Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: January, 2013

Property scam leaves families with no home

A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.

Indefinite strike by construction workers

Construction workers voted to strike indefinitely on Thursday while trouble broke out in Paphos where unemployed builders were prevented from entering a hotel renovation site by a private security force.

Fitch cuts Cyprus sovereign credit rating to ‘B’

Ratings agency Fitch has downgraded the Republic of Cyprus' sovereign credit rating two notches on its belief that it may cost the government more to bailout the island's banking sector than previously anticipated.

Cyprus Property Action Group report

In its latest update, the Cyprus Property Action Group (CPAG) says that as a result of the persistent lobbying of the European Union and MEPs that changes will come about to resolve the problems in the island's property industry.

Construction workers strike

Workers in the island's ailing construction industry are taking part in a 48 hour strike in efforts to protect their jobs from cheap labour, while cement makers warn that a strike may deal a death blow to the industry.

MEP calls for Cyprus land law reform

During his review of the Cyprus presidency of the European Union, Sir Graham Watson MEP called for a reform of the island's land laws and the establishment of a banking ombudsman.

MPs reject property tax bill

MPs have rejected a government request to discuss and vote on the bill designed to increase Immovable Property Tax as part of the island's bailout deal saying they needed more time to consider its ramifications.

Chinese developers have their sights set on Cyprus

Cyprus may soon be welcoming a number of property developers from China who are planning to buy land on the island or work with local property developers to build homes for Chinese families.

Revised property tax bill vote

The House plenum will vote today on an amended bill to increase the rate of Immovable Property Tax, which was part of the preliminary agreement between Cyprus and its international lenders.

Moody’s downgrade piles on the junk

Moody's Investor Service has downgraded Cyprus' top three banks citing uncertainty over the country's bailout talks with international creditors, bringing them closer to the bottom of junk status.

Construction industry loans under microscope

Loans given to the construction industry by the Bank of Cyprus and the Cyprus Popular Bank will be discussed today at a meeting between the banks' management and representatives from Pimco.

Angry buyers sue over Cyprus homes

Almost 800 people are taking action in the High Court against the Alpha Bank, several financial advisers and a Paphos-based property developer over an alleged multi-million pound property scam.

Pay developers’ debts or lose your home

MEP Edward McMillan-Scott has raised a question in the European Parliament asking whether Cyprus has contravened the UCPD and what can the EU do to protect the rights of property buyers.

Homeowners call for simple and fair tax system

The Cyprus Land & Property Owners Association (KSIA) has called on the government to ensure that any new property tax system simple and fair and that it does not destroy an ordinary homeowner's finances.

Moody’s cuts Cyprus rating on default risk

Moody's cut Cyprus government bond credit rating by three notches to Caa3 from B3 due to an increase in government debt and issued a warning that the country had a 50 per cent chance of default.

Sales in 2012 plummet to record low

The number of properties sold in Cyprus fell to a record low in 2012 with local pundits predicting that this year will be worse than last, while the Financial Mirror concludes that 2013 will be another "Annus Horribilis".

Domestic sales tumble

Sales of property in Cyprus to the domestic market during December fell more than 40 per cent compared with December 2011, while sales over the year were at their lowest level this century.

Construction sector remains quiet

Although the number of licenced projects increased by almost a third in October compared with October 2011 and their value increased marginally, the awaited recovery appears a long way off.

Overseas market faces a difficult road to recovery

Following the collapse of the Cyprus overseas property market in 2008, sales at the end of 2012 showed an improvement over the previous year; but the market still has a long way to go and the omens are not good.

Are overseas buyers returning?

For the second month in succession, the number of properties sold to overseas buyers increased in December with properties in Paphos accounting for 50 per cent of sales to non-Cypriots.

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.