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28th March 2024
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Monthly Archives: July, 2010

Cyprus property sales improving

The number of property sales in Cyprus during the first six months of the year has improved by almost a quarter on the number sold during the first six months of last year. However, they are still less than half of the number sold during the first six months of 2008.

Cyprus to get financial ombudsman

The days of banks in Cyprus granting mortgages to home buyers without advising them that the land on which their property is built is already mortgaged may soon be over with the appointment of a financial ombudsman expected in the near future.

Sales to non-Cypriots improving slowly

Foreign interest in the Cyprus property market is showing signs of a slow recovery following last year’s disastrous performance, with sales during the first half of 2010 up 9.6% on last year.

Moody’s cuts Cyprus’ two main bank ratings

Moody’s has downgraded the deposit and debt ratings of the Bank of Cyprus and the Marfin Popular Bank. According to their report “The country’s real estate market, which is a significant component of the banks’ loan books, remains a risk area with unclear growth prospects and weak demand”.

Cyprus property tax increase heading for the bin

The Cyprus government’s plans to raise an additional 80 to 100 million Euros in taxes from property owners in efforts to combat the recession may be rejected along with a proposed bill that would increase corporate tax by 1 percent.

Title Deed law changes delayed

The Cyprus government has been unsuccessful in its attempt to introduce the five bills designed to accelerate the issue of Title Deeds by the end of the parliamentary session. Talks on their substance will continue after the summer recess.

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