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Archive for 2008

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 […]

Estate agent arrested for property fraud

AN estate agent has been arrested on suspicion of defrauding two property buyers out of approximately €290,000. The estate agent, a 39 year old foreign woman from Paphos, was arrested last Tuesday when she arrived at Larnaca airport aboard an incoming flight. Two complaints have been filed against the woman, both by foreign nationals. The […]

Property loan growth accelerates

LOAN growth in the domestic market accelerated in April, driven by property loans and loans to non financial organizations. According to Central Bank data released today, the total value of loans stood at €44.52 billion, up from €32.89 billion in April 2007. The increase of €11.63 billion in loans is mainly linked to loans to […]

Cyprus bank eases loan restrictions

THE Central Bank of Cyprus has eased the loan restrictions for the purchase or construction of second properties from 60% to 70%. According to a local newspaper report, the Governor of the Central Bank, Athanasios Orphanides, informed the banks on Tuesday that the Central Bank examined the market data and decided to review the lending […]

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