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Cyprus Central Bank defends property margin action

THE GOVERNOR of the Cyprus Central Bank, Athanasios Orphanides, has defended the Central Bank’s decision to increase the margin requirement on loans for property purchases in Cyprus, which aims to improve the risk profile of the bank loan portfolios as well as curtail the rapid growth in property loans and prices. During the last two […]

Cyprus Pound locks with Euro

On Tuesday 10th July, the Cyprus Pound was locked with the Euro and will be worth 0.585274 pounds. The EU Ministers agreed that Cyprus and Malta should adopt the currency as expected on 1 January 2008. The EU Ministers of Finance (ECOFIN) gave Cyprus and Malta the go-ahead to adopt the European single currency at […]

Property Tax Here to Stay – Sarris

THE government turned down calls to slash property taxes amid findings that a staggering £241 m flowed into state coffers last year, a six-fold increase since 1998. “We say no to a review of our tax system on immovable property“, Finance Minister Michalis Sarris told reporters. Sarris said the 632% tax rise between 1998 and […]

Cyprus plot prices boom

The latest increase in property prices is beyond forecasts. According to the new study of the Cyprus Real Estate Agents Association to be published in the next few days, the increase in plot prices in the domestic market will exceed 20% in 2007. The study, which concerns the first half of 2007, shows a slowdown […]

Property boom fills state coffers

STATE revenue has shot up as a result of the property boom in the first four months of 2007, further smoothing Cyprus’ Euro aspirations. Figures released yesterday show revenue from capital gains tax has shot up to CYP 81.6m in the first four months of 2007 – a massive 206% jump (CYP 54.9m) over the […]

Minister acts to stop illegal dealing in Cyprus land

THE GOVERNMENT has been forced to take action against a businessman using insider information to buy vast amounts of land at low prices knowing that his purchases would soon double in value. On Friday, Interior Minister Neoclis Sylikiotis cancelled certain provisions that were announced last May regarding the upgrading of rural land to urban land […]

Ombudswoman Blasts Cyprus Land Registry

OMBUDSWOMAN Eliana Nicolaou stated yesterday she would be launching an investigation into the Cyprus Land Registry Department after allegations of mismanagement. Speaking at the House Committee on Institutions, Merit and the Commissioner for Administration, Nicolaou informed members that there appeared to be vast flaws in operations at the Land Registry Department, which works under the […]

Property Owners Lobby for their Rights

HOME owners have announced the launch of the Cyprus Property Action Group (CPAG), the first-ever organised pressure group set up to lobby for their rights. Dennis O’Hare, one of the founders of the CPAG, which also launched its own website earlier in the week, said the idea kicked off in Peyia in discussions with the […]

New Group Helps Cyprus Property Buyers & Overseas Investors

A Cyprus property buyers’ action group has recently been established to help Cyprus property buyers. It is a pressure group dedicated to creating awareness within the industry and the Cyprus Government of the problems some buyers face as a result of buying property in Cyprus and lobbying for change. Hopefully the Cypriot authorities will work […]

Apartment Pools Blur Lines between Public and Private

THE INTERIOR Ministry yesterday said they are in the process of drafting a slight change to the law governing public swimming pools on the island of Cyprus.

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