All reports tagged with: "cyprus property developer"

Property awarded to couple after legal battle

A BRITISH couple came very close to losing their €680,000 property at Ayia Thekla in Cyprus when their developer sold it to someone else behind their backs.
According to Yiannos Georgiades, the couple’s present lawyer, the two Britons set up a company and bought the property in Ayia Thekla, which they planned to rent out. The [...]

Protest by Limassol property developers in crisis

A PROTEST by Limassol property developers against the increased bank interest rates this week revealed just how concerned some professionals in the real estate sector have become. Even more worrying for developers, however, is that Cyprus banks have almost stopped giving out loans to property buyers. This has reduced demand for houses, while their availability [...]

Golf properties at Tersefanou

ACCORDING to Overseas Property Professional, a consortium of Cypriot developers known as the Med Group is expecting to receive the go ahead for a €300 million golf resort project at Tersefanou within the next few months.
Known as the Larnaca Golf and Country Club, the development will comprise an 18-hole golf course, with more than 500 [...]

Aristo sales down

Dolphin Capital Investors, the company with a sizeable stake in Aristo Developers (Aristo), published its results earlier this week:
“Total home sales booked by Aristo as at 31 August 2008 of €79 million, 37% lower than the corresponding record breaking period of 2007 mainly due to a slowdown in demand by UK buyers.”
(Founded in 1983, Aristo [...]

New swimming pool laws bring relief

The Cyprus government is looking into changing the laws concerning swimming pools will bring relief to many people who have bought property in Cyprus. Under current legislation, communal swimming pools in private developments are treated as public swimming pools.

How to reduce your risks when buying off plan

THE majority of Brits buying new property in Cyprus buy ‘off plan’ from one of the many developers. (Off plan is where a property being bought is at the planning stage and has yet to be built)

One of the potential benefits of this approach is that in a rising market, it is possible that the [...]

Who really owns your home?

WITH the Cyprus property market finally slowing down and more disreputable developers entering the fray, an increasing number of property buyers could be at risk of losing their homes.
Last month, the Inland Revenue Department released figures showing that Capital Gains Tax revenue on property sales dropped 17 per cent in the first four months year [...]

No-one is interested in buying

WE have a small apartment in Kapparis on the east coast of Cyprus that we bought with the intention of renting to tourists. The property developer we bought it from promised us that we would get an annual return between 15% and 20% on our investment, but the only people who have rented it so [...]

No title deeds – no sale

LAST week, Jean Christou reported how an elderly woman, who has been waiting for the Title Deeds to her property since 1982, was being held to ransom by her developer who is demanding more than €25,000 in what he claims is ‘Immovable Property Tax’, using the threat of withholding her Title Deeds to elicit payment.
Everyone [...]

Property chief elected new head of Cyprus bank

THEODOROS Aristodemou, the founder, Managing Director and Chairman of Aristo Developers Plc Group of companies, has been elected the new Chairman of the Bank of Cyprus.
In a closely fought contest he beat his rival, the former Finance Minister Michalis Sarris, by a single vote. Aristodemou received the vote of 9 members of the Board; Sarris [...]

2008 property sales down 30 percent

THERE was a 30 percent reduction in sales of property in Cyprus during the first four months of 2008 compared to previous years, the House Commerce Committee was told yesterday.
The statement was made by the deputy head of the Town Planning Department, Christodoulos Ktorides, who added that £370 million were received in transfer taxes in [...]