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Archive for December, 2012

Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.

Our top 10 stories from Cyprus in 2012

The most read article published in Cyprus Property News over the past twelve months was that a group of British buyers had won the right to have their cases against their Paphos-based developer heard in the UK.

Why aren’t prices falling as much as they should?

The short answer to this interesting question is that property prices tend to be “sticky” on the way down as a lower sales price can often be dismissed as being uncharacteristic of the market.

EU still progressing Cyprus property issues

Replying to recent questions raised in the European Parliament by MEPs Daniel Hannan and David Martin, Commission Vice-president Viviane Reding has provided an update on progress.

More junk piled on Cyprus by Standard & Poor’s

Standard & Poor’s Ratings Services pushed Cyprus further into junk territory by lowering its long and short-term sovereign credit ratings by two notches to CCC+. The outlook is negative.

Cyprus property price slump continues

The RICS Cyprus Property Price Index for the third quarter of 2012 reveals that property prices continued to fall with house prices falling by an average of 1.1 per cent and house prices falling by 0.4 per cent.

Signs of recovery in overseas sales

Efforts to promote Cyprus into new markets seem to be paying dividends as the number of properties bought by non-Cypriots jumped in November although some have complained of paying grossly inflated prices.

Only sick minds could have thought up property tax

Although the troika proposed that property taxes should raise €20 million/annum, the government drafted a bill that would raise ten times that figure according to some calculations.

Decline in property sales slows

Although the number of properties being sold in Cyprus continues to fall, sales in Paphos and Larnaca increased in November and the overall rate of decline is the lowest in recent months.

Nonperforming loans at €23 billion

Confidential information from the Central Bank released by StockWatch today puts the level of non-performing loans of the domestic banks at €23 billion requiring several billions more to recapitalise them.

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