Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: July, 2013

Action against Cyprus

The European Commission has opened infringement proceedings against Cyprus regarding the application of EU Directives on unfair commercial practices and unfair contract terms.

Cypriot property Title Deeds (updated)

Daniel Hannan, MEP for South East England, has raised a question in the European Parliament to eradicate any doubt that Title Deeds issued as part of Cyprus' bailout conditions will be unencumbered.

New Limassol marina is ‘a gem’

The Limassol marina project is expected to be completed by the end of the year, with an official opening taking place in spring of 2014; the first yachts were welcomed earlier this year.

Law of supply and demand will take care of prices

The law of demand and supply will take care of rental and sale prices of property much better than politicians would ever do. The market will adjust to the new economic conditions.

Playing the waiting game

She knew getting Title Deeds to a Cyprus home could take time, but little did Karen Guttridge know that it would take eight years, a sit-in and some shouting at the mayor before she would get them.

Prices falling for three and a half years

Since its introduction more than three and a half years ago, the RICS Cyprus Property Price Index has recorded a steady decline in the price of residential properties across the island.

Property price corrections are slow

Although property prices in Cyprus have fallen in recent times, the reductions are relatively small compared to the large price corrections that have taken place in other "memorandum" countries.

Millions owed by big names

A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.

Severe property slump grips the island

The second quarter of 2013 saw property prices across Cyprus experience one of their sharpest falls in recent years as a consequence of decisions taken by the Eurogroup on 15th and 27th March.

Developers are the problem says bank chairman

The Bank of Cyprus is on a frontal attack with the big property developers, as its separation into a commercial and real estate bank aims to secure billions that were injected to the real estate sector.

How we could deal with the transfer of BoC assets

Depending on decisions taken for the future of the Bank of Cyprus, all collateral for problematic loans that have been granted in recent years will be transferred to the new entity, which will sell or rent the assets to repay the loan.

Alpha Bank Cyprus sued in England

In what is believed to be one of the largest Collective actions ever taken against a company operating in Cyprus, litigation proceedings are issued against Alpha Bank Cyprus in the Royal Courts of Justice in London.

New home construction slips in April

The number of new homes for which building permits were issued in April fell by 20 per cent compared with the corresponding month last year according to the Cyprus Statistical Service.

Real estate bank a possibility

One of the options being considered for the future of the Bank of Cyprus is the establishment of an asset management company to take over problematic real estate loans and undertake their sale or rent to repay loans.

Help for cash-strapped homeowners

The government is preparing a scheme targeted at low income households who can no longer afford their mortgage repayments that will enable them to continue living in their homes.

Court rules eight banks overcharged on loans

A ruling by a Croatian court, which concluded that eight commercial banks had overcharged borrowers, may offer some hope for those who bought property in Cyprus using loans denominated in Swiss Francs.

Property sales keep falling (updated)

Property sales in June fell 51 per cent compared with June 2012 according to figures recently published by the Department of Lands and Surveys, with numbers falling in all districts across the island.

China Glory flirts with new plots

According to unnamed sources, the Hong Kong based conglomerate that acquired the Venus Rock Golf Resort in Paphos is considering buying plots of land in Limassol, Larnaca and Paphos.

Bill to extend Immovable Property Tax deadline

It is anticipated that the deadline for paying Immovable Property Tax will be extended to allow the authorities sufficient time to print, file and send registered property owners tax demands.

The MoU and its impact on banking and real estate

As the Cyprus economy has been in a downward spiral for two to three years, it would be unfair to argue that the MoU with our international lenders is responsible for the fall in property values and demand.

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.