Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: July, 2014

Foreclosure bill protects primary residences

The cabinet has approved amendments to the draft foreclosures bill that protects primary homes from repossession if the owner can prove lack of income or any other asset, thereby safeguarding low-income families.

Title Deed fiasco haunts IPT collection

Neither the Inland Revenue Department nor the Land Registry, responsible for issuing Title Deeds, has a mechanism to apportion blame for the non-issuance of Title Deeds, so IPT notices will only be sent to property owners.

Cyprus property valuations now online

Following the revaluation of some 500,000 properties in Cyprus, the revised valuation of any particular property can be viewed on-line at the Department of Lands and Surveys website.

Immovable Property Tax Announcement

The Cyprus Inland Revenue Department has issued the following announcement regarding the payment of Immovable Property Tax for 2014 and offers a discount of 15% if the IPT is fully paid by 31 October 2014.

Repossession agreement leaked

Some details of the agreement reached between the Cyprus government and the Troika of international lenders to ease the procedures for property repossessions have been leaked to the media.

Cyprus Immovable Property Tax 2014

The law amending the Cyprus Immovable Property Tax Laws for 2014 has now been published in the Cyprus Gazette and it offers a 15 per cent discount for those who pay early.

Aristodimou favours full investigation

Theodoros Aristodimou, founder and managing director of Aristo Developers, favours a full investigation into allegations of irregularities in the demarcation of 177 plots in the Skali area.

Cyprus making relatively good progress

Although Cyprus is making relatively good progress following the bailout, Troika officials have warned that the repossessions bill has to be approved by January 2015 before new aid is disbursed.

Complimentary tickets to NEC property exhibition

Complimentary tickets, which are usually £10 each, are being offered by the organisers of this autumn’s ‘A Place in the Sun Live’ overseas property exhibition that is being held at the NEC in Birmingham.

Domestic and overseas property sales increase

Sales of property in Cyprus to the domestic and overseas market both improved in June according to the latest statistics from the Department of Lands and Surveys with the number of contracts deposited increasing.

Police call for Aristodimou’s arrest

Police have called for the arrest of Theodoros Aristodimou, founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, and his wife.

Property prices in decline four and a half years

The RICS Cyprus Property Price Index has recorded a steady decline in the prices of residential houses and apartments across the island since its introduction in the last quarter of 2009.

Cyprus MPs lunacy in action

Lunatic decisions taken by MPs in Nicosia drove another nail into Cyprus' once thriving property sector when they voted though the bill amending the Immovable Property Tax law for 2014.

What about the 39,490 Title Deeds?

There are still 39,490 Title Deeds that have not been transferred and it appears that there are many purchasers who are unable or unwilling to pay the unreasonably high property transfer fees.

Troika push repossessions bill

The Troika has indicated that if Cyprus fails to introduce legislation to ease the procedures for property repossessions, it could jeopardise the release of the next tranche of the bailout.

Title Deed backlog costing millions

The Cyprus government stands to gain millions from the transfer of 39,490 Title Deeds sitting at the Land Registry according to the latest annual report issued by the island's Audit Office.

Third largest price falls in EU

Cyprus recorded the third largest annual decline in house prices in the EU during the first quarter of 2014, according to data released Thursday by Eurostat, with prices falling by 5.7 per cent.

Property sales up 51 per cent in June

The Department of Lands and Surveys has published its monthly property sales report, which shows that property sales in Cyprus during June increased 51 percent compared to June last year.

Deal reached on Immovable Property Tax

A last minute deal has been reached by Cypriot MPs on the Immovable Property Tax for 2014 and a bill has been passed with 53 votes in favour and just one against according to reports.

Bank plans property sales via website

The Bank of Cyprus will launch a website in the next couple of weeks where all the property it owns and wishes to sell will be advertised with a minimum price according to reports.

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.