €244.7 million and their total area 312.8 thousand square metres. They provided for the construction of 1,659 dwelling units. During the […]

Cyprus property market enters recession

In a recent interview with StockWatch the Land Registry manager, Andreas Christodoulou, advised Cyprus property investors to expect a lower return on their investments as the market has entered a period of recession. In his interview, he said that property prices will stabilize in the next four years – then they will recover but at […]

Property activity slumps

FIGURES released by the Cyprus Inland Revenue Department show that Capital Gains Tax receipts resulting from the sale of properties slumped 42% in August, driving down total losses for the first eight months of the year by 18%. The Cyprus Government collected approximately €54.5 million less from the property sales compared to the same period […]

Cyprus Title Deed scandal reported by Overseas Property Professional

In its latest issue, the Overseas Property Professional (OPP) magazine published an article about the Title Deed scandals experienced by thousands of people who have bought property in Cyprus. (The OPP is a very well respected international trade magazine published for overseas property agents, developers and associated professionals). “OPP has learnt that disgruntled expat buyers […]

Police raid BuySell Larnaca offices

POLICE have raided the BuySell offices in Larnaca. The company, which is the largest advertiser of property in Cyprus, is scheduled to appear in court on Wednesday. In the meantime, it has been ordered to suspend operations pending the court’s decision. On Monday, the Larnaca District Court ordered the company to close its three local […]

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