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Property loan growth accelerates

LOAN growth in the domestic market accelerated in April, driven by property loans and loans to non financial organizations. According to Central Bank data released today, the total value of loans stood at €44.52 billion, up from €32.89 billion in April 2007. The increase of €11.63 billion in loans is mainly linked to loans to […]

Cyprus bank eases loan restrictions

THE Central Bank of Cyprus has eased the loan restrictions for the purchase or construction of second properties from 60% to 70%. According to a local newspaper report, the Governor of the Central Bank, Athanasios Orphanides, informed the banks on Tuesday that the Central Bank examined the market data and decided to review the lending […]

Cyprus property tax receipts plummet

ACCORDING to press reports, a decline in Cyprus property prices has resulted in a spectacular fall in Government revenue. During the first four months of 2008, Capital Gains Tax receipts fell by 17% to €116.18 million from €139.42 over the same period last year. Meanwhile, property revenue plummeted by a massive 25% to €1.5 million […]

London property protest

A GROUP of British expats frustrated with the judicial system in Cyprus protested at Alexandra Palace London on Sunday where President Demetris Christofias was addressing a gathering of UK-based Cypriots. The protest was led by Conor O’Dwyer, 38, from Surrey who bought a house off plan in Cyprus in 2005 and has since entered in […]

Property chief elected new head of Cyprus bank

THEODOROS Aristodemou, the founder, Managing Director and Chairman of Aristo Developers Plc Group of companies, has been elected the new Chairman of the Bank of Cyprus. In a closely fought contest he beat his rival, the former Finance Minister Michalis Sarris, by a single vote. Aristodemou received the vote of 9 members of the Board; […]

Property protest during President Christofias London visit

Expatriate property buyers frustrated by the inept Cypriot judicial system are to protest at London’s Alexandra Palace on May 18th where the President of the Republic of Cyprus, Demetris Christofias, will address a gathering of the Cypriot community at 3pm. Problems suffered by property victims range from the non issuing of Title Deeds, structural faults, […]

Sotheby’s moves into Cyprus real estate

THE FIRST office of Sotheby’s International Realty Affiliates LLC will open in Cyprus by the end of the year, under an exclusive 25 year licensing agreement that will cover the Eastern Mediterranean region. Founded in 1976 providing independent brokerages with a

Property groups join forces to battle for buyers rights

THE CYPRUS Land and Property Owners’ Association (KSIA) and the Cyprus Property Action Group (CPAG) have teamed up to explore ways of fighting for the rights of property buyers in Cyprus. KSIA is affiliated to the Cyprus Chamber of Commerce and Industry (KEVE) and is a long-standing member of the International Union of Property Owners.

Backlash from Cyprus property developers

THE GOVERNMENT is facing a backlash from Cyprus property developers and estate agents over plans to introduce a 15% VAT charge on land purchases from July 1, with many saying the regulations are not clear. One estate agent said local buyers may now be priced

Sylikiotis wants to halt Cyprus house price increases

THE election campaign slogan of newly elected President Demitris Christofias for a “just society” passes mainly through his Ministry, given the fact that the majority of the laws which regulate internal administration has to do with issues the Minister of Interior deals with. Neoklis Sylikiotis returns to the “Ministry of the Citizen”, as he calls […]

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