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Archive for 2011

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.

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