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Construction loans boom despite Banks’ measures

Despite measures taken by the Central Bank of Cyprus earlier in the year, loan growth hit a 10-year high in December 2007. According to the Central Bank’s figures, loans made by the commercial banks rocketed

Battling the Church for Title Deeds for 13 years

RESIDENTS of a Paphos development who have been waiting for Title Deeds to their properties for 13 years are still stuck in limbo with no end in sight to their saga. According to the owner of one of the properties of the Kitrikes Village Development in Armou, the Interior Ministry took the residents to court […]

Cyprus government rakes in cash from property boom

STATE coffers enjoyed a 142 per cent increase in Capital Gains Tax in 2007, mainly as a result of the Cyprus property market boom. According to the Inland Revenue Department (IRD) website, the IRD collected in total €1.82 billion in the first 11 months of 2007; a 43% increase over the previous year, resulting in […]

Cyprus property deals hit CYP 1.7 billion

Easy credit by banks is also widely blamed for fuelling an unprecedented buying spree, with many engaging in speculative activity, which the Central Bank of Cyprus is now attempting to stop.

Cyprus real estate boom boosts tax receipts

According to the Cyprus Financial Mirror, increased revenue from Capital Gains Tax on Cyprus property sales has been instrumental in boosting the government’s revenue in the first nine months of 2007. It went on to say that the Inland Revenue Department reported that the total revenue during the period January – September 2007 advanced by […]

Credit crunch cools the Cyprus property market

THE CENTRAL Bank has reduced loan financing for property purchases to 60 per cent in order to protect banks from a worrying increase in loans, the Central Bank Governor said yesterday. Speaking before the House Commerce Committee, Athanasios Orphanides explained that the continuous and worrying demand for property loans in Cyprus had forced the Central […]

Cyprus property: Town planning goes online

CYPRIOTS will soon be able to monitor their application for town-planning permission over the internet. E-title deeds and other documents will be available over the web too at a later stage thanks to the Town-planning Department’s new website. The site, which will start operating on November 5, will offer the public relief from the tiring […]

Price war on Cyprus bank deposits to hurt real estate

An intense price war waged by Cyprus’ commercial banks in their bid to attract deposits is likely to hurt the property market, with bankers blaming the Central Bank for imposing tight liquidity conditions in order to control the spectacular increase in loans in the real estate and properties sectors. Marfin Laiki Bank is widely blamed […]

Cyprus property owners upbeat after Sarris meeting

A LOBBY group set up to help people facing problems with property developers and real estate agents all over Cyprus described last week’s meeting with Finance Minister Michalis Sarris as, “rewarding, positive and productive.” The Cyprus Property Action Group, which has over 2,000 registered members, on Friday informed Sarris of the hundreds of complaints made […]

Authorities failed to protect buyers and Cyprus’ reputation

LITTLE appears to have been achieved at yesterday’s meeting between finance minister Michalis Sarris and a delegation from the Cyprus Property Action Group. The group which had been set up earlier this year, to deal with the problems faced by expatriates buying property in Cyprus, wanted to brief the minister about the many complaints it […]

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