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All reports tagged with: "property market"
Can Cyprus benefit from the Irish experience?
The Irish government took effective action to protect homeowners when Ireland’s property bubble burst in 2008. Can Cyprus benefit from Ireland’s experience and protect those who have bought property on the Island or are the vested interests too powerful?
Cyprus property market shows weak signs of growth
The Cyprus property market is depressed and shows weak signs of growth according to the latest RICS (Royal Institution of Chartered Surveyors) European Housing Review.
Foreigners show little interest in property market
Foreign interest in the Cyprus property market is showing no sign of a recovery at the start of the year with sales in January down by more than 28 percent on last year.
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.
Cost of owning a home in Cyprus could rise
The cost of owning a home in Cyprus could increase as a consequence of the package of measures announced yesterday by Interior Minister Charilaos Stavrakis and this may have the effect of further depressing the Island’s already beleaguered overseas property market.
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.
Another annus horribilis for Cyprus in 2010
Over the past week, a number of articles have appeared in the Cyprus media that have set alarm bells ringing for what 2010 has in store for the property sector and the Island’s economy.
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.
Fall in tax revenue attributed to Cyprus property market collapse
The drop in Cyprus tax revenue collections is entirely attributable to the collapse of the property market and it raises concerns that if foreign demand fails to recover, the government will lose a significant source of revenue permanently.
Property market report for Cyprus
Falling property sales, which are down by 52% this year compared to last, are impacting employment levels, the inflow of revenue to state coffers, and the island’s economic well being.
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.
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