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Archive for January, 2008

British property buyer brutally beaten

A BRITISH property buyer was hospitalised on Monday after allegedly being badly beaten by the Cyprus property developers with whom he is in dispute, his lawyer said yesterday. Conor O’Dwyer, 38, who has widely publicised his case on YouTube and on the website, was kicked in the kidneys and had his head stomped on, […]

Cyprus property boost may promise good times ahead

Since joining the European Union (EU) in 2004, Cyprus has been enjoying a major boom in its property market. Despite the unresolved issue of the division of the island between the Greek south and the self-declared Turkish northern republic, the island’s myriad appeals have helped draw the investors in by their thousands. Low prices, lots […]

Cyprus government rakes in cash from property boom

STATE coffers enjoyed a 142 per cent increase in Capital Gains Tax in 2007, mainly as a result of the Cyprus property market boom. According to the Inland Revenue Department (IRD) website, the IRD collected in total €1.82 billion in the first 11 months of 2007; a 43% increase over the previous year, resulting in […]

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 […]

Mortgaged property in Cyprus

I am in the process of buying an off-plan property in Cyprus and my lawyer has written advising me that: “The bank which has a mortgage on the project will issue a declaration confirming that the separate Title Deed issued for the property will not be burdened with the existing mortgage which is currently filed […]

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 […]

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