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Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.

Non-performing loans highest in Europe

Non-performing loans (NPLs) in the Cypriot construction and real estate sectors are amongst the highest in Europe with construction NPLs standing at 75 per cent and real estate NPLs standing at 39 per cent at the end of March.

Doubts over new moves on Title Deeds

Questions remain over how the gentlemen’s agreement enabling ‘trapped buyers’ to get the Title Deeds to properties they purchased and paid for in good faith will work in practice; the Association of Cyprus Banks has yet to respond.

Larnaca Tower plans progressing

It looks as if a high-rise development ‘Larnaca Tower’ will soon get underway in the seafront area of Phinikoudes if the paperwork submitted by the Russian investor Nikolai Potapenko is approved by the authorities

No tax on mortgaged property sales

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees.

Tougher insolvency & NPL laws

MPs approved tougher laws for dealing with non-performing loans (NPLs) and foreclosures that should also enable trapped buyers to get a Title Deed at a special plenary session of the Cyprus parliament yesterday.

High-rise not needed in Paphos

Following last week’s news that applications had been received for ten high-rise developments in Paphos, a 500 strong ‘Movement to Save Paphos’ group says there is no need for such construction in the District.

Trapped buyers breakthrough

It appears that a gentlemen’s agreement has been reached enabling trapped buyers who were duped by nefarious developers and lawyers into buying property on land that the developer had earlier mortgaged to get their Title Deeds.

Paphos marina contract awarded

The contract to build the long-anticipated Paphos marina has been awarded to Pafilia by the ‘new’ Marina Management Committee, which was appointed in March to examine documents submitted as part of the marina tender process.

High-rise developments coming to Paphos

The Paphos Municipality has given the green light for the construction of two twenty storey high-rise buildings in the tourist area of the town on land close to the Aloe Hotel on Poseidonos Avenue.

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