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MRI Overseas Property withdraws from NAEA

MRI Overseas Property, which has its Cyprus offices in Paphos & Larnaca, issued the following press release issued on 21 August: Leading Real Estate Company Withdraws from UK Trade Body over Impartiality Concerns A leading real estate company has withdrawn its membership of the UK’s National Association of Estate Agents (NAEA), due to concerns that […]

Free Title Deeds

THOSE buying property in Cyprus often encounter delays and problems when trying to obtain their all important Title Deeds. In one case I know of personally, an elderly widow has been waiting for the Title Deeds for the property that she and her late husband purchased back in 1982! – and delays in excess of […]

Cyprus developers ‘strangled by red tape’

PAPHOS property developers are pleading with the government to cut through the tangle of red tape that they say is suffocating their business, causing delays in the issue of building permits and title deeds, in some cases for years. The president of the Paphos developers, George Mais, was speaking yesterday following a meeting with Interior […]

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 […]

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