Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: March, 2013

Crisis shakes overseas investor confidence

Honorary president of the Cyprus chapter of the International Real Estate Federation (FIABCI), Nicolas Lemonaris, has said that the financial crisis has shaken the confidence of potential foreign investors.

Central Bank press release on banking measures

A press release issued by the Central Bank of Cyprus clarifies the measures implemented at the Bank of Cyprus and Laiki Bank following the agreement reached between the Cyprus Government and the Eurogroup

Big depositors in Cyprus to lose far more than feared

Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Price falls continue as uncertainty grows

Property prices in Cyprus continued to fall during the fourth quarter of 2012 according to the RICS Cyprus Property Price Index amid the worsening state of the economy and growing uncertainty.

Mortgages muggings and the gutter press

Many individuals and companies in Cyprus are facing difficult years ahead, but as so much sensationalist rubbish has been printed in the UK gutter press, it's time to bring some honesty into the situation.

Price falls loom in wake of bailout

In the wake of the island's financial bailout, property prices in Cyprus are anticipated to fall according to the chairman of the Property Valuers Association which has temporarily suspended work.

Bailout deal for Cyprus agreed in Brussels

Cyprus has avoided bankruptcy by securing a last-minute €10 billion EU bailout deal in Brussels following hours of tense negotiations; but the island will have its second largest bank closed with losses expected for big depositors.

Buyers’ grievences heard in EU Parliament

The European Parliament's Committee on the Internal Market and Consumer Protection heard from a petitioner about the problems he encountered when buying property in Cyprus.

Extra holiday to pass legislation on bank deposits

President Anastasiades may need extra time to get the deeply unpopular levy on Cyprus bank deposits through parliament and may have to declare Tuesday & Wednesday as public holidays to stave off a possible run on the banks.

UCPD review offers no solution for Title Deeds

Appeals to the EC that it would recommend that the withholding of title deeds or legal ownership of immovable property would be blacklisted under the provisions of the UCPD have been rejected.

Robbed by property fraud

Liberal Democrat MP Andrew Stunell raised the case of a constituent who had been subject to property fraud in Cyprus following the default of Alpha Bank and has asked for a meeting about the issue.

Cyprus property mis-selling disputes

A research briefing paper concerning property mis-selling disputes in Cyprus is available on-line at the Libraries of the House of Commons and House of Lords and the Parliamentary Office of Science and Technology.

Government scraps property tax bill

The Cyprus Interior Minister, Socrates Hasikos, has announced that plans drawn up under the Christofias administration which aimed to raise €180 million by increasing Immovable Property Tax have been scrapped, for now.

Hope for property sales in Cyprus

Although Cyprus continues to negotiate a bailout deal with the Troika, there are some early signs that domestic and overseas buyers are returning to Paphos despite the economic uncertainties.

Marshall Case creates Conflict of Law

A Cypriot District Court ruling concerning jurisdiction throws cold water on a ruling by the High Court in London that the claimants have the right to bring their action in the UK provided they do so within a six year limitation period.

Limitation time bomb awaits British home buyers

Under a new Cypriot limitation law that came into force in July 2012, time is running out for people who fail to address their foreign currency mortgage predicament within the six year limitation period.

UK tax man targets second home sellers

HM Revenue & Customs (HMRC) has launched a campaign aimed at raising cash from people who have sold properties that are not their main homes, but haven’t told the taxman about any profits they may have made.

Brilliant concept for Cyprus carnival king

It is not often that I report on non-property related matters, but I just could not resist bringing you this story which will thrust Cyprus into the top ten places for its brilliant minds and ingenuity.

Talk of visa-free EU travel tempts Chinese investors

As Cyprus steps up its charm offensive in China, media reports claim that Chinese investors (and those from other non-EU countries) will be granted visa-free throughout the EU once they have acquired a Cyprus residency permit.

Renting your property

Renting your property in Cyprus can be a source of additional income, but as a landlord you need to take some simple steps to help ensure that the relationship with your tenant(s) remains good.

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.