Latest Headlines

Archive for June, 2008

Paphos marina coming soon

IN a hotly contested bidding contest between ‘Leptos‘ and ‘Aristo‘ (whose chairman is also the new chairman of the Bank of Cyprus), it appears that ‘Leptos’ has been awarded the contract to construct the new marina at Paphos. Six marinas are planned at different parts of the island: The Paphos Marina will be constructed at […]

No-one is interested in buying

WE have a small apartment in Kapparis on the east coast of Cyprus that we bought with the intention of renting to tourists. The property developer we bought it from promised us that we would get an annual return between 15% and 20% on our investment, but the only people who have rented it so […]

No title deeds – no sale

LAST week, Jean Christou reported how an elderly woman, who has been waiting for the Title Deeds to her property since 1982, was being held to ransom by her developer who is demanding more than €25,000 in what he claims is ‘Immovable Property Tax’, using the threat of withholding her Title Deeds to elicit payment. […]

Top 10 tips on buying land in Cyprus

Every property purchase has individual factors which make it unique and in the case of buying land in Cyprus there are some special considerations which need to be carefully examined during the purchase process. Here are my top ten hints on buying land in Cyprus. Tip 1 – Ensure the person selling to you owns […]

Encouraging better land use

The Cyprus Government seems determined to introduce measures to encourage better land use in urban areas. Over the next few weeks the Finance Ministry is expected to finalise proposals for the development of around 10,000 unused building plots in the cities, which are designed to ‘encourage’ their owners to release them for housing development. It’s […]

Construction activity in recession

ACCORDING to the latest figures provided by Cyprus Statistical Service, CYSTAT, construction activity is going through a recession. The number of building permits issued during the first quarter of 2008 stood at 2,125 compared to 2,537 during the same period last year. Compared to the first quarter of 2007: the number of building permits issued […]

Misleading property advertisements

MANY people have been duped into buying property in Cyprus through the use of misleading advertising. Much of this makes outrageous and totally unsubstantiated claims regarding the performance of property investments. For example, marketing literature produced by one registered Estate Agent guarantees that investors: “only have to invest 30% of the selling price, then the […]

VAT delay on Cyprus land

Cyprus’ Minister of Finance, Charilaos Stavrakis, says the Government is confident that it will be able to secure a postponement of the introduction of VAT on building plots. Under its commitments to the EU, Cyprus was to have levied a 15 percent VAT charge on the sale of building plots on January 1 2008. However, […]

Elderly widow victim of property scam

AN 83-YEAR-OLD British widow who has been waiting 29 years for the title deeds to her home was shocked recently to receive an Immovable Property Tax (IPT) bill from her developer, Korfi Mountain Estates Limited, for €25,000 when it should have been around €430. The IPT bill amounts to nearly 50 per cent of the […]

Back to top