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Archive for 2011

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.

Nine hundred and forty six new property owners

District Land Offices throughout Cyprus have transferred nearly ten thousand properties to their new owners this year, according to figures released earlier today by the Department of Lands and Surveys.

Cyprus government abolishes property transfer fees

In a measure to designed stimulate growth in the Island’s property sector by reducing the cost of home ownership, Cypriot MPs unanimously agreed to abolish or reduce Property Transfer Fees at a meeting of the House of Representatives earlier today.

The Greek haircut and the Cyprus real estate market

With the share price of one of the banks in Cyprus having fallen to a 12 year low, the repercussions of the 50 percent haircut on Greek bonds and now the possibility of Greece defaulting are devastating – and the Cypriot real estate sector is part of the problem.

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