Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020

Monthly Archives: October, 2011

Another Eurozone country bites the dust

What is unique about Cyprus' collapsing housing bubble is a title deed scandal of unimaginable proportions. But now this nightmare is unravelling the finances of home buyers, developers, banks, and the government.

Standard & Poor’s downgrades Cyprus’ credit rating

Yesterday Standard & Poor's downgraded Cyprus' long-term credit rating to BBB due to the banks exposure to the Greek debt, which it estimates to be 165 percent of the Island's Gross Domestic Product.

Many properties will remain unsold

It is unlikely that the existing stock of new properties in the oversupplied markets of Paphos, Larnaca and the Famagusta/Paralimni area will be sold in the near future as they were built for "buy-to-flip" investors and are unsuitable for permanent living.

Government to support banks in financial crisis

The Council of Ministers has approved three draft bills designed to shore up the banks that are heavily exposed to Greek government bonds and to establish an independent financial stability fund.

Residential property construction in meltdown

Cyprus Statistical Services figures published earlier today reveal that the number of residential properties for which building permits have been issued has dropped by more than 4,000 compared to last year.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

Construction deal with Qatar on track

The deal between the Cyprus government and the Qatari Diar Real Estate Investment Company to build a luxury hotel, apartments, shops, offices and a leisure complex in Nicosia is on track.

Central Bank of Cyprus reports housing price falls

Residential housing prices in Cyprus have dropped for the sixth consecutive quarter according to the latest 'Residential Property Price Indices' report produced by the Real Estate Unit of the Island's Central Bank.

No end to the hell in Paradise Hills

Life in Cyprus continues to be hell for buyers of properties on the Paradise Hills estate near Paphos who fear their homes may be demolished or auctioned to repay the bank that financed the developers who have gone bust.

The Cypriot real estate market will recover when…

Many reasons have been given for the decline in sales of property in Cyprus in recent times. In our latest 'Have your Say' poll we are asking our readers what needs to be done to set the beleaguered real estate market on the road to recover.

Cypriot economy faces substantial risks

The International Monetary Fund has warned Cyprus that it must take swift action to shore up its economy, saying it faces strong head winds and substantial downside risks that are likely to persist.

Town Planning Amnesty: six month extension agreed

At the plenary parliamentary session last Thursday, Cypriot MPs voted in favour of a six-month extension to the period during which ‘Statements of Intent’ may be submitted under the provisions of the Town Planning Amnesty.

More than one thousand new home owners

Now that the crippling power cuts have ended and work has returned to normal, more than one thousand properties were transferred to their new owners in September.

Vanishing Cyprus: bank domination

In this article from his Vanishing Cyprus series, Andreas Chrysafis considers the developing banking situation and asks the question which government dares to do the right thing?

Cypriot real estate sales in freefall

There seems to be no way to stop the rapid decline in Cyprus property sales, which have been falling since July 2010 and which are now at levels lower than the year the market crashed in 2009.

Cyprus buyers stage protest at overseas property show

A group of British property buyers who believe they have been defrauded or mis-sold property in Cyprus staged a protest outside the 'A Place in the Sun Live' overseas property exhibition at the NEC in Birmingham.

Property in Cyprus action support group

The 'Property in Cyprus Action Support Group' (PICAS), which offers access to reliable, qualified information and assistance regarding property ownership and other matters, has recently launched its website.

Resale villas and apartments offer safer investments

Given all the uncertainties and doubts about buying off-plan property in Cyprus, why not consider a resale villa or apartment as these offer safer investments and often, better value for money.

Legislation changes will not end Title Deed nightmare

The tardy, dishonest and purposefully complex manner in which Cyprus chooses to sell property will rebound explosively on those involved in the supply chain; the town planning amnesty will bring no peace.

Town Planning Amnesty – plan to extend and simplify

The House Interior Committee has unanimously proposed that parliament grants a six-month extension to the period during which 'Statements of Intent' may be submitted under the provisions of the Cyprus Town Planning Amnesty.

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)