Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: October, 2013

Rent reduction law judged unconstitutional

President Anastasiades has asked parliament is to reconsider a law it agreed two weeks ago that imposed compulsory rent reductions of up to 20 per cent for commercial and residential premises.

Town planning permits within three months

Unacceptable delays in processing applications for town planning permits could become a thing of the past - Interior Ministry Socrates Hasikos considers a three-month timeframe achievable.

Transfer fee discount could be win-win for all

A generous discount on Property Transfer Fees would provide a serious incentive for both vendors and purchasers to complete transfers and bring millions of much needed revenues into state coffers.

Bank restrictions to be lifted (updated)

Update 25 October - Presenting the 2014 budget to parliament on Monday, Finance Minister Harris Georgiades said that restrictions on bank transactions that were imposed earlier this year will be gradually lifted by spring.

EU funds to help restart the economy

Speaking at a finance ministry event yesterday, Harris Georgiades announced that the European union will provide €847 million from its structural funds to help restart the island's ailing economy.

Multiple creditors & foreclosures in Cyprus

A new directive for handling customers' debts has been issued by the Central Bank; however foreclosing on non-performing real estate loans and evictions is not in anyone's interests.

Rich foreigners being fleeced over local taxes

The practice of councils fleecing foreigners continues despite a conclusion by the ombudswoman in her 2011 report that there was a prima facie issue of a possible indirect (covert) discrimination against them on the grounds of nationality/citizenship.

No transparency in Land Registry system

The lack of transparency in the way the Land Registry assesses 1980 values of properties and the secrecy surrounding information held in the public register of titles gives cause for concern.

New law enshrines rent reductions

Despite opposition to any rent control legislation and warnings that it would create new distortions in the market, the government passed a law last evening aimed at reducing rents.

Money off your Immovable Property Tax bill (updated)

Update – 18 October. At yesterday’s Plenary session of Parliament, the majority of Cypriot MPs agreed to extend the 10 per cent discount period to those who pay their IPT by 5th November 2013.

Building permits fall 15 per cent in July

Construction activity continued to decline in July with the number of building permits authorized by the municipal authorities and district administration offices falling compared with the same period last year.

Cyprus slips in Top of the Props chart

Cyprus slipped two places last month in the Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

MEP questions permits for real estate investments

Timothy Kirkhope, MEP for Yorkshire and the Humber, has raised a question in the European Parliament concerning the issue of residence permits to third country nationals investing in real estate.

Bank of Cyprus reports €2.2 billion net loss in 2012

Bank of Cyprus has announced that it made a net loss of €2.2 billion in 2012, in addition to the €1.4 billion loss in the previous year, reflecting deterioration in its loan portfolio and declining collateral values.

‘Rents in free-fall’ say property owners

George Stovolides, the president of the Land and Property Owners Organization (KSIA) said it strongly opposes rent control legislation warning that it will create new distortions in the market.

Real estate roundup

New housing loans from the Bank of Cyprus, progress on Immovable Property Tax collection and a World Cup probe into a land deal involving a member of FIFA's executive committee.

The importance of property rights

The lack of Title Deeds is important, as it means that property rights are not protected - both for the owner and the financial institution that has granted a loan using a property as collateral.

BBC Money Box: Cyprus property troubles

Earlier today, the BBC Radio 4 program 'Money Box' reported on the problems faced by many British people who purchased property in Cyprus with loans denominated in Swiss Francs.

Nightmare slump in sales continues

Less than three weeks after Cyprus was hailed as the world's weakest housing market, the nightmare slump in property sales continues according to the latest figures from the Land Registry.

Banks may need a further 1.5 billion Euros

According to a report by Moody's Investor Services, Cypriot banks and cooperatives may require some €1.5 billion on top of the €2.5 billion of EU support funds earmarked for the banking 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.