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Archive for December, 2008

Property sales in Cyprus fall

ACCORDING to the Cyprus Land Registry, the number properties being bought fell dramatically during the first eleven months of 2008. Their figures reveal that the number of property sale contracts transacted between January & November 2008 showed a 27.9% year-on-year reduction, while contracts transacted in November showed a 60.5% year-on-year decline. Commenting on these figures […]

Cyprus building standards

A LETTER in the Cyprus Mail tells the story of a Brit who moved to Cyprus and bought a newly-built house. The property looked impressive, but after a year or two it had serious damp problems and a number of alarming cracks appeared. A neighbour was a former builder who had seen the house being […]

Protest over plans for Cyprus golf courses

ENVIRONMENTALISTS staged a demo yesterday outside the Cyprus Commerce Ministry to protest against the construction of more golf courses, even as within the building government officials hatched new plans for the project, which many doubt will reboot the island’s stalled tourism sector. The government aims to build another 14 golf courses in addition to the […]

Fourteen golf courses in Cyprus

IN an effort to improve its tourist product, the Cyprus Government has announced plans to increase the number of golf courses on the island from three to fourteen. Meeting with businessmen to discuss the plans, Antonis Paschalides, the Cyprus Minister of Commerce Industry and Tourism said that “The proposal stipulates that there will be up […]

Capital Gains Tax on the sale of property in Cyprus

FOR those who have immovable property in Cyprus and are considering to sell it they need to be fully aware that any capital gain which arises from the disposal of their asset may be liable to Capital Gains Tax (CGT). This is particularly important to individuals who are not well rehearsed in Cyprus property and […]

Brit in property dispute gets no relief from Attorney General

OPENING a new can of worms for Cyprus property owners, the Attorney General has told a British buyer his developers had not committed any crime by effectively re-selling a house legally registered in his name. The three-line letter to Conor O’Dwyer, who is engaged in a high-profile dispute with the developers over a house in […]

Cyprus property buyers still at risk twenty years after collapse

IF you are British and of a certain age, you will remember “All Our Yesterdays”. It was a television programme, produced by Granada Television, which ran weekly between 1960 and 1973 and again between 1987 and 1989. The format was simple: a presenter introduced snippets of newsreel that had been shown in cinemas 25 years […]

Building permit numbers up in October

ACCORDING to the Cyprus Statistical Service (CYSTAT), there was a small increase in the number of building permits issued in October 2008 compared with the number issued in October 2007. 844 building permits were issued during October 2008, up 47 on last year. These building permits provided for the construction of 2,088 dwelling units, which […]

Buying usurped property does not pay

AN adviser to the EU’s top court says a ruling against the British owners of a property in Turkish-controlled northern Cyprus should be recognised. The Court of Appeal of England and Wales had requested a legal opinion from the European Court of Justice. Linda and David Orams are engaged in a long-running legal battle with […]

Cyprus property forecasts for 2009

The majority of those who took part in the StockWatch survey consider that the turning point came with the collapse of Lehman Brothers in the US and the expansion of the financial crisis into Europe and the UK.

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