Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: April, 2009

Paphos timeshare companies desperate to clean up image

Brendan Surgenor plans to clean up the mess, bring down the numbers of representatives on the streets, and legalise the touts to a specified number per company. There are many dotted around Paphos; it's not just on the seafront and in the market

FCO raises warning level

Buying a Greek Cypriot owned property in the Turkish occupied areas without the owner's consent is a criminal offence, carrying a maximum prison sentence of 7 years and any attempt to undertake such a transaction could result in a prison sentence of up to 5 years.

EU court rules: Orams must demolish Cyprus house

The European Court of Justice has ruled that a judgement from the Republic of Cyprus ordering Linda and David Orams to demolish their house must be recognized by EU countries even if it concerns land in the occupied areas of the island.

Limassol marina runs aground

Plans for the new Limassol marina have run aground according to the town's mayor Andreas Christou. It seems that the project, which is expected to cost around €170 million, is having difficulty raising the necessary funding.

Nicosians buy up British holiday homes

Former British holiday homes in Protaras are being bought up by Nicosia residents on steady incomes and who are able to obtain mortgages.

Cyprus property action group – update

The Cyprus Government is responsible for the lack of regulation and law enforcement in the property sector must now take full blame for any bad publicity resulting from their abject failure to act.

Stagnant construction & property sector

Cyprus is not Europe. In many European countries the situation is bleak as activity and prices have plunged to levels that leave little room for hope.

Cyprus rent increase ceiling lowered

A decision by the Council of Ministers has lowered the ceiling on rent increases. The Cyprus Land and Property Owners Association (KSIA) said this was an unfair decision and one that the government had not discussed with the association.

Row erupts over Dolphin payout to Aristo

Dolphin Capital said it would pay €50 million in cash and the balance of €42.7 million through the issue of 133.1 million shares in Dolphin Capital to Aristodimou or his companies, based on an issue price of 30 pence a share.

Property tax revenues crash

The amount of Capital Gains Tax collected, the majority of which results from the sale of property, crashed to just €15.1 million from the €90.1 million collected during the same period last year; a drop of more than €75 million

Home prices in Cyprus fall

THE latest BuySell Home Price Index indicates that the average price of a property in Cyprus fell during the first quarter of 2009. However, the BuySell figures conflict

Supreme Court rules town planning council illegal

The Court's ruling has created chaos in the Cyprus property market causing prices to collapse in many areas.

In Cyprus size does matter!

An inspection of the holiday home by a professional, independent surveyor confirmed that its covered area was more than 15% smaller than its advertised size - this means it had been oversold and overvalued by a figure in excess of €30,000.

Paphos timeshare touts out of control

Aggressive timeshare touts in Paphos are hassling guests inside top-class hotels along the seafront in a desperate attempt to drum up new business.

Cyprus Title Deeds: an avenue of hope?

If the property you have bought in Cyprus does not have a separate Title Deed, then you may wait for a long time for its transfer to your name.

Cyprus building permits Jan 2009

According to the latest figures on building permits, published by the Cyprus Statistical Service, investment activity in the construction sector is showing signs of recovery.

Government inaction over Title Deeds is irresponsible

The Cyprus government's handling of the Title Deed problems could not have been worse. It made promises to interested parties that it could not keep.

Outraged property buyers call for direct action

We are fed up with empty talk, false promises and being fed lie after lie. We need to be taking direct action against a corrupt system that puts profit above honest people.

Property prices in Cyprus will stop surging

A study prepared by the Economic Research Unit anticipates that the surges in Cyprus property prices will stop in the next few years.

Most Read

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.