Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: March, 2012

Cyprus moves up three places in Top of the Props chart

The popularity of Cyprus for those seeking out investments in overseas property moved up three places in March according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com

Armou family told it is not safe to stay in their home

As their home continues to slip down the hillside, a family living in one of the houses on an estate at Armou in Paphos have been told to leave within seven days as it has become unsafe to live there.

Forty percent fall in residential buildings

The number of new houses authorised in January fell by forty percent compared with January 2011 and the number of new residential properties being built is unlikely to increase until the number of unsold apartments and houses is reduced.

Visit stand E49 at the A Place in the Sun Live show

Those considering buying a property abroad, including Cyprus, are urged to visit the panel sessions given by staff from the Foreign Office or visit them on stand E49 for some down to earth advice.

Get the latest news from Cyprus on your mobile phone

Get all the latest breaking news stories, articles and events that are shaping the Cyprus property market on your mobile phone from the newly launched mobile edition of the Cyprus Property News.

Homes at Armou in Paphos continue to slip

The recently built estate of six houses in Armou in Paphos are continuing to slip down the hillside and two of the access roads leading to the development have now become impassable.

Deal for development of old Larnaca airport signed

The Island's airport operator Hermes signed a multi-million Euro deal with Chinese company Far Eastern Phoenix early this morning for the redevelopment of the old Larnaca airport facility.

Property prices continuing to fall says RICS

RICS Cyprus reports that prices of apartments and houses nationwide continued to fall during the fourth quarter of 2011 in the ninth issue of its Property Price Index with the hardest hit areas being Limassol and Paralimni.

Vasilikon cement factory workers return to work

Workers at the Vassilikos cement company in Limassol have ended their indefinite strike following a meeting yesterday at which the Cyprus Labour Minister, Sotiroulla Charalambous, put forward a mediation proposal.

Cabinet reshuffle after finance minister quits

Following the resignation on health grounds of Finance Minister Kikis Kazamias last Friday, a mini-reshuffle of the Cyprus cabinet was announced earlier today with Neoclis Sylikiotis taking over as the minister for Commerce And Industry.

Paphos homes in danger of collapse after heavy rain

Although their houses are only a few years old, residents living on an estate at Armou in Paphos have been warned to leave their homes as they are in real danger of collapse if heavy rain continues.

Almost one in four properties are co-owned

Twenty four percent of properties in Cyprus, about 274,000, are co-owned of which the majority are located in Famagusta according to information received by MP Ionas Nicolaou of the DISY party.

Moody’s downgrades three Cyprus banks again

Despite their efforts to raise fresh funds, Moody's Investor Service has downgraded the three leading Cyprus bank ratings following Tuesday's cut to 'junk' of the Cyprus sovereign ratings.

Vanishing Cyprus: consumerism

Cyprus has become the most expensive country in Europe while consumers are trapped and as victims of sheer greed, corruption and government incompetence they try to make ends meet against insurmountable odds.

Moody’s downgrades Cyprus sovereign ratings to junk

Moody's Investor Service cut Cyprus' sovereign ratings to junk earlier today saying there was a heightened risk that the government would have to support the banks, which are heavily exposed to the Greek debt.

Significant boost to economy from foreign investment

The economic map of Cyprus may be about to change following a meeting between the government and Canadian giant Triple Five to be held at the Presidential Palace in Nicosia tomorrow.

Bar Association fines lawyer for misconduct

Paphos lawyer Emily Lemoniati has been fined for misconduct by the Cyprus Bar Association after breaching her client's instructions and the Association's code of professional ethics.

Paphos seaplane project comes under fire

Plans to build a multi-million Euro tourist project in Paphos including seaplane landing and take-off facilities and a series of recreational developments have come under fire from the Cyprus Antiquities Department.

Dreams of a home in Cyprus turn into a nightmare

British buyers seek redress as mortgage payments on their Cyprus properties double, Title Deeds fail to materialise and bailiffs threaten, alleging that Cypriot lawyers may not have complied with crucial legal formalities.

Disneyland-style theme park still a long way off

Plans to build a 'Euro Disney of the Mediterranean' including a luxury hotel, water park and restaurants on 300 to 400 donums of land near Oroklini have stalled as discussions continue over land acquisition.

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.