Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: September, 2009

Title Deed problems tarnishing Cyprus says minister

At the recent real estate conference the Cyprus Interior Minister, Neoclis Sylikiotis, said the failure to process 130,000 title deeds snared in the system was tarnishing Cyprus’ reputation among foreign investors.

Golf course at Ayia Napa

The construction of a golf course at Ayia Napa on the east coast of Cyprus will be good for tourism and boost the area especially during the winter months, when the island offers good weather compared to northern European countries.

Concerns over the Cyprus property price index

Concerns have been raised by the Chairman of the Association for the Promotion of Property Developments about the future of the Cyprus Property Price Index and the involvement of the banks in its preparation.

Cypriot developers must address issues to compete internationally

To compete in the international property market, Cypriot developers must address issues such as escrow deposits, Title Deeds, planning and bank guarantees.

Cyprus property prices down

As the property crisis continues to worsen, prices of residential properties in the urban centres have dropped by more than 10%, while prices of summer residences have fallen between 30% - 40%.

Cyprus marina progress reports

Following the news item on the marina planned for Larnaca, progress reports on the marinas planned for Ayia Napa, Limassol and Paphos have recently been published by Stockwatch.

Report on destruction of sea caves at Paphos

As well as causing irreparable damage to the sea cave rock formations at Peyia in Paphos, large pipes have also been laid going into the sea. Inspectors need to visit Chlorakas, Peyia, Emba and Kissonerga on a daily basis and carry out extensive checks.

Stimulate Cyprus property sales by lowering prices

If developers in Cyprus want to stimulate property sales, they must lower their prices. Economic conditions have changed dramatically over the last year and people are not prepared to pay the same prices today as they were a year ago.

Fears of more unemployment in construction industry

The Chairman of the Cyprus Contractors Federation, Sotos Lois, fears that unemployment in the construction industry could rise to 20,000 next year.

Cyprus government urged to cut property taxes

The government of Cyprus has been urged to cut property taxes by the Land and Building Developers Association to help breath some life into the island’s beleaguered real estate market.

Cyprus property tax receipts plummet

Figures released by the Cyprus Inland Revenue Department reveal that tax receipts resulting from the sale and acquisition of property during the first eight months of 2009 have plummeted by more than €200 million compared to he same period in 2008.

Cyprus government Title Deed proposals

Earlier today, the Cyprus Sunday Mail published an article by Antonis Loizou FRICS in which he outlined the content of the bills that have been drafted by the Cyprus government to alleviate the Title Deed issue problem faced by many property buyers.

Larnaca marina project will boost construction sector

One of the largest infrastructure projects ever undertaken in Cyprus, the marina project involves the construction of a port, 1,000-berth marina, hotels and houses and is expected to inject up to one billion Euros into the Cypriot construction industry.

Cyprus divides industry on Title Deed proposals

The Cypriot government’s proposals for tackling the ongoing Title Deeds issue have split the property industry.

Cyprus construction sector shows signs of recovery

According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 2,125 residential properties were authorised in June 2009; up 28% on the 1,659 authorised in June last year.

Title Deed legislation too late for Paphos home ‘owners’

The Cyprus Interior Minister’s insistence that property investment in Cyprus is safe is of little comfort to a number of property buyers in Paphos whose developer has gone into liquidation and who face losing their homes.

BuySell Cyprus sues Brit for selling his own house

BuySell Cyprus Real Estate is suing a UK-based Briton for commission on the sale of his three bedroom house in Peyia even though he managed to sell it to a Greek Cypriot through his own efforts.

Estate agent gets wake-up call from bailiffs

Andrew Nolan, formerly of Cyprus estate agents Peter Stephenson Properties was woken at 6am by a bailiff from Bluemoon Investigations and investigative journalist Andrew Penman.

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.