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Archive for May, 2008

Estate agent arrested for property fraud

AN estate agent has been arrested on suspicion of defrauding two property buyers out of approximately €290,000. The estate agent, a 39 year old foreign woman from Paphos, was arrested last Tuesday when she arrived at Larnaca airport aboard an incoming flight. Two complaints have been filed against the woman, both by foreign nationals. The […]

Property loan growth accelerates

LOAN growth in the domestic market accelerated in April, driven by property loans and loans to non financial organizations. According to Central Bank data released today, the total value of loans stood at €44.52 billion, up from €32.89 billion in April 2007. The increase of €11.63 billion in loans is mainly linked to loans to […]

Cyprus bank eases loan restrictions

THE Central Bank of Cyprus has eased the loan restrictions for the purchase or construction of second properties from 60% to 70%. According to a local newspaper report, the Governor of the Central Bank, Athanasios Orphanides, informed the banks on Tuesday that the Central Bank examined the market data and decided to review the lending […]

Equity release in Cyprus

I wonder if you can help please. The falling value of the pound against the Euro means that we have much less money coming in every month and we are now finding it quite difficult to make ends meet. A number of our friends who have also retired here are in a similar situation. Can […]

Top 10 tips on making a Will in Cyprus

NOBODY likes to think about making a Will, but whenever you have a major change in your family or financial circumstances you need to think carefully about what provisions you have in place to protect your loved ones. The laws of succession in Cyprus are not the same as in the UK – or elsewhere […]

Cyprus property tax receipts plummet

ACCORDING to press reports, a decline in Cyprus property prices has resulted in a spectacular fall in Government revenue. During the first four months of 2008, Capital Gains Tax receipts fell by 17% to €116.18 million from €139.42 over the same period last year. Meanwhile, property revenue plummeted by a massive 25% to €1.5 million […]

Briton loses half a million in property fraud

TWO men were remanded in custody in Paphos yesterday on suspicion of defrauding a British resident of Peyia out of nearly half a million euros in a bogus property transaction. Police had arrested three men in connection with the case on Monday night. The three are understood to have been the middleman in the transaction, […]

London property protest

A GROUP of British expats frustrated with the judicial system in Cyprus protested at Alexandra Palace London on Sunday where President Demetris Christofias was addressing a gathering of UK-based Cypriots. The protest was led by Conor O’Dwyer, 38, from Surrey who bought a house off plan in Cyprus in 2005 and has since entered in […]

The property bubble

IN PARALLEL with the tourist decline, the property boom in Cyprus went into reverse from 2005 onwards. Nevertheless, over that period we have seen countless articles and utterances seeking to deny first that there is a problem at all and, when that position became untenable, to bluster that the problem was minor and temporary. Cyprus […]

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; […]

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