Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 11th August 2020

Monthly Archives: April, 2013

Living in denial doesn’t mean forgetting to live

Cypriots are still going round drinking coffee, having dinner with friends, and booking holidays, having a hard time appreciating what has happened - and what will happen in the months ahead.

Cyprus president steps up to the plate

President Nicos Anastasiades has announced a range of measures to restore confidence and modernise the state including combating corruption and collusion - and a reform of the Civil Service.

Why have construction output prices not fallen?

Although output in the island's construction sector is around one quarter of it what it was twelve years ago, output prices have taken a long time to respond, falling by only 0.4 per cent in 2012.

Just more empty talk about title deeds

In a speech made by the Cyprus Minister of Foreign Affairs Mr Ioannis Kasoulides at the House of Commons in London, he spoke briefly about the problem of the timely issuance of Title Deeds.

Revised property tax bill announced

Details of the proposed property tax bill have been announced, but houses valued at many millions of Euros in a number of districts have not been included in the calculations as they have not been properly registered.

Criminal investigation into land registry officials

Disciplinary and criminal investigations are underway into a number of land registry officials relating to allegations of corruption, bribery, embroilment, violation of personal data laws and depriving the state of revenue.

EU set to finalise rules on mortgage lending

The European Union is seeking to avoid housing bubbles with a set of common rules for mortgage lending in efforts to avoid property bubbles that have resulted from reckless lending.

Property tax for all

A bill proposing a revised property taxation system under which every home owner will pay according to the 1980 value of their property will be put before a plenary session of parliament later this week.

Cyprus banking idiosyncrasies laid bare

The PIMCO due diligence report on the island's banking system reveals what the company refers to as idiosyncrasies that differentiate Cyprus from other international banking systems.

Will the ‘new broom’ sweep clean?

Will the new president of Cyprus, Nicos Anastasiades, persevere and carry through the essential and, in some cases, radical changes that are needed for the country's recovery and long-term sustainability?

Big losers may apply for citizenship

President Nicos Anastasiades has announced that the Cyprus "Citizenship by Investment" programme will be revised to reduce the required minimum investment amount for acquiring Cypriot citizenship to €3 million.

British rescue proposed in property mis-selling

London-based law firm Maxwell Alves is lobbying politicians and government agencies to resolve claims between clients and property developers in Cyprus without resorting to litigation.

Property tax legislation has utmost priority

A bill on Immovable Property Tax, a prerequisite for the payment of the first instalment of the Cyprus bailout, is being drafted and will be placed before parliament as soon as possible.

Construction in Cyprus continues decline

Figures released by the Cyprus Statistical Service (CySTAT) earlier today show that investments in the island's construction sector are continuing to decline as the economic downturn continues

Property sales collapse as crisis deepens

Property sales in Cyprus plummeted in March as the financial crisis deepened as a consequence of the decisions taken by the Eurogroup to impose savage bailout conditions on the island.

Chinese investor sues state over haircut

A victim of the Bank of Cyprus haircut, a Chinese investor who transferred 15 million Euro to Cyprus has sued the state according to a report in the current edition of the Cyprus Weekly.

Alpha Bank Cyprus visited by bailiffs

Bailiffs served warning letters on Alpha Bank Cyprus Ltd on behalf of a law firm representing nearly 400 British nationals who purchased property on the island with loans from the Bank denominated in Swiss Francs.

Revised Cyprus EU bailout terms leaked

Update 4th April 2013 - The revised Memorandum of Understanding between Cyprus and the EU has been leaked to the press and appeared exclusively in today's edition of the Greek language newspaper Phileleftheros.

Most Read

Small rise in construction of new homes

The Cyprus construction sector staged a slight recovery May falling by just 0.1% compared to May 2019 according to official figures released by the...

Property sales to foreigners continue to fall

The number of Cyprus property sales to foreigners continued to fall in July with numbers down to 36 per cent on the numbers sold in July 2019 according to the Department of Lands and Surveys.

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

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