Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020

Monthly Archives: 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.

Desperate developers fall prey to funding fraud

Developers in Cyprus may have fallen for an alleged £12 million fraudulent loan scheme in the UK according to a report from the Overseas Property Professional (OPP), highlighting their vulnerability at a time when commercial funding is much harder to source.

Cyprus building permits for residential units fall in September

Figures released earlier today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,557 residential properties were authorised in September 2009; down 8.0% on the 1,692 authorised in September last year.

Property sales to non-Cypriots improve slightly

Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.

Cyprus property sales: December 2009 report

The number of properties being sold in Cyprus improved marginally last month. However, demand is still very low compared to previous years and some believe the Island’s property market will never return to the heady days of 2007.

Limassol marina weighs anchor

After more than 20 years of planning, proposals, legal wrangling and bureaucratic delays, construction work on the first of the five big marina projects in Cyprus may start in the next couple of months.

Cyprus property dealer murdered

Police are investigating the murder of a property dealer whose body was found on a beach in the Ayios Tychonas area of Limassol yesterday morning. A pathologist has confirmed that the man had been strangled.

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COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

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)