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Cyprus overseas property market collapse

Figures issued earlier today by the Cyprus Department of Lands and Surveys reveal that the Island’s overseas property market collapsed in 2009 with a mere 1,761 properties being sold to non-Cypriot buyers during the year.

Tax revenues slump, deficit increases

According to reports, Cyprus tax revenues slumped during January – November 2009 and the fiscal deficit increased to more than 3% of the island’s Gross Domestic Product, which means total losses during the period exceed €500 million.

Property sales to non-Cypriots improve slightly

Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.

Situation is critical says Cyprus Central Bank governor

Long term reforms are urgently needed to buffer the critical economic problems plaguing the island, the governor of the Cyprus Central Bank said yesterday.

Built on greed and nepotism says Cyprus protester

The property industry in Cyprus is built on greed and nepotism. The developers borrow money from the bank using people’s homes as collateral and the banks and lawyers are part of the deception. I have proof that my home has been mortgaged by my developer.

Title Deed proposals are a recipe for disaster

The Cyprus government Title Deed proposals are a shambles and a recipe for disaster and we are horrified that they have even been considered for the statute book; they are a legal minefield and a social time-bomb – says Professor of Law, Criminology & Penal Justice.

Improvement in Cyprus direct tax revenues

There are signs that the Cyprus government’s efforts to avoid the island’s budget deficit exceeding 3% of its GDP, which would result in EU Supervision, are bearing fruit with Immovable Property Tax collections almost doubling during September.

Cyprus property tax receipts plummet

Figures released by the Cyprus Inland Revenue Department reveal that tax receipts resulting from the sale and acquisition of property during the first eight months of 2009 have plummeted by more than €200 million compared to he same period in 2008.

Property developer collapses

The reason the company has collapsed is not the crisis, but the fact that Cyprus’ legal and regulatory framework allows a builder with five years’ experience to set up as a developer and apply his own standards of commercial behaviour.

Non-Cypriot demand for property collapses

Demand for properties by non-Cypriots in the first five months of the year has fallen by nearly 80%. Some estate agents believe that a full recovery will not happen before 2012.

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