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Archive for March, 2014

Property prices keep falling

The fourth quarter of 2013 saw the fall in residential property values continue in many areas of Cyprus with prices of houses and apartments falling by an average of 1.6% and 0.5% respectively over the quarter.

Sales offer glimmer of hope for property market

Although property sales in Cyprus remain at historically low levels, latest figures from the Department of Lands and Surveys offer a glimmer of hope that the rate of decline may be slowing.

Famagusta Developers found guilty in fraud case

Kypros Kyprianou and his company Famagusta Developers have been found guilty of double selling a property located near the Paralimni lake following an eight months court case.

Property valuations rigged

MPs have accused the Banks and the Land Registry of rigging property valuations for their own benefit, while expert appraisers have pointed out that property valuers and the banks use different methodologies.

Developers call for tax changes

Property developers have requested a change to property tax legislation voted by the House last year to avoid the injustices that occurred, CEO of Aristo Developers Theodoros Aristodemou said.

Central bank governor resigns

The Governor of the Central Bank of Cyprus Panicos Demetriades has resigned citing “family and personal” reasons for his departure and “difficulty in cooperating with the Board of Directors”.

Kouris development under scrutiny

Permission to construct a large residential development that may lead to the contamination of water in the Kouris dam (the largest on the island) is to be investigated by the Attorney General.

Property tax chaos may continue

Although government policy on Immovable Property Tax has not changed, the Inland Revenue has expressed serious doubts as to whether there is sufficient time to complete the work necessary.

Land registry’s hands tied on foreclosures

Property foreclosures have already begun but the land registry’s deputy director was unable to confirm whether they relate to primary residences as precisely what constitutes a primary residence is unclear.

Primary residence protection bill by end-March

A bill designed to protect families’ primary residences and premises of small businesses with a turnover up to 2 million Euros and employing up to 10 staff from seizure should be ready by end of this month.

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