Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020

Monthly Archives: July, 2014

Building permits down 24% in April

The number of building permits issued in fell 24 per cent compared with the corresponding month of last year and their numbers have declined 14 per cent during the first four months of 2014.

Immovable Property Tax up in the air

Following the wrecking of the draft bill to change the Immovable Property Tax rates for 2014, the Inland Revenue Department has suggested that last year's law be extended for a further year.

New Immovable Property Tax lies

The changes brought about by the new Immovable Property Tax shifts the burden of taxation onto the owners of medium value properties to the benefit of large owners such as property developers.

Fitch upgrades Bank of Cyprus and Hellenic Bank

Ratings agency Fitch has upgraded the Bank of Cyprus and the Hellenic Bank but warned that the island's biggest lender still faces a high risk of capital erosion because of weakening asset quality and profitability.

Banks forced to compensate forex borrowers

On Friday the Hungarian parliament passed a law forcing banks to compensate borrowers for "unfair" conditions in mainly forex loans in the years leading up to the financial crisis.

Property tax bills hit obstacles

Concerns have been raised over the process by which property valuations have been assessed with the Land Registry providing "unconvincing explanations" on how these have been calculated.

Property prices at 2006 levels

Property prices in Cyprus have fallen back to levels last seen towards the end of 2006 according to the latest quarterly Residential Property Price Index released by the Central Bank of Cyprus.

Property Transfer Fees reduction

A temporary fifty percent reduction in Property Transfer Fees is being considered by the Cypriot government in an effort to help clear the backlog of around 28,000 Title Deed applications.

Immovable Property Tax reductions

Owners of property in Cyprus valued below €200,000 will be exempted from paying Immovable Property Tax under a bill approved by the Council of Ministers yesterday according to a government spokesman.

€12 billion non-performing loans restructured

Cypriot banks have restructured €12 billion of their non-performing loans as of April 2014, more than a quarter of their total loan portfolios of €44 billion, according to the Association of Cyprus Banks.

Cyprus ‘failed miserably’ on Title Deeds

Interior Minister Socratis Hasikos has admitted that Cyprus has failed miserably over the Title Deed issue and pledged that his ministry will do everything in its power to sort out the matter.

Cheap as chips or curry and chips?

Cyprus is the curry and chips after a long night at the pub and is lucky to have entered the crisis last and at a point where the US and Western European economies have stabilised from the post 2008 turbulence.

IMF approves €84 million loan tranche

he Executive Board of International Monetary Fund (IMF) has confirmed Cyprus is on track with the conditions of its bailout programme, enabling the immediate disbursement of €84 million.

Most Read

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.