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Archive for 2013

Angry buyers sue over Cyprus homes

Almost 800 people are taking action in the High Court against the Alpha Bank, several financial advisers and a Paphos-based property developer over an alleged multi-million pound property scam.

Pay developers’ debts or lose your home

MEP Edward McMillan-Scott has raised a question in the European Parliament asking whether Cyprus has contravened the UCPD and what can the EU do to protect the rights of property buyers.

Homeowners call for simple and fair tax system

The Cyprus Land & Property Owners Association (KSIA) has called on the government to ensure that any new property tax system simple and fair and that it does not destroy an ordinary homeowner’s finances.

Moody’s cuts Cyprus rating on default risk

Moody’s cut Cyprus government bond credit rating by three notches to Caa3 from B3 due to an increase in government debt and issued a warning that the country had a 50 per cent chance of default.

Sales in 2012 plummet to record low

The number of properties sold in Cyprus fell to a record low in 2012 with local pundits predicting that this year will be worse than last, while the Financial Mirror concludes that 2013 will be another “Annus Horribilis”.

Domestic sales tumble

Sales of property in Cyprus to the domestic market during December fell more than 40 per cent compared with December 2011, while sales over the year were at their lowest level this century.

Construction sector remains quiet

Although the number of licenced projects increased by almost a third in October compared with October 2011 and their value increased marginally, the awaited recovery appears a long way off.

Overseas market faces a difficult road to recovery

Following the collapse of the Cyprus overseas property market in 2008, sales at the end of 2012 showed an improvement over the previous year; but the market still has a long way to go and the omens are not good.

Are overseas buyers returning?

For the second month in succession, the number of properties sold to overseas buyers increased in December with properties in Paphos accounting for 50 per cent of sales to non-Cypriots.

Law changes encourage overseas investment

With the aim of attracting investment into Cyprus from countries outside the EU, citizens of those countries may now acquire more than one dwelling providing that certain criteria and conditions are met.

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