Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: January, 2012

Construction workers threaten strike action

As waves of industrial unrest sweep the Island, construction sector workers in Cyprus are planning the first in a series of 24 hour token strikes on St. Valentine's Day over the use of cheap foreign labour.

Cyprus one of five Eurozone nations cut by Fitch

Following its warning a week ago, Fitch cut the sovereign credit ratings of Cyprus and five other Eurozone nations yesterday, indicating there was 50 percent chance of further cuts in the next two years.

Department of Land and Surveys Citizens Charter

The Department of Lands and Surveys 'Citizens Charter' provides information on the services it offers together with the procedures to be followed and the costs associated with various types of applications related to immovable property in Cyprus.

Title Deeds hopes dashed by latest property legislation

Residents of the Harbour Shore Estates at Coral Bay, some of whom have been waiting for their Title Deeds for more than 30 years, have found that the new Specific Performance Law introduced last year may have ruined their chances.

Cost of housing loans may increase

Banks are considering increasing housing loan interest rates of in light of the tough conditions in the sector and the increased risk in the Island's property market, according to StockWatch.

EU congratulates Cyprus on measures

European Commissioner for Economic and Monetary Affairs Olli Rehn and President of the European Central Bank Mario Draghi have congratulated Cyprus on the tough decisions and the austerity measures it has adopted to achieve fiscal consolidation.

Residential property construction plunges 41 percent

Investments in the Cyprus construction sector continued their downward spiral in November according to the Island's Statistical Service, which released the latest building permit figures earlier today.

Cyprus may be further downgraded by Fitch

Cyprus faces the prospect of a further ratings downgrade by the end of the month after credit ratings agency Fitch repeated its intention to downgrade the Island and five other eurozone countries.

Property market review and expectations for 2012

A fall in Cyprus' GDP and rising unemployment means that the good days have gone. We are probably approaching the worst point, but things are unlikely to get back to where they were.

Licence for Polis golf project expected by June

The golf project at Limni in Polis Chrysochous by Limni Resorts & GolfCourses Plc. is expected to have a licence to start the project issued by June according to the local mayor, Angelos Georghiou.

Future prospects for the real estate market with Rotary

In conjunction with English and Greek speaking Cyprus Rotary Clubs, two presentations 'A review of the Cyprus property market: Changes in demand & Future prospects' will be given by Pavlos Loizou.

Bill to give more powers to Land Registry Directors

Land Registry Directors may soon be given powers to ease the issue of Title Deeds to individual owners of co-owned property in cases where one or more of the co-owners refuses to cooperate.

Land Registry & Town Planning to enter 21st century

Interior Minister Neoclis Sylikiotis has announced plans to introduce new IT systems into Town Planning and Land Registry offices throughout Cyprus to improve services offered to the public.

Standard & Poor’s downgrades Cyprus to junk status

Ratings agency Standard & Poor's has cut the credit ratings of Cyprus by two notches to junk status as a result of the problems within the eurozone and the Cypriot financial institutions' significant exposure to Greece.

Encouraging signs in domestic property sale figures

Although the overall picture for property sales in Cyprus last year was extremely disappointing, there are some positive signs in the figures for December, which show that domestic sales increased.

Ireland, Cyprus & Bulgaria slump in house prices index

The recently published Knight Frank Global House Price Index reveals that amongst EU nations Ireland is propping up the house price table while home owners in Cyprus and Spain are also suffering.

Limassol property market doesn’t depend on Russians

The number of real estate transactions for December 2011 was announced this week. Once again, they fell compared with the same month last year (-7%) and 2011 'ended' with an 18% reduction in transaction volume compared with 2010.

Property sales in Cyprus plummet to lowest on record

The number of properties sold in Cyprus during 2011 fell to their lowest level since records began according to the figures published earlier today by the Department of Land and Surveys.

Cyprus slips to number 14 in Top of the Props chart

The latest 'Top of the Props' chart shows that the popularity of Cyprus as a destination for those seeking out investments in overseas property slipped five places in December to number fourteen.

Investments in Cyprus construction continue to fall

October saw a sharp fall in the number of building permits issued in Cyprus according to figures published earlier today by the Island's Statistical Service which show a drop of 19 percent compared with October 2010.

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.