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Archive for July, 2014

Foreclosure bill protects primary residences

The cabinet has approved amendments to the draft foreclosures bill that protects primary homes from repossession if the owner can prove lack of income or any other asset, thereby safeguarding low-income families.

Title Deed fiasco haunts IPT collection

Neither the Inland Revenue Department nor the Land Registry, responsible for issuing Title Deeds, has a mechanism to apportion blame for the non-issuance of Title Deeds, so IPT notices will only be sent to property owners.

Cyprus property valuations now online

Following the revaluation of some 500,000 properties in Cyprus, the revised valuation of any particular property can be viewed on-line at the Department of Lands and Surveys website.

Immovable Property Tax Announcement

The Cyprus Inland Revenue Department has issued the following announcement regarding the payment of Immovable Property Tax for 2014 and offers a discount of 15% if the IPT is fully paid by 31 October 2014.

Repossession agreement leaked

Some details of the agreement reached between the Cyprus government and the Troika of international lenders to ease the procedures for property repossessions have been leaked to the media.

Cyprus Immovable Property Tax 2014

The law amending the Cyprus Immovable Property Tax Laws for 2014 has now been published in the Cyprus Gazette and it offers a 15 per cent discount for those who pay early.

Aristodimou favours full investigation

Theodoros Aristodimou, founder and managing director of Aristo Developers, favours a full investigation into allegations of irregularities in the demarcation of 177 plots in the Skali area.

Cyprus making relatively good progress

Although Cyprus is making relatively good progress following the bailout, Troika officials have warned that the repossessions bill has to be approved by January 2015 before new aid is disbursed.

Complimentary tickets to NEC property exhibition

Complimentary tickets, which are usually £10 each, are being offered by the organisers of this autumn’s ‘A Place in the Sun Live’ overseas property exhibition that is being held at the NEC in Birmingham.

Domestic and overseas property sales increase

Sales of property in Cyprus to the domestic and overseas market both improved in June according to the latest statistics from the Department of Lands and Surveys with the number of contracts deposited increasing.

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