Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: November, 2009

Property buyers rights to be strengthened by new law

The Cyprus Interior Minister, Neoclis Sylikiotis, has asserted once again that the draft legislation currently under discussion is designed to strengthen the rights of property buyers and will create healthier conditions in the Island's real estate market.

Situation is critical says Cyprus Central Bank governor

Long term reforms are urgently needed to buffer the critical economic problems plaguing the island, the governor of the Cyprus Central Bank said yesterday.

Interest groups doubtful on Title Deeds legislation

Property groups in Cyprus remain sceptical of the effectiveness of the Title Deed legislation being proposed by the Interior Minister Neoclis Sylikiotis following his briefing to them last evening.

Built on greed and nepotism says Cyprus protester

The property industry in Cyprus is built on greed and nepotism. The developers borrow money from the bank using people’s homes as collateral and the banks and lawyers are part of the deception. I have proof that my home has been mortgaged by my developer.

Title Deed reforms worth millions next year

Based on assumptions about the charges levied for the issue of Title Deeds & expectations of the number of properties that will be processed, Neoclis Sylikiotis believes that the Cyprus Government could receive €160 million next year alone as a result of his reforms.

Bank actions cast doubt on Interior Minister assertion

The case of a divorced young woman reported in the Cyprus Weekly casts serious doubt on the Interior Minister’s assertion that it is not a simple matter for a bank to liquidate a property to recover a debt in Cyprus.

Finding lawyers in Cyprus

People buying property in Cyprus are generally unaware of the island’s different business culture and the fact that many lawyers work for the developers’ interests rather than those of the buyers.

Question for the Interior Minister

I have paid in full for my house in 2006, the site on which my house is built is now complete, I have a contract drawn up by a Cyprus Bar registered solicitor and lodged with the Land Registry. WHEN CAN I HAVE MY TITLE DEEDS?

Demonstrations against Cyprus banks

CPAG is organising a series of demonstrations in efforts to force the banks in Cyprus to disclose details of mortgages taken out by property developers to those homebuyers who have been duped into buying mortgaged property.

Title Deed proposals are a recipe for disaster

The Cyprus government Title Deed proposals are a shambles and a recipe for disaster and we are horrified that they have even been considered for the statute book; they are a legal minefield and a social time-bomb - says Professor of Law, Criminology & Penal Justice.

Non-performing bank loan restructuring

Reports suggest that the Cyprus banks are restructuring unpaid loans to avoid them having to be classified as ‘non-performing’ as required under the Basel II Accord.

Illegal building in Cyprus must be stopped

In the Paphos district of Cyprus severe flooding has occurred in many homes built illegally on dry river and stream beds, ravines and rubble-filled gullies causing their owners major problems and heartache during the heavy winter rains.

Cyprus Minister confident about Title Deed changes

The Interior Minister of the Republic of Cyprus, Neoclis Sylikiotis, is confident that the proposed Title Deed changes will work according to an interview in today’s Sunday Mail with Charles Charalambous.

Orams ruling eagerly anticipated

In the on-going case against the Orams, who acquired a house built on land usurped from its Greek Cypriot owner in the Turkish occupied northern area of Cyprus, the ruling of the Court of Appeal of England and Wales is eagerly anticipated.

Cyprus economy contracts in third quarter

The contraction of the Cyprus economy during the third quarter of 2009 is mainly due to negative growth rates in construction, hotels and restaurants, and negative performance in manufacturing, trade and transport services according to the latest government estimates.

Twenty year wait for Cyprus Title Deeds

According to a recent on-line poll conducted by Cyprus Property News, one person out of every twenty-two who has bought property on the island has been waiting for their Title Deeds for more than 20 years.

Orams case back in UK court today

Following the European Court of Justice ruling that a judgement ordering the Orams to demolish their house must be recognized by EU countries, Melitis Apostolides begins his appeal against an earlier British High Court ruling today.

Fall in tax revenue attributed to Cyprus property market collapse

The drop in Cyprus tax revenue collections is entirely attributable to the collapse of the property market and it raises concerns that if foreign demand fails to recover, the government will lose a significant source of revenue permanently.

Working together for proper Title Deeds law

The Cyprus Ministry of the Interior has put serious efforts to bring about a drastic and definite solution on long existing problem of the issuing of Title Deeds. This is a good time for all to work together to resolve the situation.

Building permit numbers for residential property improve

Figures released yesterday by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 900 residential properties were authorised in August 2009; down just 3.3% on the 931 authorised in August last year.

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.