Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: August, 2014

The plan

Following a vote in the Cyprus parliament to adopt the Euro, a banker, a government minister, a property developer and a lawyer meet at a restaurant and discuss the plan for the island's future.

Banks oppose interest rate regulation

A bill aimed at clamping down on banks that profiteer by arbitrarily increasing their margins has been rejected by the banks who argue that it will impede the execution of foreclosure procedures.

False Immovable Property Tax declarations

There is evidence that a property developer has made false Immovable Property Tax declarations to the authorities, which has resulted in his customers receiving IPT notices from the Inland Revenue.

Property prices continue to fall

Residential property prices across Cyprus continued to fall during the second quarter of 2014 with the greatest falls being recorded in Paphos where apartment and house prices fell by 2.8% and 2.1% respectively.

Cypriots are not fools

The government's attempt to enforce a bad law may turn out to be the straw that broke the camel's back. Cypriots are not fools and certainly can no longer be fooled by politicians again

Construction sector worst non-payers

Half the businesses in Cyprus are failing to repay their loans, with the construction sector being the worst offender as non-performing loans reached 72 percent in June according to the Central Bank.

Banks to target big borrowers first

Banks in Cyprus will not foreclose on homes belonging to vulnerable groups, the bank association said on Monday, as it sought to allay concerns ahead of a vote on a foreclosures bill at the end of this week.

Immovable Property Tax a malignant tumour

Even though Hasikos claimed that Immovable Property Tax bills would be reduced, the new 2013 valuations will be seen as yet higher indirect taxation in 2015 for 'high density build' concrete palaces.

An abominable legacy

The former government under President Christofias left behind an abominable legacy, including a wrecked economy, but can the present government under President Anastasiades do any better?

Pressure on non-performing loan recovery

The troika of international lenders has raised the stakes on the recovery of non-performing by increasing pressure on delinquent borrowers who refuse to service their loans despite having the ability to do so.

Positive developments on hidden mortgages

The updated Memorandum of Understanding (MoU), which includes some positive developments for those deceived into buying property built on mortgaged land, has been published courtesy of Stockwatch.

Immovable Property Tax headaches

The Inland Revenue Department has announced that it will start sending out Immovable Property Tax notices at the end of this month, but provisions in the law are causing staff severe headaches.

Land Registry secrecy and mistrust

While the Land Registry refuses to disclose methodologies it employs to value properties it merely reinforces the atmosphere of suspicion and mistrust that pervades the Cyprus property market.

Lawsuits filed against banks

SYMEA, a trade union established earlier this year intends to block the repossession of mortgaged properties by taking local banking institutions to court according to its president Andreas Alambritis.

Grim outlook for Paradise Hills buyers

The outlook looks bleak for buyers on the unfinished Paradise Hills estate at Marathounda in Paphos as the development company, MDB properties, is in provisional liquidation despite their appeals to the Bank of Cyprus.

The property circus show

Why do Cypriots believe that their property should not be seized if they fail to honour their loan repayments and why would any responsible government even give 10 seconds' thought to such lunacy?

Expatriates could pay more tax

Expatriates who rent out their houses in Britain supplement their income abroad could find themselves paying more tax on their rental income under proposals prepared by George Osborne.

Foreclosure bill bunfight continues

The debate in the Cyprus parliament on the controversial foreclosure bill continues with opposition parties refusing to support the bill in its present form and calling for a series of amendments.

Clarity over property values essential

Land Registry officials have been allowed to arbitrarily determine property values for far too long to boost tax revenue for the state oblivious to the distortions caused to the property market.

Clampdown on bank profiteering

A bill aimed at preventing banks profiteering by increasing their profit margins arbitrarily is being prepared by the Ministry of Finance following a recommendation by the Cyprus Central Bank.

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.