Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: July, 2012

Cyprus Property Action Group and the EU

The Cyprus Property Action Group has released a comprehensive update of the progress it is making with the European Union in its efforts to resolve the problems associated with buying property on the island.

Overseas property sales hopes helped by Chinese

The Cyprus overseas property market is reported to be getting a boost from the Far East as interest from Chinese buyers looking to purchase top end luxury properties in Paphos is increasing.

Nightmare scenarios for sweeping cuts

Cyprus will need to take painful measures to tackle problems in its banking system and state finances according to local media reports following the conclusion of the troika's second visit to the island.

The ballooning Cyprus fiasco

Troika inspectors are swarming over Cyprus to find out how much money the banks would need to deal with their putrefying balance sheets, and how much the government would need to stay afloat.

With our pants down

Turbulence brings change and with that change come opportunities to improve the Cyprus banking system and the Island's economy. But is society ready for the difficult road ahead and is its leadership up to the required standard?

Bad loans are key to assessing EU bailout

The size of the EU bailout will be determined by the methodology employed by troika to assess bad loans as Cypriot banks do not count fully secured loans as nonperforming even though they have not been serviced in 90 days.

State is way behind on building payments

Contractors have accused the Cyprus government of deliberately delaying inspections of works to delay payments; some of them have been owed money since 2008 and the amounts are very high.

British High Commission advises extreme caution

The British High Commission advises that the process of buying property in Cyprus has many potential pitfalls and strongly recommends that purchasers seek their own independent legal advice.

Cyprus has a growing housing stock overhang

If you are wondering why the Island's real estate market has been doing so badly lately, the recently released data on dwellings from the October 2011 census provide a good clue.

Cyprus Bar Association fails to deliver justice

Although the Bar Association's Disciplinary Board ordered a Paphos-based lawyer to repay her client €7,500, it appears that the Board is either unable or unwilling to enforce the order.

Judgement day for banks approaching?

Banks do not count loans that are fully secure as being nonperforming even though they have not been serviced in 90 days. If the Troika treats such loans as nonperforming, several more billions will be needed to recapitalise them.

It is like getting blood from a stone

Seven months after selling their house in Cyprus, a British couple finally received the proceeds of the sale from their Paralimni-based lawyer after they engaged another lawyer to collect their money from him.

Two million visitors and counting

Cyprus Property News welcomed its two millionth visitor earlier today and to celebrate we bring you a classic comedy film from 1964 showing a brick-by-brick account of the building of a young couple's dream home.

Government approves first ever land swap deal

An unprecedented land swap deal involving the exchange of property between Greek Cypriot and Turkish Cypriot owners of land in the north and south of the island has been approved by the government.

Construction production index plummets

Conditions in the island's construction industry have worsened dramatically in recent times, with production in the first quarter of the year shrinking at the highest rate since records began.

Cyprus construction sector decline continues

Latest figures from the Cyprus Statistical Service paint a very bleak picture of the construction sector which continues to decline as the Island's financial and banking crisis deepens.

Real estate sales falter in June

The number of properties sold in Cyprus during June weakened, with the total number of contracts of sale deposited at Land Registry offices down 8 percent compared with June 2011.

Free Tickets to A Place In the Sun Live

Free tickets are available to the A Place In The Sun Live overseas property exhibition at NEC Birmingham between 28th - 30th September where advice on buying property in Cyprus and many other destinations will be given.

Title Deed chickens come home to roost

The Title Deed fiasco will be at the top of the agenda at a high-level meeting scheduled to be held next week between senior ranking EU officials and ministers from the Cyprus government.

Bank of Cyprus investigated by CYSEC

CYSEC has started a probe into whether the Bank of Cyprus' management withheld information from shareholders at their recent meeting with the aim of misleading them and is also looking into issues of possible stock market manipulation.

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.