Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: September, 2012

Cyprus property agents talk up Chinese interest

Although Chinese interest in the Cyprus property market is undoubtedly increasing, mainland investment in the island is still a trickle, according to the South China Morning Post.

Legal battle looms over Cyprus homes

More than a thousand Britons threatened with repossession after buying a “dream” property in the sun are preparing to fight one of Greece’s largest banks in the Cypriot courts.

Russia to coordinate Cyprus loan decision with EU

Russia has said that it would only grant a bailout loan to Cyprus as part of a coordinated rescue with the EU for the island state, which it said was seeking a total of €20 billion in aid.

Alleged corruption in Cyprus property industry

The problems associated with buying property in Cyprus have again been brought to the attention of the European Union following a question raised in the EU Parliament by Scottish MEP Ian Hudghton.

Property price falls reach two-year high

The Cyprus Central Bank’s Residential Property Price Index for Q2 2012 published earlier today reports that house prices in Cyprus fell abruptly over the quarter recording their sharpest fall since 2010.

Construction sector hits rock bottom

The construction sector, one of the island's key economic drivers, is in free-fall and the outlook is extremely bleak with only an estimated seven months of pending construction contracts on the books.

Troika in moves to address Title Deed issue

Suggestions to resolve the Title Deed-cum-fraud mess have been put forward by the troika in their draft memorandum to the government following a review of the Island's economy published in July.

Housing loans collateral shortfall

Using publically available data from the Central Bank of Cyprus, Pavlos Loizou MRICS considers the size of the shortfall between the value of housing loans granted by the banks and the market value of their underlying collateral.

Brit wins property dispute but must pay for defamation

British home buyer Conor O'Dwyer has won his long drawn out case against a Cypriot property developer who unlawfully terminated his contract but has been ordered to pay for defamation.

Russians warned against buying property

A pamphlet in Russian entitled "?????????, ????!" (Beware of Cyprus!) is being handed out at the Sheremetyevo International Airport in Moscow warning Russians not to buy property on the island.

Troika reforms include property tax hike

Tax hikes on property, alcohol, tobacco, and petrol are on the cards plus a one per cent increase in VAT together with cuts in public sector spending according to a leaked Troika delegation document.

Construction sector continues to deteriorate

The island's construction industry is suffering from the impact of the economic crisis and lack of liquidity as the number of building permits continue to fall with no signs of a recovery on the horizon.

Be honest and get on with it

What can Cyprus learn from Ireland's bailout experience? "To get on with it, to be resolute and to be honest about the scale of the crisis" according to the Irish Minister of State for European Affairs.

Property sales down 40 per cent

There is still no end in sight to the catastrophic downturn in the Cyprus housing market with real estate sales during August plummeting 40 per cent to reach a new all-time monthly low.

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.