Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020

Monthly Archives: July, 2011

Ministry of Interior planning amnesty announcement

The Ministry of Interior has recently made the following announcement concerning the submission of applications under the recently announced Planning Amnesty laws.

Second agency cuts Cyprus credit rating

Following the announcement by Moody's on Wednesday, Standard & Poor's became the second agency to cut Cyprus' rating this week citing the government's indecision in introducing substantial consolidation measures.

Moody’s downgrades Marfin and Bank of Cyprus

In the wake of yesterday's announcement that Moody's had downgraded Government bond ratings, the ratings agency has downgraded the deposit and debt ratings of the Marfin Popular Bank and the Bank of Cyprus.

EC asked to rule on unfair commercial practices

The Island's property laws and consumers’ rights are about to come under the scrutiny of the European Commission following a written question to the European Parliament by Irish MEP Seán Kelly.

Bar Association’s Disciplinary Board in the dock

Reports of "crooked" lawyers, particularly in Paphos, are widespread; but what hope is there for justice when the Bar Association's Disciplinary Board appears unable to address complaints in a timely manner?

Paradise Hills buyers face uncertain future

Residents of the unfinished Paradise Hills estate built by MDB properties in the Paphos village of Marathounda may lose their homes as the Bank of Cyprus has rejected a rescue plan.

Monagroulli angel comes down to earth

Plans to build a record-breaking 135 metre high statue of an angel at Monagroulli on the Island's southern coast will not be approved unless the height of the statue is reduced to be consistent with the broader character of Cyprus.

Property transfers continue to improve

Latest figures to come out of the Department of Land and Surveys show that the number of properties being transferred at District Lands Offices across Cyprus is continuing to improve.

New specific performance law increases safeguards

Designed to provide added protection for those buying property on the Island, a new Specific Performance law will come into force in Cyprus shortly that will replace the existing 'Sale of Land (Specific Performance) Law'.

Property prices and rents continue to fall

Real estate prices across the island continued to fall during the first quarter of 2011 according to the sixth issue of the RICS Cyprus Property Price Index, with house and apartment prices dropping by an average of 1.6% and 0.9% respectively over the quarter.

Foreign currency mortgages turn sour

Buyers advised to take out home loans in Swiss francs to buy property in Cyprus are struggling to repay and face repossession and ruin as exchange rate movements send their mortgage repayments soaring.

Crisis deepens as Cyprus property sales continue to tumble

The crisis in the Cyprus real estate industry continues to deepen with sales of property falling for the twelfth consecutive month and sales so far this year lower than those of 2008; the year the market crashed.

Building permits fell in April as construction slowed

Latest figures from the Statistical Service confirm that Cyprus' construction industry is continuing to struggle with the number of building permits issued in April falling 16.2 percent compared with April last year.

Developers association calls for tax review

The Cyprus Land & Building Developers Association has proposed as series of measures, including a tax review, that it believes will help stimulate the Island's beleaguered property industry.

Cyprus Title Deed campaign gathers pace

An estimated 50,000 Cypriot property owners moved closer to getting their Title Deeds this week, after MEPs, British leaders and the European Commission rallied to pressure Cypriot authorities to enforce EU law.

Most Read

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)