Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: October, 2010

Legal lifeline for Cyprus property buyers

Buyers can challenge purchases affected by developers' mortgages. Once a complaint has been lodged, the Competition & Consumer Protection Service of the Cyprus Commerce Ministry is obliged to investigate.

Paphos developer gets five months behind bars

A property developer in Paphos has been sentenced to five months imprisonment for unpaid tax debts.

Life is Hell in Paradise Hills

Life in Cyprus is Hell for the handful of residents living in the unfinished Paradise Hills development built by Paphos-based developer MDB properties which is now in the hands of the administrators.

State sues O’Dwyer for web site

Police add new twist to property dispute in a case that could raise significant issues concerning the freedom of speech on-line in Cyprus.

Moody’s: Cyprus property market remains a risk area

The Island’s once booming property market “remains a risk area with weak demand and unclear growth prospects” according to Moody’s, the international ratings agency.

Castles Built on Sand: A lasting solution

Dr Alan Waring looks in more detail at some of the issues relevant to a lasting solution to the Cyprus property problem in a follow-up article to his ‘Castles Built on Sand’ that we published in June.

Court finds Conor O’Dwyer’s attackers guilty

Cyprus property developers Christoforos Karayiannas, Marios Karayiannas and an employee of their company have been found guilty of causing British home buyer Conor O’Dwyer actual bodily harm as a result of their assault on him in January 2008.

Oh, what a tangled web we weave

The absence of Title Deeds for half of the houses on the island of Cyprus is no help to the construction, trade, and indicative of haphazard practice.

Home buyers may lose their properties

Some forty property buyers in Cyprus may be left at the mercy of the bank and face the prospect of losing their homes following a move to liquidate a property developer with debts of around €3 million.

Government help for the property sector

With many property developers finding themselves in a difficult financial position, questions are asked about what the Cyprus government should be doing to help the Island’s property sector.

Protecting property investors

Giovannis Kouzalis writes about his struggle for Title Deed reform and his belief that the proposed changes to the legislation will not solve the problem unless they are made much stronger, more precise, and provide immediate solutions.

Foreign firms to survey land

Interior Minister Neoclis Sylikiotis is considering engaging foreign companies to carry out some 26,000 land surveys that have piled up in the Land Registry across Cyprus.

Urban planning amnesty suggestions

With the proposed urban planning amnesty shortly to be debated in parliament, the Cyprus Association of Valuers and Property Consultants has put forward three suggestions for the government’s consideration.

New golf course opens tomorrow

The new Eléa Golf course will be opened tomorrow by its designer Sir Nick Faldo MBE who won three Open Championships and three Masters during his professional career and who was ranked the World Number 1 on the Official World Golf Rankings for a total of 98 weeks.

What a mess: Property valuations

While property values in the Cyprus tourist areas have fallen by 30%, foreign demand is still down 70%. Antonis Loizou FRICS considers the problem and wonders what will happen next.

Slowdown in construction continued in July

Latest figures from the Cyprus Statistical Service show that the number of building permits issued for the construction of residential properties continued to slowdown in July.

Paralimni residents left in the dark

Residents of a housing complex in Paralimni, a town situated in the south east of Cyprus, have been left in the dark after the authorities cut off their illegal electricity supply according to a report in today’s Cyprus Mail on Sunday.

Conor O’Dwyer and his quest for justice

The media in Cyprus and the UK reported on Conor O’Dwyer’s one-man protest outside the Presidential Palace in Nicosia. Mr O’Dwyer has now returned to the UK and has sent us the following letter.

Domestic property sales decline in September

Figures published yesterday by the Department of Lands and Surveys reveal that the number of properties sold in the domestic market is declining in the second half of the year.

Weak recovery in overseas property sales continues

The weak recovery in Cyprus’ overseas property market continued during September with sales during the first nine months of the year up by nearly 3 percent on the numbers sold during the first nine months of 2009.

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.