Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: January, 2014

EU-wide mortgage credit rules adopted

The EU has adopted a new directive aimed at creating a single market for mortgage credits in the EU, with a high degree of consumer protection that will come into force in all Member States in two years.

Arrears and NPLs at unprecedented levels

For many years the banking sector in Cyprus adopted poor risk and credit management practices, dominated by asset based lending, and an overexpansion of the real estate market.

Call for BBC to investigate Cyprus property issues

A petition has been launched calling on BBC Panorama Current Affairs to investigate and report on the issues facing UK citizens who purchased off plan properties in the Republic of Cyprus.

Sovereign Base Areas development agreement in full

Full details of the arrangement between the government of Cyprus and the government of the United Kingdom relating to the regulation of development in the Sovereign Base Areas released.

Building permits slump 39 per cent

The decline in the island’s construction sector continued in October according to the latest figures released by the Cyprus Statistical Service with the number of building permits authorised during the month falling 39 percent.

House prices down by 1.3 per cent

House prices in the euro zone were down by 1.3% in the third quarter of 2013, according to new figures from Eurostat, the EU statistics agency, with Cyprus one of the countries with the largest falls.

Property tax review gets underway

The government has appointed the accounting firm of PricewaterhouseCoopers to advise on the administration and consolidation of the various property taxes; the work should be completed in 3 months.

Complimentary tickets to ‘A Place in the Sun Live’

Unlimited complimentary tickets are available for ‘A Place in the Sun Live’, the UK's largest overseas property exhibition, which will be held at London’s Olympia between 28th to 30th March 2014.

British bases land development agreement

The UK Government has signed an arrangement with the Cyprus Government giving residents increased flexibility to develop private property within the British Sovereign Bases.

Pay up and shut up

Asked to comment on reports that thirty large borrowers were being put under pressure by the Bank of Cyprus to repay their debts, President Anastasiades said they have no option but to pay.

Developers want more time to pay banks

A spokesman for the island's property developers believes that a fire sale of real estate during a recession would not be good for the country and developers are asking for more time to settle their debts.

Cyprus back in the top 10

Cyprus moved up to take 10th spot in the Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

Developers attract half billion of fresh money

Property developers have attracted half a billion Euros to Cyprus and the sector is one of the main areas attracting foreign investors according to the Interior Minister, Socratis Hasikos.

Immovable Property Tax refunds on their way

Those who paid their Immovable Property Tax for 2013 prior to the changes agreed by parliament on 18th October should soon an envelope from the Inland Revenue Department with a refund.

European Court action gathers pace

Those wishing to join the action group announced month that is seeking compensation at the European Court of Justice for the mis-selling of Swiss Franc loans have until the 8th February 2014 to sign up.

Cyprus property sales hit new record low in 2013

Property sales in Cyprus fell for the sixth consecutive year in 2013 with sales down more than 80 percent compared with the peak year of 2007 and the lowest number since records began in 2000.

Fall in property sales continues

Property sales in Cyprus during December fell 23 percent compared with December 2012 although sales in Limassol increased according to latest statistics from the Department of Lands and Surveys.

Building contractors plea for state support

Costas Roushias, the president of the Federation of Associations of Building Contractors Cyprus (OSEOK), has called on President Anastasiades for an 11th hour rescue of the sector.

Revised Land Registry charges published

The Department of Lands and Surveys has published a list of its revised charges and fees, many of which came into effect during 2013 and have been in operation for several months.

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.