Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: August, 2012

Banker quits citing ‘serious health reasons’

Theodoros Aristodemou, the founder and MD of Aristo Developers Limited, has resigned his position as the chairman of the Bank of Cyprus citing 'serious health issues' as his reason.

Investigators to report criminal liability

The firm appointed by the Cyprus Central Bank to investigate why the Bank of Cyprus and the Cyprus Popular Bank had to seek state support will also look into possible criminal offences.

Cyprus ranked in top 10 countries

Cyprus has moved up into the top ten countries for those seeking out investments in overseas property according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com.

Russian overseas property buyers

The results of a survey conducted by the Tranio.Ru Internet Centre of Overseas Property portal provides an insight into Russian overseas property buyers, where and what they are looking to purchase.

Corruption investigation delays Chinese deal

The Chinese company intending to invest at the old Larnaca airport is on a watch list of companies under investigation for corruption charges according to a report by state broadcaster CyBC.

Worries over new concrete buildings safety

The Cyprus Scientific and Technical Chamber (ETEK) says that the government allowed dangerous changes to be made to concrete standards last year lowering the quality and durability of buildings.

Critical meeting to save Chinese airport deal

The Minister of Communications and Works, Efthimios Flourentzou, will meet the Chinese investor interested in redeveloping the old Larnaca airport in an effort to persuade him not to pull out.

Chinese multi-million airport deal collapsed

The multi-million Euro plan to develop the old Larnaca airport into a commercial showroom for Chinese products and a logistics centre has collapsed; the Chinese investor is no longer interested.

UK tax man targets offshore bank account holders

A nationwide HMRC programme is tracking down UK taxpayers with offshore bank accounts in Cyprus and pursuing them for unpaid taxes on the interest earned on their capital.

A plan for all reasons

Proposals to resolve property purchase disputes in Cyprus without litigation and restore the credibility of its public, property and financial sectors have been submitted to the Cyprus Government.

HMRC removes all Cyprus QROPS

Questions are being asked as to why Her Majesty's Revenue and Customs has removed all the Cyprus-based Qualifying Recognised Overseas Pension Schemes from its list of registered schemes.

Government aide resigns over airport deal allegations

Marios Ieronymides, director of President Christofias' Diplomatic Office, has resigned following allegations in the press of a conflict of interest in his relationship with Chinese investor Far Eastern Phoenix.

Cyprus Popular Bank chairman ordered to quit

Michalis Sarris, the chairman of the Cyprus Popular Bank has been asked to step down after accusing the island's government of making serious mistakes in a recent television interview for the BBC.

Continued decline in building permits

Cyprus construction activity continued to decline in May as building permit numbers fell once again compared with the same period last year, according to the latest figures from the Cyprus Statistical Service.

Cyprus may need more than €10 billion for bailout

The island's' public finances are in a worse state than we expected said troika official Maarten Verwey according to the minutes of the meeting obtained by Bloomberg News; more bailout cash may be needed.

Larnaca port transformation agreed

Finally, after two years of negotiation, the government and the Zenon Consortium have signed an agreement for a joint development of the Larnaca port and marina at a cost in excess of €700 million.

Property sales plunge to new depths

The number of properties sold in Cyprus in July plunged to new depths, with the number of contracts of sale deposited at Land Registry offices down more than 30 percent compared to July 2011.

House prices in the west and east holding up

The eleventh issue of the RICS Cyprus Property Price Index shows that house prices in Paphos and Paralimni/Famagusta are holding up, while house prices in other areas and apartment prices across the island continue to fall.

Nicosia and Limassol home price falls accelerating

Property prices in Paphos and Famagusta have been falling for years, while prices started to fall in Nicosia and Limassol six months ago and the rate at which they are dropping is accelerating.

Cyprus ratings lowered as bailout talks continue

Ratings agency Standard & Poor's has cut Cyprus’ long-term sovereign credit rating a notch pushing it deeper into junk territory and placed it in on CreditWatch with negative implications.

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.