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Archive for November, 2012

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.

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