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Archive for December, 2008

Cyprus banks to cover exposure in property sector

It is expected that the commercial banks will be called on to cover their big lending exposures in the island’s property sector next year following latest economic bulletin the Central Bank of Cyprus.

Property secrets

Municipalities refusing to disclose information about planned development projects to interested citizens are breaking the law, according to the ombudswoman Iliana Nicolaou. The right of access to public records is enshrined in the Constitution.

Cyprus property price confusion

ALTHOUGH it is generally believed that property prices in Cyprus have dropped by up to 20%, the Central Bank of Cyprus holds a different view. In its latest ‘Economic Bulletin‘ (in Greek) it reports that prices have slowed to a 10% increase from a 20% increase, which is in line with forecasts prepared on behalf […]

Questions re-tabled in House of Lords

On 14 November we reported that Lord Jones of Cheltenham had tabled two written questions in the House of Lords concerning the many problems being experienced by British citizens who have bought property in Cyprus; both questions were due for an answer by 27 November. However, as HMG has yet to reply to those questions, […]

Larnaca, Paphos and Limassol marinas delayed

ACCORDING to reports in the local press work on three new marinas in Cyprus has been delayed. The marinas affected are in Larnaca, Paphos and Limassol. In July it was announced that the contract for the Larnaca marina had been awarded to the Zenon Consortium. Following this announcement objections were raised by the unsuccessful bidders […]

Is buying property in Cyprus as safe as houses?

WHEN you buy a property in Cyprus, your right to ownership is guaranteed under the law. Depositing your contract of sale at the Land Registry allegedly prevents the vendor from selling it to someone else; or does it? According to the Cyprus Interior Ministry: “The deposit of a contract of sale at the Department of […]

Protest by Limassol property developers in crisis

A PROTEST by Limassol property developers against the increased bank interest rates this week revealed just how concerned some professionals in the real estate sector have become. Even more worrying for developers, however, is that Cyprus banks have almost stopped giving out loans to property buyers. This has reduced demand for houses, while their availability […]

Protect your property rights: Sign UK government petition!

TODAY saw the launch of an on-line petition asking the UK Prime Minister to exert pressure on the Cyprus Government to protect peoples’ property rights. Add your name now by visiting the: Title Deed Petition on the official website of the UK Prime Minister’s Office. Recent days have seen the pressure on Cyprus to resolve […]

Heat turned up on Cyprus to resolve property problems

THE HEAT is being turned up on the Cyprus Government to resolve the long-standing “Title Deeds-cum-fraud mess“. As the financial crisis bites ever deeper, buyers are getting increasingly worried and angry at the seeming lack of progress being made by the Cyprus Government. Although it promised “an arsenal of weapons against unscrupulous property developers” more […]

Cyprus property association president on the record

EARLIER this week George Strovolides, president of the Cyprus Land & Property Owners Association (KSIA), was interviewed by Rosie Charalambous on CYBC Radio 2. With so many banks and builders in trouble, are we going to see such a slowdown in the construction sector that some of the mortgages held by banks will claimed if […]

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