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Archive for July, 2014

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.

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