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Larnaca marina coming soon

According to the Cyprus’ Press and Information office, the construction of the Larnaca marina and port will be undertaken by the Zenon Consortium. The development project is expected to start by the end of 2009, with the marina being finished within two years; it will take between six and seven years for the construction of […]

Sleeping rough for justice

TWICE physically assaulted and hospitalised for 6 days at the hands of Cypriot property developers Christoforos Karayiannas & Son Ltd a British property buyer, Cornelius (Conor) O’Dwyer, is stepping up the pressure on the Cypriot authorities to act. In an an open letter to President of the Republic of Cyprus, Demetrias Christofias, Mr O’Dwyer announces […]

Bank tightens credit risk rules

Later this month, it is anticipated that the Central Bank of Cyprus will issue ‘guidelines’ requiring the commercial banks to better manage credit risk. (In an earlier article, “The Property Bubble“, Dr Alan Waring reported that the executives of one bank had been summoned to a ‘crisis meeting’ to discuss plans to deal with a […]

Parador Properties goes into voluntary administration

Parador Properties, which had a number of overseas operations, including Cyprus, has gone into voluntary administration. The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded […]

New Title Deed law by year end

INTERIOR MINISTER Nicos Sylikiotis has assured property buyers that newly proposed legislation to resolve problems in the sector could be implemented by the end of the year. According to a statement yesterday by the Cyprus Property Action Group (CPAG), the minister said meetings had taken place recently with the Land Registry, to find ways to […]

Tax revenues plummet as property boom ends

THE Cyprus Inland Revenue Department has released details of total tax revenues collected during the first 5 months of 2008. Overall revenues stood at € 651.6 million, an increase of 1.1% on the €644.8 million collected during the same period last year. The disappointing performance is attributed to the sharp fall in property related tax […]

Paphos marina coming soon

IN a hotly contested bidding contest between ‘Leptos‘ and ‘Aristo‘ (whose chairman is also the new chairman of the Bank of Cyprus), it appears that ‘Leptos’ has been awarded the contract to construct the new marina at Paphos. Six marinas are planned at different parts of the island: The Paphos Marina will be constructed at […]

Encouraging better land use

The Cyprus Government seems determined to introduce measures to encourage better land use in urban areas. Over the next few weeks the Finance Ministry is expected to finalise proposals for the development of around 10,000 unused building plots in the cities, which are designed to ‘encourage’ their owners to release them for housing development. It’s […]

Misleading property advertisements

MANY people have been duped into buying property in Cyprus through the use of misleading advertising. Much of this makes outrageous and totally unsubstantiated claims regarding the performance of property investments. For example, marketing literature produced by one registered Estate Agent guarantees that investors: “only have to invest 30% of the selling price, then the […]

VAT delay on Cyprus land

Cyprus’ Minister of Finance, Charilaos Stavrakis, says the Government is confident that it will be able to secure a postponement of the introduction of VAT on building plots. Under its commitments to the EU, Cyprus was to have levied a 15 percent VAT charge on the sale of building plots on January 1 2008. However, […]

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