Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Yearly Archives: 2011

Forty thousand non-Cypriots caught in Title Deed trap

Despite government efforts to speed the issue of Title Deeds, the number of non-Cypriot buyers waiting for their deeds continues to grow and now stands at more that 40,000 according to the Department of Lands and Surveys.

Natural gas find offshore Cyprus worth tens of billions

On Wednesday, Nobel Energy announced that it had found natural gas reserves offshore the Republic of Cyprus and that results from drilling and initial evaluation work indicate the reserves amount to between 5 and 8 trillion cubic feet.

American interested in massive tourist investment

Local media reports that a foreigner, believed to be an American, met with President Demetris Christofias yesterday to discuss investing in a massive tourist development on the Island.

What will it take to stop the rot in the property market?

This year has been a disaster for the Cyprus property market with the number of sales falling below those of 2009, the year the market crashed, and prices that are in a downward spiral with no sign of a recovery.

O’Dwyer aid marks a Cyprus legal first

Conor O'Dwyer, whose dispute with Paralimni-based property developer Christoforos Karayiannas & Son Ltd has been dragging on for more than six years, has been granted legal aid to continue his civil action.

RICS index reports falling real estate prices and rents

The eighth issue of the RICS Cyprus Property Price Index reports that real estate prices and rents across the Island's main urban areas continued to fall during the third quarter of the year.

Joint venture in Nicosia to get underway

Earlier today bulldozers moved in to a military camp in Nicosia and started to demolish it in readiness for the re-development of the area in a joint venture between the Republic of Cyprus and Qatar.

Property prices under pressure

According to figures released by the European Central Bank on Tuesday, property prices in Cyprus fell by 4.9 percent during the first half of 2011, almost twice the fall experienced in 2010.

Top 10 stories from Cyprus Property News in 2011

The chart topper in our annual list of the most read articles published during the year brought news that the Alpha Bank had started legal proceedings against a number of developers and their clients.

Cyprus’ popularity slips two places

The popularity of Cyprus as a destination for overseas property investors slipped two places to the number nine spot in the November ‘Top of the Props’ chart published by TheMoveChannel.com.

Fitch places Cyprus on rating watch negative

Credit ratings agency Fitch has placed Belgium, Spain, Slovenia, Italy, Ireland and Cyprus on rating watch negative as it believes that a 'comprehensive solution' to the Eurozone crisis is technically and politically beyond reach.

Failure to pay property fine prompts liquidation order

Having been deemed as being unable to pay its debts, an order has been issued by the Famagusta district court for the winding up of K & M Famagusta Developers and Construction Ltd.

EU seeks answers from Cyprus on Title Deeds

Cyprus has until early January to reply to a memo from the EU following a petition by the Cyprus Property Action Group and 41 MEPs calling for confirmation that withholding Title Deeds breaches EU fair practice laws.

UK tax axe falls on overseas property investors

HM Revenue & Customs has set up a team of investigators to track down UK-based individuals who are letting out property in Cyprus and other countries without declaring its rental income.

Ten thousand six hundred this year and counting

More than ten thousand six hundred properties have been transferred to new owners this year by District Land Offices across the Island, according to the latest figures from the Department of Lands and Surveys.

Liasides buyers act now and object to land auction

As reported last Sunday, the Alpha Bank has filed eight applications at the Paphos Land Registry to auction eight plots of land belonging to bankrupt property developer Yiannis Liasides.

Slump in property sales to overseas buyers deepens

Just six properties were purchased in Nicosia by overseas property buyers in November, while the total number of overseas sales during the month was down by 43 percent on the number sold in November 2010.

The Cyprus Property Titanic

The Island's Interior Minister, Neoclis Sylikiotis, has a number of questions to answer in light of applications made by the Alpha Bank to auction eight plots of land that it mortgaged to bankrupt property developer Yiannis Liasides.

November property sales hit 35 month low

The number of properties bought and sold in November hit a 35 month low according to the latest figures from the Department of Lands and Surveys amid the worsening economic situation, record levels of unemployment and lack of liquidity.

Petition to stop Alpha Bank repossessing homes

A petition has been launched calling on the Interior Ministry and the Land Registry to reject any application made by the Alpha Bank to auction land to recover money owed to it by the bankrupt developer Yiannis Liasides.

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.