Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: August, 2013

Our position on the issues of Jurisdiction & Time Bar

Barrister-at-Law Christos M. Triantafyllides of the law firm of Triantafyllides & Christoforou provides their position on jurisdiction and time bar for those who have bought property in Cyprus.

A simple warning on loan restructuring

Loan restructuring is meant to preserve value and rescue good loans that are under temporary stress; they are not a 'trick' to rescue bad businesses that were unable to repay their loans in the time of plenty.

State to offer property for long-term leasing

Following failed attempts during the AKEL administration to promote the use of government property, the cabinet wants to give private investors incentives to take on long term lease agreements.

Immovable Property Tax debacle continues

No sooner had the Council of Ministers agreed changes to the Immovable Property Tax rates for 2013 when AKEL stepped in demanding that first residences should be exempted from this tax.

Cabinet modifies Immovable Property Tax charges

At a meeting in Troodos yesterday, the cabinet decided that those with properties whose 1980 value is €5,000 or less will be exempt from paying IPT and scrapped the €75 minimum charge.

Immovable Property Tax demands by post

The Inland Revenue Department has started to send out Immovable Property Tax demands by post and all property owners will receive a notice by 15 September a tax official has said.

Family turns to eBay to sell Paphos property

Having had no success using real estate agents to sell their commercial property opposite the entrance to the Tomb of the Kings archaeological site in Paphos, an enterprising family has turned to eBay.

Transfer fee penalty for delays

The government is considering a change in the law that will impose a penalty of a 10 per cent increase in the Property Transfer Fees payable for buyers who delay depositing their contract of sale.

Is Alpha Bank ready to settle all Cyprus property claims

As thousands of British buyers of properties in Cyprus are taking on the banks before their claims are time-barred on 31st December 2013, the Alpha Bank are beginning to settle claims to stem the tide.

July sales boosted by overseas investors

Although the number of properties sold in Cyprus during July fell 13 per cent compared to July last year, they were boosted by an increase in sales to overseas investors in Nicosia, Limassol and Paphos.

Restrictive measures road map unveiled

The restrictive measures on the movement of capital that Cyprus introduced in March could remain in place for a year or two and will only be removed gradually to safeguard financial stability.

Britons cases scheduled for trial in Cypriot court

Provisional trial dates have been set for a Cypriot court to hear cases involving hundreds of UK buyers who were misadvised when buying properties in Cyprus and who are facing 'unpayable' loans.

Why should any foreigner buy property?

In an open letter to President Anastasiades, a foreign resident suggests two measures designed to help rejuvenate the island's beleaguered property market and restore its tarnished image.

Construction crisis deepens

The crisis in the island's construction industry is worsening according to the figures published earlier today by the Cyprus Statistical Service, which show a continuing decline in building permits.

Playing games with property taxes

When you consider that a single person who owns a property pays 50 per cent more Immovable Property Tax than a couple or twice as much as four joint owners of an identical property, doesn't it seem unfair?

Housing market in Cyprus

An insight into the island's property sector and housing market are contained in 'The Economic Adjustment Programme for Cyprus', recently published by the European Commission.

Investing in real estate debt

Investment in private real estate debt is the acquisition of performing or non-performing real estate loans from private lending institutions or from government sponsored 'bad banks’.

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.