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Archive for October, 2008

Cyprus property prices up in third quarter

HOUSE prices in Cyprus, in the third quarter of 2008, remain resilient despite the worsening global economic conditions. From July to September 2008, the BuySell Home Price Index recorded a total increase of 1.5% compared to the last quarter. However, the year-on-year rate of increase decelerated (compared to the last two quarters), coming down to […]

Cyprus property: should we fear a slump?

AS the world’s largest economies settle into a global recession, the Cyprus property market sends out mixed messages on how it’s confronting the crisis, with analysts divided on whether house prices are actually going up or down. One real estate consultant argues the international financial crisis has hit the foreign buyers’ property market hard, pushing […]

New EU rules agreed for timeshare property

THE timeshare holiday rights of some 1.5 million European families will soon be better protected, as MEPs in Strasbourg are expected to endorse a compromise reached between Parliament and Council on the new Timeshare Directive. The directive seeks to enhance consumer confidence and legal clarity, which are essential to the growth of this sector, via […]

Tax on overseas property lettings

Our developer has advised us that our holiday apartment in Paphos is finished and we’ll be flying over to Cyprus next week to pick up the keys. To help offset the mortgage payments, we plan to rent it out while we’re not using it. I’ve already spoken with a number of companies in the Paphos […]

VAT on building plots from January 2009

We have just learnt that the EU does not intend to grant Cyprus a further postponement regarding the introduction of VAT on land sales. As a consequence, the purchase of plots will be subject to 15% VAT from 1st January 2009. The news comes as a blow to the economy and the Cyprus property market, […]

Building permits fall for eleventh month in a row

ACCORDING to the Cyprus Statistical Service (CYSTAT), the number of building permits issued in August has fallen for the eleventh month in a row. CYSTAT figures reveal that the number of building permits authorised during August 2008 stood at 504, compared with 558 in August 2007. These building permits provided for the construction of 931 […]

Building permits fall for tenth consecutive month

ACCORDING to the Cyprus Statistical Service (CYSTAT), the number of building permits issued in July fell for a tenth consecutive month as developers anticipated weaker demand. CYSTAT figures show that the number of building permits authorised by the municipal authorities and the district administration offices during July 2008 stood at 810, compared with 848 in […]

EU calls for halt to sales of Greek Cypriot property in the north

In Resolution 1628, the Parliamentary Assembly Council of Europe (PACE) has called on the authorities of the Turkish Cypriot community to “put an end to the sales of, and construction on, Greek Cypriot properties in the northern part of Cyprus“. PACE also called on the Turkish Cypriot community to: “confirm their commitment to reunifying Cyprus, […]

Immovable property tax & fraudulent practices

The Immovable Property Tax law based on 1980 values is to most foreigners a very confusing concept which has no parallel in other EU countries. Relying on this confusion, developers ensnare and contain clients in the Title Deed trap.

Golf properties at Tersefanou

ACCORDING to Overseas Property Professional, a consortium of Cypriot developers known as the Med Group is expecting to receive the go ahead for a €300 million golf resort project at Tersefanou within the next few months. Known as the Larnaca Golf and Country Club, the development will comprise an 18-hole golf course, with more than […]

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