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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 […]

Distortions in Cyprus property sale contracts

THE LEGAL SERVICES AND CYPRUS LAND REGISTRY OFFICE are to prepare a bill that would improve procedures for land purchases in an effort to close numerous loopholes in the system that lead to price distortions and other manipulations. House Legal Affairs Committee Chairman Ionas Nicolaou of DISY said that maybe as many as 90 percent […]

Law reform hopes to clear up Cyprus property title deeds trap

NEW HOMEOWNERS IN CYPRUS will have greater property security if an amendment that allows their contract of sale priority over developers’ mortgages is approved. The issue was brought up for discussion at the House Legal Affairs Committee on Thursday and is backed by the Lands and Survey department. By law, in order for a person […]

Cyprus developers concerned over banks’ lending freeze

PROPERTY DEVELOPERS yesterday said they were worried about the Cyprus Central Bank’s new rules for mortgage financing, fearing serious damage to tourism and the economy. A statement from the Cyprus Land and Building Developers Association said the move to curb excessive lending in the real estate sector affected 129 developers, 1,453 building contractors and 14 […]

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 […]

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