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Archive for June, 2009

Legal stakes raised in Cyprus Title Deed scandal

A case about to come before the UK High Court in London against several Cypriot developers and lawyers could help to create a healthy property system in Cyprus according to Dr Katherine Alexander-Theodotou.

HM Government replies to Lord Jones

“Those contemplating buying property in Cyprus must proceed with caution and seek qualified legal advice from a source that is independent from anyone else involved in the transaction.”

Sylikiotis shoots from the hip

If some of the smaller developers are now close to bankruptcy, then allowing them to go bankrupt would send a clear message to the rest of the market.

Cyprus in court over title deed delays

The landmark case could not have come at a worse time for Cyprus that has celebrated the legal victory against a British couple who have developed land in the Turkish-occupied north owned by a Greek Cypriot refugee and who are being forced to give up their assets in the U.K. as compensation.

Property developer collapses

The reason the company has collapsed is not the crisis, but the fact that Cyprus’ legal and regulatory framework allows a builder with five years’ experience to set up as a developer and apply his own standards of commercial behaviour.

Prices in Cyprus down & worse to come

Prices and demand for property have been falling across Cyprus since autumn 2008; Limassol is the only town where prices are still moving upwards.

Cyprus minister denies ignoring deed issue

According to a statement issued to OPP the Cyprus government has not stated that the measures that are being studied will not concern those who have already bought houses or other buildings. But precisely how the new measures will help is unclear.

Proposals to accelerate Cyprus title deeds

The Finance Minister has received a number of proposals from the European party on ways that the process of issuing Title Deeds may be accelerated.

Non-Cypriot demand for property collapses

Demand for properties by non-Cypriots in the first five months of the year has fallen by nearly 80%. Some estate agents believe that a full recovery will not happen before 2012.

Cyprus tax receipts continue to fall

Capital Gains Tax receipts in Cyprus, Stamp Duty and Immovable Property Tax continue to fall as a result of the on-going slump in the real estate market.

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