Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.

Commission approves Cyprus’ airlines incentive scheme

The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.

Cyprus tightens grip on ‘golden passport’ scheme

Cyprus has not processed any passport applications of a foreign investor since January, pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.

Cyprus to revoke passports of foreign investors

Nicosia is set to revoke Cyprus passports from at least 26 suspect investors as soon as the House of Representatives passes a law on tighter controls approved by cabinet earlier this week.

Famagusta to finally get its golf course

Famagusta could have its first golf course within three years, as the €100 mln Ayia Napa Forest Golf project is expected to get the green light from environmental authorities after being rejected four times over eco concerns.

CYBC NEWS IN ENGLISH

Domestic property sales on the up

Property sales to the domestic market in Cyprus showed a marked improvement in June, although sales to the overseas market have yet to show any signs of making a recovery.

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government's easing of lockdown measures and its decision to subsidise housing loans.

Property sales record sharp drop in May

The number of property sales contracts deposited at Land Registry offices across Cyprus recorded a sharp drop in May.

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Upward trend in property price index slows

The Cyprus Residential Property Price Index continued its upward trend albeit with a declining pace, affected by the reduced demand from foreign investors.

Cyprus house price index falls

The Cyprus house price index (HPI) fell by 3.7 per cent in the third quarter of 2019 and by 4.8 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

House prices not recovered from 2007 crash

House prices and rents in Cyprus have yet to recover to the levels last seen before the island's property market bubble burst in 2007 according to the statistical office of the European Union (Eurostat).

House price index falls 5.9 per cent

The Cyprus house price index (HPI) fell by 5.9 per cent in the third quarter of 2019 but rose by 2.3 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

Building permits falter in March

In March 2020, the month during which Cyprus introduced COVID-19 containment measures, 397 building permits were issued according to official figures.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Building permits authorised for 907 new homes

The number of building permits authorised in Cyprus during January 2020 provided for the construction of 907 new homes; an increase of 27 per cent compared to January 2019 according to official figures.

Construction of new homes doubles

The number of building permits authorised in December 2019 provided for the construction of more than twice as many new homes as those authorised in December 2018 according to official figures.

Guide to residency in Cyprus

This guide to residency in Cyprus for UK nationals has been issued by the British High Commission in Nicosia to explain the importance of obtaining or updating their residency status.

German lesson for Cyprus in real estate transactions

Cyprus is one of those countries that actively advertises its real estate market and offers additional perks that can come with the purchase – such as residence permit or even a passport.

Cyprus property sales expected to stabilise

Industry experts expect property sales in Cyprus to stablise as the country emerges from the novel coronavirus crisis as there is every indication that sales will gradually return to pre-crisis levels

Cyprus: buying property

The UK Foreign & Commonwealth Office has recently updated information for British nationals wanting to buy property in Cyprus; further information be found on the UK.GOV website.

Paralimni Marina set to launch this summer

Global real estate advisor Savills has been appointed as the master selling agent for Paralimni Marina, the new waterfront destination set to transform Cyprus.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.

The Cyprus property market will rebound in 2021

The new reality since the lockdown in Cyprus is that all sectors of the real estate market have come to a standstill and many transactions already agreed in principle or even midway through have been frozen or postponed.

Developers seek to self-finance projects

Property developers are looking to self-finance construction projects due foreign investors fearing possible difficulties obtaining Title Deeds if developments are mortgaged and banks imposing stricter criteria for granting loans.

Planning issues the victim has to pay

The amendments to the Trapped Buyers law approved by parliament will hopefully help many more property buyers get their Title Deeds, but planning issues require urgent attention.

New trapped buyers bill vote tomorrow

A revised 'trapped buyers' bill designed to overcome the problems of the current law, which was introduced in 2015, and enable thousands of trapped buyers to get Title Deeds will be put to a vote tomorrow.

MPs in new bid to help trapped buyers

A revised draft bill to help trapped buyers to finally get the Title Deed for the property they purchased will go before the House Legal Affairs Committee next week so that the bill can go the plenary on 12 July

Frustration at latest Kissonerga marina delay

Delays in finding a consultant to carry out a study into the Kissonerga marina and cruise ship docking facility construction is scuppering plans to develop the wider area according to community leader.

Larnaca port and marina project delay to end soon

Larnaca port and marina redevelopment project has hit a four-month delay in signing contracts with MPs demanding an update from the government but officials said the wait will soon be over.

30-year Paphos marina saga continues

The thirty-year saga of the Paphos marina continues with news that moves to study a proposal to create the marina at Kissonerga with docking facilities for cruise ships is about to get underway.

Ayia Napa Marina starting operations soon

Ayia Napa marina is in the final phase of construction and is gearing up for the start of operations with the entrance and berthing of the first boat on January 27 marking the beginning of the marina’s pilot operations.

You have insurance but are you insured?

The heavy winter rains have resulted in many insurance claims but as many have found to their horror, although their insurance premium has been paid, they discover that they're not insured when they make a claim.

Swimming pool laws set to hit tourism revenues

Barring a miracle, swimming pools in privately owned complexes, such as the Royal Seacrest in Kato Paphos, will remain closed this year affecting tourist revenues and local businesses.

Communal fees – sinking fund

Some Management Committees in Cyprus have set up a 'sinking fund'; money set aside to replace/renew/repair items like swimming pool equipment, watering systems, external redecoration, etc.

Complex management seminar

The Almyra hotel in Paphos is the venue for a free seminar to be held in November covering communal ownership, management committees and general management of communal areas.

The Cyprus swimming pool nightmare

Taking criminal proceedings against owners and Management Committees who fail to comply with the swimming pool law and regulations will damage the Cypriot economy - especially tourism.

Swimming pool owners face court action

The owners of unlicensed communal swimming pools are facing court action following inspections carried out by the Paphos Municipality who insist that pools must be licenced, inspected daily and a lifeguard appointed.

WEATHER FORECAST

EXCHANGE RATES

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Law regulating self-catering rentals enacted

The law regulating Airbnb and other self-catering accommodation rentals in Cyprus has been enacted requiring their owners to follow a set of regulations and formalities to legally provide their services.

New rent law contains grey areas

Although the rent law has been changed so that tenants now have to prove they've paid the rent to be able to defend their case in court, the amended law still contains some grey areas.

Is the Cyprus justice system broken?

Recent court cases have raised questions about the Cyprus justice system with a recent survey among Limassol-based lawyers highlighting their views on a number of key questions.

Stripping citizenship of 26 investors problematic

The process of stripping citizenship from 26 foreigners who obtained Cypriot passports is proving difficult as passports for naturalised investors cannot be revoked according to the law.

Swiss Franc loan nullified following ECJ ruling

A legal test case resulted in a Swiss Franc loan being declared null and void by the Warsaw District court on Friday, leaving the banks in Poland open to losses estimated at €10.2 billion.

Court annuls Alpha Bank Cyprus fine

The Administrative Court has annulled a fine of €250,000 imposed on Alpha Bank Cyprus by the Cyprus Consumer Protection Service (CCPS) in October 2016 for unfair terms in its loan contracts.

Poles with loans in Swiss francs win EU case

Around half a million Polish homeowners with Swiss franc loans have won their case in the European Court of Justice, which has ruled they can ask the Polish courts to convert their loans into the Polish Zloty.

Alpha Bank loses Swiss Franc loan court action

Alpha Bank Cyprus has lost a court action it took against a British national who failed to comply with the obligations of his Swiss Franc loan agreement with the judge at the Larnaca District court awarding costs to the defendant.

Cash-rich banks stockpiling real estate

Cash-rich banks are stockpiling properties as they turn to buy real estate linked to mortgages of defaulted borrowers as banking institutions dominate the property market.

Banks to offload €4 billion NPLs

The Bank of Cyprus and the Hellenic Bank will sell non-performing loans (NPLs) worth €4 billion by the end of February enabling them to dispose of more than 10% of their problematic loans.

Estia applicants hit 50% of eligible borrowers

Applications for the Estia programme, which aims to assist home owners with non-performing mortgages by providing government support, have been submitted by more than 50 percent of those eligible.

First auction of foreclosed properties

The first online auction of foreclosed properties will be held Wednesday morning kicking off at 10:00 and continuing for two hours unless a one-hour extension is granted when 16 properties will go under the hammer.