Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: November, 2014

Battle for consumer protection to Westminster

The Association of International Property Professionals (AIPP) took its battle to establish standards for the industry – and more safety for British consumers – to Westminster last week.

Financial dispute mediation

Authorities will start accepting applications for the appointment of mediators in financial disputes from Friday, the agency tasked with the resolution of those disputes said on Tuesday.

Pressure on House to act on foreclosures

Two political parties, AKEL and EDEK, have tabled fresh legislative proposals to suspend enforcement of the foreclosures law, pending the enactment of the insolvency framework legislation.

Title deed event ‘sold out’

A proposed lecture on the thorny subject of title deeds which is due to take place in Paphos early in December has 'sold out' with all available seats booked within a week of its announcement.

Increasing transparency in the Cyprus property market

The Cyprus Economic Intelligence (CEI), which provides a centralised databank that collects, analyses and displays information on the island's property market, has been launched.

Property revaluation appeal deadline extended

In the wake of many complaints from those who believe their property has been incorrectly revalued, the government has extended the deadline for receiving objections to 25 April 2015.

Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any "moves that will only create a problem for us without any practical gains."

Cyprus property sales continue to rise

Property sales in Cyprus continued to increase during October in both the domestic and overseas markets, according to the latest statistics from the Department of Lands and Surveys.

Troika team remain in Cyprus

Although they were scheduled to leave Cyprus today, a team from the Troika of international lenders will remain on the island until next Tuesday to discuss the insolvency framework.

Tardy developers fail to pay IPT

According to an official from the Inland Revenue Department only a small number of property developers had settled their outstanding Immovable Property Tax (IPT) obligations.

Aristo trial in January (update)

At a pre-trial hearing at the Paphos District Court earlier today, the four suspects in the Aristo land fraud case entered pleas of not guilty and will stand trial before the Paphos Criminal Court on 12 January.

Insolvency bills delay

Troika officials are unhappy with delays in the insolvency bills as only three of the four bills have been drafted to date and the chances of them reaching parliamentary committee by early December are slim.

Construction sector in the doldrums

With the number of building permits issued in Cyprus continuing to fall in August, the island's construction sector remains firmly in the doldrums with no signs of a recovery in the foreseeable future.

Swiss Franc loans conference

A 4-day conference to tackle the problem of mis-sold Swiss Franc loans to purchase off-plan properties in Cyprus is to be held in Nicosia and Paphos between 2nd and 5th December.

Title Deed problems lecture Paphos

A free lecture on the subject of efforts being made to accelerate the issuance of Title Deeds will be held in Paphos on 4th December; the lecture will be followed by an open discussion.

Mass repossessions unlikely

Following decisions concerning the foreclosures law rumours have been circulating that banks in Cyprus will soon start mass repossessions and selling properties to recover money they are owed.

Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.

Property prices up to 9.6 per cent down

Property prices in Cyprus fell by up to 9.6 per cent year-on-year during the third quarter of 2014, according to the twentieth publication of the RICS Cyprus Property Price Index, with falls continuing in many parts of the island.

Mortgage question raised in House

Questions about allegations of mis-selling and corruption relating to mortgages granted to UK citizens for the purchase of property in Cyprus have recently been raised in the UK parliament.

AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.

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.