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Archive for October, 2012

Luxury property sales weathering the storm

New research indicates that the high-end luxury market for property in Cyprus is weathering the storm with sales in Limassol doing particularly well compared to other parts of the island.

Property tax set to increase

Property taxes in Cyprus are set to rise following the submission of a bill to parliament earlier today by the government designed to raise an additional €29 million/annum in state revenues.

Why is the EU withholding information?

MEP Sir Graham Watson has asked the European Union to explain why certain documents concerning a case involving property in Cyprus have not been made available to a person he referred to as ‘X’.

Hundreds of villa buyers facing ruin

After investing in property in Cyprus, hundreds of UK investors from the North East are at risk of losing everything; it seemed like a dream opportunity but has turned into a nightmare.

Are the authorities waiting for a tragedy like Aberfan?

Local people knew that the land on which the stricken homes at Armou were built was unsafe, so why did the authorities allow their construction without taking ground conditions into account when issuing building permits?

Developers oppose new property tax

Government proposals to introduce a tax on large houses and the troika proposal to accelerate foreclosures have been met with opposition from the Cyprus developers association.

Freak weather destroys holiday homes

A tornado caused extensive damage in the Paphos villages of Milia and Fyti earlier today causing severe damage in a residential area according to a report by state broadcaster CyBC.

Armou homes on verge of collapse

A development of six houses at Armou in Paphos that were built on a hillside in 2004 are now in a critical condition as they are likely to collapse completely if it rains heavily this winter.

Where well-off Chinese are looking to immigrate

Exhibitors from Cyprus were the most prominent amongst around 140 developers from more than 20 countries showcasing their products to potential Chinese buyers in a recent property exhibition held in Beijing.

Property tax incentive extended

Designed to stimulate growth in the island’s beleaguered property market, tax incentives introduced in December 2011 for those purchasing new homes may now be extended until the end of 2013.

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