Archive for August, 2009
Illegal tourist rentals in Cyprus
Official figures reveal that one third of all tourists arriving in Cyprus stay in unlicensed holiday accommodation. The situation is exacerbated by developers who promote their villas and apartments as being suitable for ‘buy to let’ holiday homes.
Communal service charges
Is it correct that communal service charges are based on the on the size of the building/flat excluding gardens, open verandas etc?
Gaping hole in government revenues
The collapse of the Cyprus real estate market has resulted in a gaping hole in government revenues.
Common expenses & insurance in Cyprus
Those buying apartments in Cyprus and some other types of property often fail to appreciate that they are required to contribute towards the costs of insuring, maintaining and repairing those parts of the building/complex that they share with others.
Cyprus at number seven in Top of the Props
The popularity of Cyprus as a destination for overseas property investment has increased according to the July Top of the Props chart published by themovechannel.com and a second survey published by homesoverseas.com
Sales to non-Cypriots down 75 per cent
Cyprus saw a 75% drop in the number of properties bought by non-Cypriots from the number sold during the same period last year, according to reports published on Tuesday.
Cyprus slips into recession
According to the latest “flash” estimates from the Statistical Service, Cyprus slipped into a recession during the second quarter of 2009.
Residential property construction slows
According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,191 residential properties were authorised in May 2009; down by more than 30% on the 1,715 authorised in May last year.
The end of Cyprus’ remarkable real estate boom
The amazing Cyprus real estate boom is over. The weak pound and the UK economic problems have prompted potential British buyers, who account for 70% of overseas property sales, to look elsewhere according to a report by the influential Global Property Guide.
Desalination plant at Episkopi
Plans for a further desalination plant in Cyprus got underway last Friday when an agreement was signed for the construction of a unit at Episkopi that will deliver 40,000 cubic metres of water a day to Limassol.
