Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: September, 2010

Briton in property dispute takes protest to Palace

Conor O’Dwyer, whose court cases in Cyprus have been dragging on for four years, is staging a four day protest outside the Presidential Palace in Nicosia.

Limassol marina on course for completion in 2012

The construction of Cyprus’ new marina at Limassol is progressing well and on course to be completed by the end of 2012.

Cyprus companies linked to Greek property scam

Authorities in Greece and Cyrus are investigating a massive property scam ring that has been operating undetected for the past five years.

Are property developers breaking EU law?

In her reply to a request to send a fact-finding mission to Cyprus to investigate the Title Deed problems, European Commission Vice-President Viviane Reding said that “the Commission can only intervene if an issue of European Union law is involved.”

Can the Cyprus banks pursue me in the UK?

I have been contacted by many British buyers who have received warning letters at their UK addresses from developers and banks in Cyprus concerning delayed mortgage repayments.

Cyprus court awards couple €100,000 in property case

The court in Cyprus has awarded damages of €100,000 to property buyers Simon and Jennifer Penney in their case against FK & S (Varoshia) Properties Ltd.

Cyprus overseas property market review

It is hard to believe that the Cyprus overseas property market has collapsed so suddenly and so dramatically. In a few short years, sales of property to overseas investors have plummeted significantly compared to the numbers formerly sold.

Why Title Deed legislation cannot work

The Title Deed legislation under discussion by the Cyprus government cannot work because it fails to address several critical factors; it is nothing more than a planning amnesty designed to protect property developers who have broken the law.

Tax hikes to cut budget deficit

The Cyprus Finance Ministry has proposed taxes on banks, companies, properties and basic consumer goods to plug a €150 million hole and keep the budget deficit for 2011 within the limits set by the European Union.

Residential building permits fall in June

The recession in the Cyprus construction continues to bite with the number of building permits issued for the construction of residential properties in June 2010 down almost 44 percent on the number issued during the corresponding period last year.

Title Deeds legislation edges closer

The long awaited and often criticised bills designed to tackle the Title Deed fiasco and bring relief to the many thousands of buyers who have been waiting for many years could be implemented in the next couple of months.

Price falls slowed in Quarter 2 2010

Cyprus property prices fell at a slower pace during the second quarter of 2010 with Cypriot buyers starting to return to the market according to the recently published RICS Cyprus property price index.

Pay your developer’s debts or else!

People who bought property from the company operating the Froiber brand in Cyprus (A&G Property Wise Development Ltd) that went into liquidation last year are being chased by the banks and the tax authorities to repay the developer’s debts - or else!

Dear Mr Attorney-General

In an open letter to the Cyprus Attorney General, Petros Clerides, Gavin Jones wants to know what it will take to get a reply to his complaint filed with the Disciplinary Board of Advocates a year ago.

Europe says developers in breach of EU Directive

MEP Ashley Fox’s questions in the European Parliament concerning unscrupulous developers in Cyprus who make misleading claims regarding building and planning approvals are in breach the ‘Unfair Commercial Practices Directive’.

Weak recovery in overseas property sales

The recovery in the Cyprus overseas property market is still very weak and estate agents are looking for new markets as a result of the drop in demand.

Property sales slump to new low

The number of properties sold in Cyprus during August fell to their lowest level since January 2009 according to figures issued by the Department of Lands and Surveys.

Reprieve for couple in danger of losing their home

The couple who retired to Cyprus and who were deceived into buying an apartment that was already mortgaged have won a reprieve from their misery as no-one bid for their property when it was put up for auction last Sunday.

Title Deed mess leaves couple homeless

A couple who bought an apartment in Cyprus for their retirement face eviction and repossession by the bank as its former owner has defaulted on his mortgage payments.

Developer to sue over fraud reports

A developer under investigation in connection with alleged fraud, has filed a libel suit against Cyprus’ biggest newspaper for over 2 million Euros, it emerged yesterday.

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.