Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020

Monthly Archives: November, 2011

An end to greedy developers extorting cancellation fees

The days when greedy property developers could extort contract cancellation fees from purchasers who wished to sell a property in Cyprus before its Title Deed had been issued have come to an end.

EU to investigate community tax discrimination claims

British expatriates who are outraged at paying higher taxes than their Cypriot friends and neighbours living in their Community at Kouklia, a village some 10 miles south of Paphos, are taking their case of alleged discrimination to Europe.

Governor warns Cyprus is at the edge of the precipice

The Governor of the Island's Central Bank has warned that Cyprus is at the edge of the precipice and has called on the government and parliament to work together to overcome opposition from the unions to proposed austerity measures.

Housing market paralyzed pending legislation changes

The Cyprus Land and Building Developers Association has urged President Christofias to approve legislation agreed by MPs to temporarily abolish/reduce Property Transfer Fees as the delay has resulted in a complete paralysis of the Island's property market.

Commission refers Cyprus to EU Court of Justice

The European Commission has referred Cyprus to the European Court of Justice for non-compliance with European Union Treaty rules on the free movement of capital in respect of unrestricted access to buy a second home in Cyprus.

Property prices will continue to fall says bank chief

Cyprus bank executives see a further deterioration in the Island's economic conditions next year that they consider will further reduce liquidity, increase the cost of borrowing, and put further downward pressure on property prices.

Community taxes discriminatory to foreigners?

An article appeared in today's Cyprus Mail concerning excessive taxes being levied by a Community (a local government authority) on foreigners with property; a practice that the Island's Commissioner concludes may be discriminatory.

Transfer fee reductions could increase public revenue

A number of simple and practical measures could be taken by the government of Cyprus that would encourage the timely transfer of property titles, increase public revenues, reduce tax evasion and support the property market.

Christofias says no to transfer fee changes

The euphoria felt by property developers in Cyprus that the House of Representatives had agreed unanimously to abolish or reduce Property Transfer Fees for a period of six months may be short-lived as President Christofias has asked them to think again.

Overseas investors taking more interest in Cyprus

After some months after being out of the top ten countries for overseas property investors, Cyprus is back in at the number seven spot in the October 'Top of the Props' chart published by TheMoveChannel.com.

Mari explosion slowed growth in construction sector

The explosion of confiscated munitions stored at the Mari naval base on July 11th that killed 13 people and devastated the Vasiliko power station has pushed the Cyprus economy into recession and slowed growth in the construction sector.

Moody’s downgrades Marfin Bank covered bonds

Ratings agency Moody's Investor Services has downgraded Marfin Popular Bank covered bonds and put the Bank of Cyprus covered bonds on review for downgrade. The actions follow Moody's downgrade of Cyprus' sovereign debt rating last week.

Beating termites & other wood-eating beasties

Termites and other wood-eating pests are a growing problem in Cyprus and while an EU committee has put Cyprus in the red zone for termites, the government is lagging behind the rest of Europe in terms of legislation.

Developers continue Immovable Property Tax scams

We have received further reports of property developers in Cyprus continuing to extort money from buyers by using the threat of withholding Title Deeds to elicit payment of highly inflated amounts of Immovable Property Tax.

Cyprus property support group marks its first year

If you have a problem related to property ownership in Cyprus, PICAS offers access to reliable, qualified information and help you find a solution in a friendly, safe and confidential environment.

Cyprus’ top three banks downgraded by Moody’s

Moody's Investors Services has downgraded the long-term deposit and debt ratings of the three largest Cypriot banks because of what it believes is the reduced ability of the country to support its large banking system.

Real estate prices & rents across Cyprus continue to fall

Property prices and rents across the major urban areas of Cyprus continued to fall during the second quarter of 2011, according to the seventh issue of the RICS (Cyprus) Property Price Index published earlier today.

Transfer tax cut no use while house prices stay inflated

Despite the recession, house prices in Cyprus remain grossly inflated and it is highly unlikely that the suspension/reduction in Property Transfer Fees will have the desired effect until property prices fall to reasonable levels.

Cyprus property sales down 21 percent in October

The Cyprus property market shrank by 21% in October compared with October 2010 and the number of sales recorded so far this year are down by more that 11% on the number sold in 2009, the year the market collapsed.

Moody’s downgrades Cyprus’ bond ratings

Moody’s Investors Service has downgraded Cyprus government bond ratings to Baa3 from Baa1 on the very high likelihood that the Cypriot government will need to contribute to the recapitalisation effort of the banking system.

Most Read

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)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.