Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: February, 2013

Property sales in 2012 reached €1.9 billion

Figures released by the Department of Lands and Surveys earlier this week report that property sales in Cyprus reached €1.9 billion in 2012, while more than 100,000 Title Deeds were issued.

PIMCO’s property price assumptions rejected

Assumptions made by PIMCO that property prices will decline by a further 30 to 40 per cent this year have been rejected by the Cyprus Association of Valuers and Property Consultants.

Property market will be hit by new Russian law

Cyprus' beleaguered property market will shortly be dealt another blow when the Russian government passes a bill banning state officials and civil servants from owning overseas property, bank accounts or stocks and shares.

Bailiffs fail to seize ministers’ cars

Court bailiffs have been unsuccessful in their attempt to confiscate the cars of the Finance and Commerce ministers as they acted on court writs to seize government property to pay state debts.

Double-digit falls forecast for property prices

The fall in prices of residential real estate and land in Cyprus are forecast to reach double digits by the end of next year (2014) and they will continue to fall until 2015, but to a lesser extent.

One third fewer homes in 2012

The slowdown in the islands construction sector continued in December, according to figures released by the Cyprus Statistical Service, with new home construction falling a third in 2012.

Risk of Cyprus default “material and rising”

Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wednesday.

PICAS meeting at Dhekelia Leisure Resort in Larnaca

The Property in Cyprus Action Support Group (PICAS) will hold an open forum for those facing difficulties when buying or selling property at the Dhekelia Leisure Resort in Larnaca on Wednesday 27 February.

Free tickets to ‘A Place in the Sun Live’ at Olympia

London's Olympia will host 'A Place in the Sun Live', the official overseas property exhibition of the hit Channel 4 TV show that helps house-hunters find their dream property, on 12th - 14th April 2013.

Armou family still living in limbo

A family of four living at a stricken development in Cyprus that is slipping down Armou in Paphos remain in limbo, unsure of their future, after their homes were declared unfit for habitation in November last year.

Gaining access after paying reservation fee

A potential buyer should never assume that he/she will be allowed to visit and enter a property after paying a reservation fee because that may not be the case and can lead to frustration.

Construction workers strike ends

After nearly three weeks, the construction workers indefinite strike action has ended following an agreement in principle between the contractors and trade unions on the workers collective agreements.

Limassol property market’s dependence on Russians

The number of real estate transactions for December 2012 was recently announced. Once again the number of transactions was reduced compared with the same month last year (-24%) and 2012 'ended' with an 11% reduction in transaction volume compared with 2011.

Cyprus property mis-selling could cost €1 billion

Cyprus must adopt a clear plan to resolve the many cases of mis-selling if its once thriving property market is to breathe again - and the cost could reach a billion Euros argues George Kounis.

PIMCO’s worst case assumes 65% property devaluation

In its worst-case scenario, where the Cyprus banking system would require €10.1 billion for its recapitalisation, PIMCO assumes a devaluation of properties by up to 65 per cent according to informed sources.

The declining Cyprus property market

Further details on the declining Cyprus property market were revealed today in new statistics published by the Department of Lands and Surveys showing that the number of overseas buyers continues to fall.

Construction industry unrest escalates

Trouble erupted at a hotel construction site in Paphos on Tuesday when violent scuffles broke out between striking builders and police; unions accused the police of using excessive force.

Building permits slump

Uncertainty in the Cyprus construction industry continues with the awaited signing of the island's bailout agreement with international lenders and an indefinite strike by construction workers.

Great Cyprus property crash continues in 2013

Property sales in Cyprus are on course to set an all-time record low in 2013 with sales in January down by more than 50 per cent on the corresponding month last year, posting the lowest monthly figure on record.

PIMCO delivers final report

The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.

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.