Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020

Monthly Archives: July, 2009

Cyprus law reforms are not a cure-all

The legal reforms proposed by the Cyprus Interior Minister Neoclis Sylikiotis are not a cure-all solution to the many Title Deed problems. Those who have been deceived into buying mortgaged property will continue to remain at risk unless the Government acts to protect their interests.

Proposals to untie the Gordian knot

Proposed changes to Cyprus’ antiquated property laws may help existing buyers obtain Title Deeds to properties that have been built illegally But they contain nothing to help those who have been duped into buying mortgaged property and those whose Title Deeds are being held to ransom by unscrupulous property developers.

Cyprus Interior Minister’s Statement on Title Deeds

Effective and comprehensive measures are introduced to solve the problem of Title Deeds in Cyprus - Minister of the Interior Mr Neoclis Sylikiotis - 22nd July, 2009

Cyprus market at risk from unsold houses

The ever increasing number of unsold apartments and houses in Cyprus is placing a heavy financial burden on the developers. As well as having to service their mortgages, developers have to pay for the maintenance and upkeep of their unsold properties.

Details of Title Deed proposals to be announced

The Cyprus Interior Minister will announce details of the proposals to resolve the problems with issuing Title Deeds within the next two months, according to a report in the local press.

Building permits for residential properties down

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,252 residential properties were authorised in April 2009; down by almost a quarter on the 1,658 authorised in April last year.

Sea caves destroyed by developer

Developers in Cyprus are causing irreparable damage to the natural environment and seem intent on destroying the very reasons people come to live on the island in their endless quest for money.

O’Dwyer assault case drags on into sixth month

Cyprus Interior Minister Neoclis Sylikiotis suggests that property buyers should take developers to court if they believe they are acting illegally. As the case involving the alleged assault on Conor O’Dwyer clearly demonstrates, the Cyprus justice system is unfit for purpose!

Cyprus government in incestuous relationships

In Cyprus, developers can truly be regarded as a 'protected species', one that the Cyprus government is prepared to protect to the last; not least because of the incestuous financial relationships they together enjoy.

State plans to fix title deeds mess flawed

The problem is that the Cyprus Government is too closely involved with the greedy banks and grubby developers and only foreign intervention will sort the matter out.

Expats in Cyprus, tax advantages and domicile

Expats have been misled into believing that if buy a property in Cyprus and retire to the island, they will not be liable for UK Inheritance Tax.

Property prices and gross rental yields

Cyprus property investors should expect to pay in the region of €2,004/sq.m for a 120sq.m apartment in Paphos and expect to receive a gross rental yield of 2.83% according to the latest figures published by the Global Property Guide.

Cyprus slips to seventh place

The popularity of Cyprus amongst those searching for overseas property slipped two places last month moving it behind Turkey and Italy in the list of the top 10 overseas property searches on the PropertyAbroad.com website.

Cyprus bank loans, deposits and liquidity

Over the past year, Cyprus banks granted loans valued at more than more than three times the amount they received in deposits according to figures released by the Central Bank of Cyprus.

Cyprus sale achieves €8.8 million

Brave property investors exchanged shares valued at €8.8 million for Cyprus holiday homes. Although somewhat less than the sales target of €50 million, Dolphin MD declared the shares-for-property swap programme a success.

Cyprus developer rejects accusations

The Cyprus property developer Aristo has rejected accusations that it is one of the offenders involved in the Immovable Property Tax scam.

Foreign demand shows no signs of recovery

Although the number of properties being sold in Cyprus has staged a marginal recovery, external demand from non-Cypriot buyers continues to fall.

Lord Jones speaks out on Title Deed saga

In an exclusive interview with the Sunday Mail, British peer Lord Jones of Cheltenham tells of how the powerlessness of those caught in the title deed trap prompted him to act in the House of Lords.

Cyprus property sales stage slight recovery

Figures published by the Land Registry report that the number of properties sold during June fell by 45.7%, taking the first six months decline to 58.3% compared to last year.

Cyprus banks still face liquidity problems

In May, the “liquidity level” in the Cyprus banking system (deposits minus loans) stood at just €1.8 billion against €1.99 billion in April and €8.5 billion a year ago.

Most Read

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.