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All reports tagged with: "building permit"

Gloomy Cyprus property figures and economic outlook

THE number of building permits issued for the construction of property in Cyprus continues to decline, reinforcing the IMFs gloomy economic outlook for the island. According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January 2008 stood at 687 compared to 738 in January 2007. These building permits provide for the […]

Cyprus property output slows

ACCORDING to Eurostat data released on 12th March, construction output in Cyprus has slowed, boosting estimates that the island’s economy will grow slower in 2008. Specifically, construction output in the fourth quarter of 2007 grew by 3% compared to 9% in the third quarter of 2007, 7.5% in the second quarter of 2007 and 4.2% […]

Building permits top 20,000

Earlier today, the Cyprus Statistical Service (CySTAT) announced that during 2007, the number of dwelling units for which building permits had been authorised topped 20,000 for the first time ever, reaching a staggering 20,486. Although the numbers were slightly down for Nicosia and Paphos, they were up for Limassol, Larnaca – and most notably Famagusta, […]

Surviving the Property Jungle: A Safety Kit for Property Hunters

The Politics of Homeownership and Title Deeds (3) This final Part 3 of our articles on the property trap is about good practice. In the previous articles we explained the traps laid by others to catch purchasers and the problems the latter often experience as they fall into the traps. The present paper is about […]

Battling the Church for Title Deeds for 13 years

RESIDENTS of a Paphos development who have been waiting for Title Deeds to their properties for 13 years are still stuck in limbo with no end in sight to their saga. According to the owner of one of the properties of the Kitrikes Village Development in Armou, the Interior Ministry took the residents to court […]

Cyprus property statistics: building permits to Oct 2007

The Cyprus Statistical Service (CySTAT) has announced that the number of building permits authorised by the Municipal Authorities and the District Administration offices during October 2007 stood at 797. The total value of these permits reached CYP 144.4 million and the total area 318.1 thousand square metres. These building permits provide for the construction of […]

Right the property wrongs

Property is a major contributor to the Cyprus economy. The Cyprus Land and Developers Association reported that the Cyprus construction industry has an annual turnover of EUR 1.73 billion. Revenues from property sales to non-Cypriots contribute some EUR 1.21 billion per annum of foreign exchange to the economy of the island. However, this revenue and […]

Cyprus construction sector slow down

THE RAPID GROWTH of the construction sector has reached the utmost limit and is expected to slow down. According to Eurostat’s data, the growth of the construction output in the third quarter of 2007 fell to 5.5%, while in the second quarter of the year, it had reached 8.6%. The Finance Ministry believes that constructions […]

Famagusta leads the Cyprus property market

FAMAGUSTA (Ammochostos) in eastern Cyprus is the leader in terms of real estate growth according to our analysis of the latest figures on building permits issued by the Cyprus Statistical Service (Cystat). Cut off from the town which now lies in the occupied area of Cyprus, the region of “Free Famagusta” (Ammochostos) has tended be […]

Cyprus Property Rights – Real or Illusory?

Article 23 of the Cyprus Constitution is forthright about the property rights of individuals, including the provision for Government compensation in certain situations. However, as many property buyers soon discover, ideals enshrined in the Constitution have yet to be translated into effective consumer protection, rights and safeguards. This discovery comes as a nasty shock, particularly […]

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