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Archive for 2008

How to reduce your risks when buying off plan

If you’re buying an off-plan property in Cyprus for which Planning and Building permits have not been issued, the easiest way to reduce the risks and protect your interests is to put your stage other payments in escrow until such time as the property developer presents the required permits to your escrow agent.

Construction material prices up

ACCORDING to figures released by the Cyprus Statistical Service, CYSTAT, the price of construction materials during the 12 months ending May 2008 increased by 12.25%. The highest increase was recorded in petroleum products, where prices soared by a massive 37.65%. Increases in other commodities prices were: Wood 2.92% Stone and quarrying materials 9.45% Paints, enamels […]

New Title Deed law by year end

INTERIOR MINISTER Nicos Sylikiotis has assured property buyers that newly proposed legislation to resolve problems in the sector could be implemented by the end of the year. According to a statement yesterday by the Cyprus Property Action Group (CPAG), the minister said meetings had taken place recently with the Land Registry, to find ways to […]

Tax revenues plummet as property boom ends

THE Cyprus Inland Revenue Department has released details of total tax revenues collected during the first 5 months of 2008. Overall revenues stood at € 651.6 million, an increase of 1.1% on the €644.8 million collected during the same period last year. The disappointing performance is attributed to the sharp fall in property related tax […]

Who really owns your home?

WITH the Cyprus property market finally slowing down and more disreputable developers entering the fray, an increasing number of property buyers could be at risk of losing their homes. Last month, the Inland Revenue Department released figures showing that Capital Gains Tax revenue on property sales dropped 17 per cent in the first four months […]

VAT refund for property buyers

I’M really confused with this setup of the VAT returned for first time property buyers in Cyprus. My lawyer has advised me that when I sell my villa, the new buyer will receive the VAT refund. However, the agent says that because the buyer is not buying directly from the developer the property will be […]

Top 10 tips on what to do on discovering problems with your new property

Having taken delivery of a new property, some buyers discover they have problems. This article has been by Louise Zambartas, a dual qualified English Solicitor and Cyprus Advocate, advising people what do do if they find themselves in this situation.

Cyprus against the spoiling of its coastline

A petition has recently been started for the demolition of an illegally built pier in the Fig Tree Bay area of at Protaras on the eastern coast of Cyprus. If you wish to support the campaigners in their endeavours to get this illegal construction demolished and removed, please visit the ‘Cyprus against the spoiling of […]

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 […]

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