Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Yearly Archives: 2011

Transfer fee abolition/reduction law published at last!

After nearly a month since MPs voted unanimously to abolish/reduce Property Transfer Fees for a period of six months, the amended law has finally been published in the Cyprus Government Gazette.

Alpha Bank moves to repossess homes built by Liasides

More than 100 people face losing their homes following applications filed by the Alpha Bank to auction eight plots of land that it mortgaged to bankrupt property developer Yiannis Liasides.

Cyprus: A country in denial and a scandalous political leadership

Despite frequent warnings from the market, the ECB and the Cyprus Central Bank and repeated downgrades by the credit ratings agencies, Cyprus and its political leadership remain in denial.

Title deeds are key to restoring market confidence

When asked our readers their opinion on the most important factor in getting the Cyprus property market back on its feet, more than half replied that Title Deeds should be readily available on delivery of a property.

MEP calls on EU to protect those buying homes abroad

MEP Diana Wallis has increased her efforts to resolve the problems faced by thousands of expatriates who have purchased overseas property in EU member states with the publication of a booklet "European Property Rights and Wrongs".

Construction investment decline continues

Investment in the Island's construction sector is continuing to decline according to figures published earlier today by the Cyprus Statistical Service, which reveal a 13.3 percent fall in the number of building permits issued over the first nine months of this year compared with last.

Expats to give evidence to MRI investigation in Spain

More than fifty expatriates from England and Ireland have been summonsed to appear in court in the Spanish town of Marbella to give evidence against property millionaire Darragh MacAnthony the former boss of MRI.

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.

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.