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Archive for December, 2009

Cyprus property tax hike attacked

The Cyprus Democratic Rally Party’s Vice President, Averof Neophytou, has attacked the proposed tax hike on property calling it a tax raid by the government on 90% of Cypriot citizens.

Cost of owning a home in Cyprus could rise

The cost of owning a home in Cyprus could increase as a consequence of the package of measures announced yesterday by Interior Minister Charilaos Stavrakis and this may have the effect of further depressing the Island’s already beleaguered overseas property market.

Property taxes to raise 80 – 100 million Euros next year

Charilaos Stavrakis, the Cyprus Finance Minister has presented a package of measures which include raising 80 to 100 million Euros from taxes on property next year as part of the Government’s overall plans to get the Cyprus economy back on track.

Tax revenues slump, deficit increases

According to reports, Cyprus tax revenues slumped during January – November 2009 and the fiscal deficit increased to more than 3% of the island’s Gross Domestic Product, which means total losses during the period exceed €500 million.

Construction output falls continue

During the first nine months of 2009 output production in the Cyprus construction sector and output prices in construction have fallen, according to the latest figures published by the island’s statistical service.

Call to outsource Title Deeds procedure

The Land and Building Developers Association has called on the Cyprus government to outsource eleven of the twelve procedures currently needed to issue a Title Deed to the private sector.

No margin for further price reductions

The chairman of the Cyprus Land & Building Developers Association has said that there is no margin for making further cuts in property prices and that external demand may improve if Cyprus overcomes the problem with Title Deeds.

Another annus horribilis for Cyprus in 2010

Over the past week, a number of articles have appeared in the Cyprus media that have set alarm bells ringing for what 2010 has in store for the property sector and the Island’s economy.

Misleading holiday home advertisements banned

A Cyprus property owner has been rapped by advertising watchdogs for posting misleading and untruthful descriptions of an apartment and luxury villa on holiday websites by the Advertising Standards Authority in the UK.

Top 10 Cyprus news stories in 2009

We have compiled a list of the Top 10 Cyprus news stories from the Property Magazine that have attracted the most interest from readers over the past 12 months. It is perhaps not surprising that the name MacAnthony appears twice in the list.

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