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Archive for December, 2011

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.

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