Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: March, 2014

Cyprus economy & real estate forecast 2014-2015

Although Leaf Research predicts that the downturn in the Cyprus real estate market is likely to continue, some positive prospects for the island's economy and its real estate market are starting to appear.

Cyprus scraps maximum daily cash withdrawal limits

The Finance Ministry has issued a decree scrapping the daily cash withdrawal limits from bank accounts one year after Cyprus imposed capital controls to prevent economic meltdown.

Changes to citizenship for sale scheme

Earlier today the Council of Ministers announced changes to the criteria by which the citizenship for sale scheme is granted to investors following a statement on the subject issued by the Interior Minister last week.

Cyprus home construction nose-dives

Cyprus home construction plummeted in January, the Cyprus Statistical Service reported yesterday, with the number of permits authorised for new homes down 60 per cent compared with January last year.

Shepherd jailed for building hut

Why can a shepherd be jailed for building a hut when a wealthy businessman can add an extra floor to his house or a developer build without having first secured the necessary permits without being sent to prison?

Non-performing loans continue to mount

Latest information released by the Cyprus Central Bank shows that non-performing loans continue to mount with property developers having amassed billions of debts that they are unable to repay.

Bank of Cyprus reviews restructuring plans

In an exclusive interview with Reuters, Bank of Cyprus CEO John Hourican said that the bank is reviewing its restructuring plans that could result in a "bad bank" for its troubled assets.

Taxman may raid bank accounts

The Cyprus government is considering allowing the taxman to raid bank accounts to recover unpaid debts in a move very similar to the changes announced in the recent UK budget.

Plans for luxury leisure project in Yeroskipou

A billionaire property developer from Hungary, who is currently resident in Cyprus, has been described as the brains behind a scheme to build a luxury leisure project at Yeroskipou.

Moody’s raises Cyprus credit rating outlook

Moody's ratings agency has raised its credit rating outlook for Cyprus to positive from negative, while confirming the island's Caa3 credit rating, citing a stronger than expected performance in 2013.

Property price correction is not over

Common sense tells us that property prices in Cyprus have yet to reach rock bottom and that anyone who believes that they are about to increase must be living in cloud cuckoo land.

Cyprus needs to earn trust of Chinese investors

A conference in Nicosia has heard that Chinese property buyers are slowly returning to Cyprus, but that the country needs to earn their trust if it wants them to make further investments.

Citizenship for sale reports denied

The Cyprus Interior Minister has rejected press reports that the government is changing the rules for acquiring Cypriot citizenship by foreign investors by reducing the amount for large investments.

Property prices set to rise says sales director

Director of sales at BuySell Cyprus Chris Hajikyriacou believes that property prices have bottomed out and should start to rise, warning that if you don't buy now, you're going to miss the boat.

Cyprus Central Bank circular on loan restructuring

The Central Bank of Cyprus has issued a circular to the commercial banks following much criticism about their practices for restructuring the loans of those having difficulty in maintaining repayments.

Famagusta developer jailed for two years

Cypriot property developer Kyprios Kyprianou, who was found guilty of fraud after selling the same property twice, has been jailed for two years by the presiding judge at the Famagusta District Court.

Little progress on Immovable Property Tax debtors

Phileleftheros, the Greek language newspaper, has reported that little progress has been made to collect the €9.6 million Immovable Property Tax plus interest owed by developers and hotels.

Knight Frank Global house price index

The Knight Frank Global House Price Index, which charts the growth and decline of house prices worldwide, lists Cyprus as one of the weakest housing markets above Hungary, Ukraine, Croatia and Greece.

Cyprus fifteenth in Top of the Props

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

Property valuations could cause storm of appeals

The Cyprus Association of Valuers has warned that significant discrepancies between property valuations carried out by the Land Registry, commercial banks and private appraisers could result in legal tangles.

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.