Cyprus Property News magazine for overseas buyers & real estate investors

Monday, May 25, 2020

Monthly Archives: 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.

Vehicles seized in land payment row

Bizarre events unfolded in Paphos on Tuesday when bailiffs seized several state-owned vehicles on behalf of landowners who have not been paid for land that the state expropriated in 2006.

More junk from Standard & Poor’s

Standard & Poor's has pushed Cyprus credit rating further into junk territory reflecting their view that its creditworthiness has deteriorated since the ratings agency's downgrade on 2nd August.

Construction decline second highest in EU

Construction activity in Cyprus saw the second highest decline in the European Union during the second quarter of 2012 after Greece according to figures published earlier today by Eurostat.

Chinese airport deal a dead duck

It is unlikely that the 600 million Euro investment by Far Eastern Phoenix to convert Larnaca's old airport into a large commercial showroom for Chinese products and a logistics centre will go ahead.

Property sector will act as a further drag

The island's property sector may be more of a problem for the economy than initially thought as, during the boom years, banks lent considerable amounts of money to property development and housing.

Vanishing Cyprus: banks bailout – the big lie!

One day, it may be necessary for Cyprus to pull out of the euro to regain its social and economic independence as the "one-size-fits-all" policy has not worked for most EU member states.

A very Cypriot Swissgate

If the professional advisors had foreseen the pitfalls of Swiss Franc mortgages and did not tell the borrowers or worse still if they planned it this way, then we would have a scam of scandalous proportions.

Property law loophole losing tax revenue millions

Everyone knows that there are massive loopholes in the island's antediluvian property laws. Shouldn't these be plugged before the banks start selling off people's homes as demanded by troika?

Credible counter proposal needed on bank seizures

The government must formulate a credible counter-proposal, aimed at providing a safety net for genuinely hard-up, house-owners as well as those who have paid for their properties and have no title deeds.

Title Deed mess must be considered by troika

Troika wants the banks to repossess homes held against non-performing loans within 18 months, but they cannot do this without taking into account the Title Deed mess that blights thousands of buyers.

Most Read

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.

You have insurance but are you insured?

The heavy winter rains have resulted in many insurance claims but as many have found to their horror, although their insurance premium has been paid, they discover that they're not insured when they make a claim.