Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: November, 2012

Cyprus draft bailout conditions leaked

The draft MoU between the government and the Troika is in the public domain. We summarise the specific points in the Memorandum of Understanding relating to the housing market and immovable property regulation & taxation.

Armou families dealt another blow

The Cyprus Electricity Authority (EAC) has confirmed that it will cut the power to the homes of those living on the stricken development at Armou in Paphos following an order instructing the families to leave.

Families ordered to leave unsafe homes

Families living on the stricken development at Armou, whose homes are continuing to slip down the hillside, have been advised that their properties are unfit for habitation and have been instructed to leave.

High Court Judgement handed down

The judgement in the jurisdiction case brought by Brits who purchased property in Cyprus against their Cypriot developer and British agent, was handed down in the High Court on Monday.

Fitch downgrades Cypriot covered bonds

Following its downgrade of three of the island's banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank's covered bond ratings.

EU report into property development

David Martin MEP, who represents Scotland in Brussels and Strasbourg, has asked the European Commission to outline the conclusions of its report into the practices property developers in Cyprus.

Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank "is imminent".

Two notch downgrade from Fitch

Credit ratings agency Fitch has cut the island's credit rating by two notches with the possibility of a further downgrade citing a fiscal budget that has significantly underperformed expectations.

Two day construction worker strike

Construction workers plan a two day strike starting tomorrow (Thursday) blaming their employers for what they claim is their refusal to enter into a dialogue on renewing collective agreements.

Spain battles Cyprus for overseas property investors

Cyprus is in competition with Spain for overseas property investors as the Spanish government plans to offer residency visas to third country nationals investing more than €160,000 in property.

Contractors left unpaid for government projects

As the government's coffers run dry it has no money left to pay companies that have completed construction projects and who are suffering from cash-flow problems and who may be forced to lay off staff.

Five proposals for property taxation

Lakis Tofarides has called on the government to rethink the tax reform proposals it has submitted to the Troika as he believes they will be catastrophic for the island's real estate sector and will lead to further unemployment.

Moody’s places Cyprus on review for downgrade

Ratings agency Moody's has placed Cyprus on review for a possible downgrade citing the slow pace of negotiations with the Troika and evidence that the Cyprus budget deficit will be significantly larger than expected.

More considering Cyprus as investment destination

Cyprus is back on the radar of those planning to buy overseas property according to the most recent Top of the Props chart and a survey of visitors to A Place in the Sun Live exhibition at Birmingham's NEC.

Is the EU complicit in property crimes?

Daniel Hannan, MEP for South East England, has raised a question in the European Parliament relating to a complaint raised by Denis O'Hare of the Cyprus Property Action Group (CPAG) in 2011.

Bank opens dialogue in Cyprus property mis-selling

Alpha Bank Cyprus is offering a repayment moratorium to borrowers who have fallen behind on their mortgage repayments and confirmed its readiness to resolve matters in an amicable way.

Cyprus construction activity may be improving

Although the number of building permits issued in Cyprus fell slightly compared to August last year, both their value and the number of residential properties for which permits were issued increased.

MP to co-ordinate Cyprus property defence group

Bill Cash MP is urging British property owners in Cyprus to contact their MP to get in touch with Bill who is coordinating an All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus.

Cyprus property sales continue downward spiral

Property sales in Cyprus continued to decline in October with overall sales falling more than 20 per cent compared with October 2011, but there are some signs that the downward trend may be starting to slow.

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.