Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020

Monthly Archives: June, 2012

Cyprus new homes down fifty percent

Home construction in Cyprus is showing no signs of a recovery with the number of new residential properties authorised in March falling by more than half those authorised in March 2011.

Property market shows encouraging signs

Property sales in Cyprus increased in May with the number of contracts deposited at Land Registries reaching their highest level since June 2010, raising expectations that a recovery may be underway.

Impending collapse of Qatar deal

Qatar's investment in land opposite the Hilton hotel in Nicosia will probably collapse, although the Emir of Qatar has reportedly expressed his intention to proceed with other investments in Cyprus.

The world has turned upside down

The country makes its living from tourism and financial services but, with banking being six to eight times the country's GDP, there are systemic risks given the size of domestically owned banks and their exposure to Greece.

Glimmer of hope for distressed borrowers?

A specialist property advisory company with significant experience in renegotiating property loans is now offering a service to distressed borrowers in Cyprus to renegotiate and reset their loan terms with the bank on their behalf.

VAT law protest by building industry workers

Following a warning in May that the construction industry would take "dynamic measures", workers staged a demonstration outside parliament last Thursday over the new VAT laws that threaten their survival.

EU bailout request by end of June

As Cyprus scrambles to announce a new package of austerity measures, some pundits predict that a request for a bailout from the EFSF may be imminent saying this could happen by the end of June.

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Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.