Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Yearly Archives: 2012

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.

Banker quits citing ‘serious health reasons’

Theodoros Aristodemou, the founder and MD of Aristo Developers Limited, has resigned his position as the chairman of the Bank of Cyprus citing 'serious health issues' as his reason.

Investigators to report criminal liability

The firm appointed by the Cyprus Central Bank to investigate why the Bank of Cyprus and the Cyprus Popular Bank had to seek state support will also look into possible criminal offences.

Cyprus ranked in top 10 countries

Cyprus has moved up into the top ten countries for those seeking out investments in overseas property according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com.

Russian overseas property buyers

The results of a survey conducted by the Tranio.Ru Internet Centre of Overseas Property portal provides an insight into Russian overseas property buyers, where and what they are looking to purchase.

Corruption investigation delays Chinese deal

The Chinese company intending to invest at the old Larnaca airport is on a watch list of companies under investigation for corruption charges according to a report by state broadcaster CyBC.

Worries over new concrete buildings safety

The Cyprus Scientific and Technical Chamber (ETEK) says that the government allowed dangerous changes to be made to concrete standards last year lowering the quality and durability of buildings.

Critical meeting to save Chinese airport deal

The Minister of Communications and Works, Efthimios Flourentzou, will meet the Chinese investor interested in redeveloping the old Larnaca airport in an effort to persuade him not to pull out.

Chinese multi-million airport deal collapsed

The multi-million Euro plan to develop the old Larnaca airport into a commercial showroom for Chinese products and a logistics centre has collapsed; the Chinese investor is no longer interested.

UK tax man targets offshore bank account holders

A nationwide HMRC programme is tracking down UK taxpayers with offshore bank accounts in Cyprus and pursuing them for unpaid taxes on the interest earned on their capital.

A plan for all reasons

Proposals to resolve property purchase disputes in Cyprus without litigation and restore the credibility of its public, property and financial sectors have been submitted to the Cyprus Government.

HMRC removes all Cyprus QROPS

Questions are being asked as to why Her Majesty's Revenue and Customs has removed all the Cyprus-based Qualifying Recognised Overseas Pension Schemes from its list of registered schemes.

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.