Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: August, 2009

Illegal tourist rentals in Cyprus

Official figures reveal that one third of all tourists arriving in Cyprus stay in unlicensed holiday accommodation. The situation is exacerbated by developers who promote their villas and apartments as being suitable for ‘buy to let’ holiday homes.

Communal service charges

Is it correct that communal service charges are based on the on the size of the building/flat excluding gardens, open verandas etc?

Gaping hole in government revenues

The collapse of the Cyprus real estate market has resulted in a gaping hole in government revenues.

Common expenses & insurance in Cyprus

Those buying apartments in Cyprus and some other types of property often fail to appreciate that they are required to contribute towards the costs of insuring, maintaining and repairing those parts of the building/complex that they share with others.

Cyprus at number seven in Top of the Props

The popularity of Cyprus as a destination for overseas property investment has increased according to the July Top of the Props chart published by themovechannel.com and a second survey published by homesoverseas.com

Sales to non-Cypriots down 75 per cent

Cyprus saw a 75% drop in the number of properties bought by non-Cypriots from the number sold during the same period last year, according to reports published on Tuesday.

Cyprus slips into recession

According to the latest “flash” estimates from the Statistical Service, Cyprus slipped into a recession during the second quarter of 2009.

Residential property construction slows

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,191 residential properties were authorised in May 2009; down by more than 30% on the 1,715 authorised in May last year.

The end of Cyprus’ remarkable real estate boom

The amazing Cyprus real estate boom is over. The weak pound and the UK economic problems have prompted potential British buyers, who account for 70% of overseas property sales, to look elsewhere according to a report by the influential Global Property Guide.

Desalination plant at Episkopi

Plans for a further desalination plant in Cyprus got underway last Friday when an agreement was signed for the construction of a unit at Episkopi that will deliver 40,000 cubic metres of water a day to Limassol.

Number 10 replies to Cyprus petitioners

More than 2,000 people added their names to a UK Government’s Number 10 e-petition urging the Prime Minister to exert pressure on the Government of Cyprus to protect property rights.

Minister boldly goes where no-one has gone before

Given the poor state of Cyprus’ public finances, the current government is putting much effort into resolving the Title Deed scandal. Whether it will succeed in resolving a problem that’s been around for 30 years or more remains to be seen.

Less than one in five has Title Deeds

According to a recent on-line poll conducted by the Cyprus Property News, less that one in five of those who have bought property on the island have their Title Deeds.

Paphos timeshare touts get violent

More than 18 months ago the Cypriot authorities were reported to be cracking down on timeshare touts operating in Paphos. But it seems they have made little headway as instances of violence are now being reported.

Has McCarthyism come to Cyprus?

The Cyprus Interior Minister’s conviction that those campaigning for their property rights have ulterior motives is ridiculous. It is inconceivable that a senior government minister could believe such bizarre conspiracy theories about a chronic problem for which the island’s authorities are entirely to blame.

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.