Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Yearly Archives: 2012

Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.

Our top 10 stories from Cyprus in 2012

The most read article published in Cyprus Property News over the past twelve months was that a group of British buyers had won the right to have their cases against their Paphos-based developer heard in the UK.

Why aren’t prices falling as much as they should?

The short answer to this interesting question is that property prices tend to be "sticky" on the way down as a lower sales price can often be dismissed as being uncharacteristic of the market.

EU still progressing Cyprus property issues

Replying to recent questions raised in the European Parliament by MEPs Daniel Hannan and David Martin, Commission Vice-president Viviane Reding has provided an update on progress.

More junk piled on Cyprus by Standard & Poor’s

Standard & Poor's Ratings Services pushed Cyprus further into junk territory by lowering its long and short-term sovereign credit ratings by two notches to CCC+. The outlook is negative.

Cyprus property price slump continues

The RICS Cyprus Property Price Index for the third quarter of 2012 reveals that property prices continued to fall with house prices falling by an average of 1.1 per cent and house prices falling by 0.4 per cent.

Signs of recovery in overseas sales

Efforts to promote Cyprus into new markets seem to be paying dividends as the number of properties bought by non-Cypriots jumped in November although some have complained of paying grossly inflated prices.

Only sick minds could have thought up property tax

Although the troika proposed that property taxes should raise €20 million/annum, the government drafted a bill that would raise ten times that figure according to some calculations.

Decline in property sales slows

Although the number of properties being sold in Cyprus continues to fall, sales in Paphos and Larnaca increased in November and the overall rate of decline is the lowest in recent months.

Nonperforming loans at €23 billion

Confidential information from the Central Bank released by StockWatch today puts the level of non-performing loans of the domestic banks at €23 billion requiring several billions more to recapitalise them.

Calls to change property tax provisions

MPs have urged the government to look again at the bill to increase Immovable Property Tax following warnings that the tax hike will drive the island's economy deeper into recession.

Cyprus bailout terms call for title deed delay reduction

Will a reduction in the backlog of Title Deeds to less than 2,000 of cases pending for more than one year, as required by Cyprus' bailout terms, resolve the Title Deed problem once and for all?

Kill the chicken, eat the eggs, pretend it didn’t happen

Little has been done to resolve the problems that precipitated the crisis in the property sector; many are resisting the need for change and seem intent on making the same mistakes again as if the crisis never happened.

Developers unhappy with property tax changes

The Land and Building Developers Association has warned that the new property tax regime agreed as part of the island's bailout conditions will threaten prospects for the sector's recovery.

Tax refunds on escrow account interest sought

HMRC have been asked for a review the application of the rules and tax refunds for the thousands of people who have received tax demands for interest earned on escrow accounts in Cyprus.

Construction sector investment retreats

The reduction of investment in the island's construction sector continued in September increasing the uncertainty about its outlook as there are no prospects of a recovery in the foreseeable future.

Problems will continue after property tax shakeup

Significant changes to the way Immovable Property Tax is to be calculated are contained in the island's bailout conditions bringing to an end the use of 1980 values but leaving some problems unsolved.

Cyprus draft bailout conditions leaked

The draft MoU between the government and the Troika is in the public domain. We summarise the specific points in the Memorandum of Understanding relating to the housing market and immovable property regulation & taxation.

Armou families dealt another blow

The Cyprus Electricity Authority (EAC) has confirmed that it will cut the power to the homes of those living on the stricken development at Armou in Paphos following an order instructing the families to leave.

Families ordered to leave unsafe homes

Families living on the stricken development at Armou, whose homes are continuing to slip down the hillside, have been advised that their properties are unfit for habitation and have been instructed to leave.

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.