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Archive for June, 2016

Property tax reform discussions continue

Discussions on major reforms of the Cyprus property tax system continued today with Finance Minister Harris Georgiades urging MPs to pass legislation before parliament’s summer recess.

Little interest in Cyprus property auctions

The auctions by the Bank of Cyprus of ten properties valued in excess of €2.3 million got underway last week with just three of the seven plots in Paphos being sold yielding a total of €1.05 million.

Keep calm and carry on, expats urged

British expats in Cyprus have been advised to keep calm and carry on following Thursday’s BREXIT vote that has left many of them fearful of what the future may hold once Britain leaves the EU.

Property tax reform discussions underway

Discussions on major reforms of the Cyprus property tax system designed to improve the fairness of the tax burden and to increase the efficiency of tax administration have started in Parliament.

Marina for Kiti

A marina on the southern coast of Cyprus between the villages of Kiti and Mazotos is under study and has the potential to bring large numbers of visitors from other parts of the island, as well as tourists.

Confusion over Cyprus property values

While the European Commission contends that Cyprus properties are overvalued by 5 per cent, the European Central Bank considers they are undervalued by between 4 per cent and 16 per cent.

Debt-to-asset swaps distort property sales

Although property sales in Cyprus appear to have increased by 25 per cent during the first five months of 2016, the numbers include debt-to-asset swaps as part of the banks’ restructuring deals.

March building permits up 5 per cent

The number of building permits authorised by the municipal authorities and the district administration offices during March 2016 stood at 485 according to the Cyprus Statistical Service.

More help for trapped buyers

Further help for trapped buyers is provided by a Ministerial decree enabling Certificates of Approval to be issued for residential properties that fail to comply with the permits issued for their construction.

Cyprus property sales continue to rise

Property sales in Cyprus continued their upward trend in May 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys.

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