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Archive for May, 2008

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 […]

Cyprus building permits continue to fall

THE number of building permits issued for the construction of property in Cyprus continues to decline. According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January and February 2008 stood at 1,401 compared to 1,551 In January and February 2007. These provided for the construction of 2,812 dwelling units compared to […]

Still waiting for Cyprus justice

CYPRUS property developer Costas Papaioannou was arrested and remanded in custody for five days on suspicion of obtaining money from buyers with intent to defraud. He was subsequently released two days early ‘on medical grounds‘. At the time, the case was reported in the newspapers and the victims of the alleged fraud were looking forward […]

Resale property scam warning

Without Title Deeds, the buyer must come to an ‘arrangement’ with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.

Property protest during President Christofias London visit

Expatriate property buyers frustrated by the inept Cypriot judicial system are to protest at London’s Alexandra Palace on May 18th where the President of the Republic of Cyprus, Demetris Christofias, will address a gathering of the Cypriot community at 3pm. Problems suffered by property victims range from the non issuing of Title Deeds, structural faults, […]

Sotheby’s moves into Cyprus real estate

THE FIRST office of Sotheby’s International Realty Affiliates LLC will open in Cyprus by the end of the year, under an exclusive 25 year licensing agreement that will cover the Eastern Mediterranean region. Founded in 1976 providing independent brokerages with a

EU inquiry into Cyprus estate agents rules

According to a number of press reports, the European Commission has sent Cyprus an official request for information on its laws governing estate agents; it considers these may not be compatible with EU internal market laws. Cyprus passed a law in July 2007 that imposed conditions on the professional requirements of estate agents from other […]

Property issues in Cyprus and Spain

A lot of the letters I receive from members of the public, as well as MPs and MEPs writing on behalf of their constituents, are about problems people have experienced buying property abroad. I’m really pleased that lots of British citizens are investing like this throughout the EU – making the most of how easy […]

Frustration at Title Deed wait

A MAN waiting 13 years for his title deeds has claimed the developer is “fobbing him off” by promising an end in sight to the saga. Civil engineer Graham John Cooper-Selley told the Mail that despite assurances from the Ayios Pavlos Church to finish all the work required to complete the Kitrikes Village development in […]

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