Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: May, 2012

Fraudulent property scheme of biblical proportions

British home buyers have filed a class action against the 'Turkish Republic of Northern Cyprus' and the HSBC claiming they are victims of a fraudulent property scheme of biblical proportions.

With value gone out the window, liquidity is the key

Although the Central Bank's Property Price Index shows a fall in residential property prices of 8.3 percent over the past two years, anecdotal evidence suggests that the decrease is at least double this figure.

Now the storm has broken

Even now with irrefutable evidence that property prices are falling at a quickening pace across the island, one senses a sanguine mood that something will soon interrupt the decline.

Tax incentives expanded and extended

The government has expanded the 5 percent VAT payable on new homes used as primary residences to include non-EU citizens and has extended the Property Transfer Fee reduction/suspension until the end of the year.

Fitch places three top banks on rating watch negative

International ratings agency Fitch has placed the Island's top three commercial banks on rating watch negative meaning that they could be downgraded in the near future as they remain highly sensitive to events in Greece.

Luxury real estate market resists crisis

The Cyprus Residential Development Prime market report 2012 by international property consultancy firm Frank Knight says that demand for the very top-end of the real estate market has remained strong.

Will Cyprus follow Dubai initiative to protect investors

Cyprus is not the only property market suffering from a lack of overseas investment. Next month, Dubai plans to introduce legislation designed to protect investors enabling them to obtain a full refund.

Greece exit from Eurozone would hit Cyprus hard

Experts agree that Greece leaving the Eurozone would hit Cyprus hard; the Island will be plunged into a deeper recession, the entire population will have to make sacrifices and we will end up in an EU bailout.

Could Cyprus be the next domino to fall

In a programme first broadcast on the BBC News Channel earlier today, HARDtalk's Stephen Sackur asks the former finance minister Michalis Sarris if Cyprus could be the next domino to fall in the Eurozone crisis.

Government steps in to shore up Popular Bank

The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island's second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements.

Bailiffs strip Paphos Land Registry office

Bailiffs acting on a court order have stripped the Paphos Land Registry office of anything that wasn't nailed down to compensate creditors whose land was expropriated for the Paphos/Polis road and who have yet to be paid compensation.

Construction quality of new homes set to improve

The first insurance provider offering a 10-year warranty against hidden (latent) defects for newly built and converted homes and commercial property has established a presence on the island.

Building industry warns of action over new VAT law

The island's Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking "dynamic measures"

Little interest in Town Planning Amnesty

Speaking at the House Interior Committee, the Interior Minister said that the public was showing little interest in the Town Planning Amnesty and that the numbers of applications submitted were unsatisfactory.

Town Planning Amnesty: further extension announced

A further six-month extension to the Town Planning Amnesty, which was introduced a year ago, has been announced by the Interior Ministry. The amending laws were published in the Cyprus Gazette on April 6.

No end in sight to the collapse in property sales

With the exception of January, when sales improved compared with January 2011, property sales in Cyprus have been shrinking for the past 22 months with no signs of a recovery in the foreseeable future.

Massive gas finds off Cyprus announced in New York

At a function held at the Cyprus US Chamber of Commerce in New York, Noble Energy’s CEO announced that the company has discovered much larger quantities of natural gas in the Eastern Mediterranean.

No respite as property slump continues in 2012

Property and rent prices have continued to drop in the first quarter of 2012, making it harder for the Cyprus market to exit the slump, a spokesman for RICS Cyprus said on Wednesday.

New home construction in February down a third

There are still no signs of a recovery in the Island's construction sector with the number of new residential properties authorised in February falling by a third compared with February 2011.

Armou resident warns visitors enter at your own risk

As homes on a stricken development in Armou continue to slip and gaping holes appear, one resident has put a warning sign on his gate post warning visitors to enter at their own risk.

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.