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Archive for March, 2014

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 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.

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