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29th March 2024
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Yearly Archives: 2011

Housing market paralyzed pending legislation changes

The Cyprus Land and Building Developers Association has urged President Christofias to approve legislation agreed by MPs to temporarily abolish/reduce Property Transfer Fees as the delay has resulted in a complete paralysis of the Island's property market.

Commission refers Cyprus to EU Court of Justice

The European Commission has referred Cyprus to the European Court of Justice for non-compliance with European Union Treaty rules on the free movement of capital in respect of unrestricted access to buy a second home in Cyprus.

Property prices will continue to fall says bank chief

Cyprus bank executives see a further deterioration in the Island's economic conditions next year that they consider will further reduce liquidity, increase the cost of borrowing, and put further downward pressure on property prices.

Community taxes discriminatory to foreigners?

An article appeared in today's Cyprus Mail concerning excessive taxes being levied by a Community (a local government authority) on foreigners with property; a practice that the Island's Commissioner concludes may be discriminatory.

Transfer fee reductions could increase public revenue

A number of simple and practical measures could be taken by the government of Cyprus that would encourage the timely transfer of property titles, increase public revenues, reduce tax evasion and support the property market.

Christofias says no to transfer fee changes

The euphoria felt by property developers in Cyprus that the House of Representatives had agreed unanimously to abolish or reduce Property Transfer Fees for a period of six months may be short-lived as President Christofias has asked them to think again.

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