Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: March, 2015

Insolvency framework delayed again

The implementation of the five bills comprising the insolvency framework has been delayed again and will probably be put before the House plenum on April 16, before the Eurogroup meeting on April 23.

S&P revises Cyprus outlook to positive

Standard and Poor's (S&P's) has revised the Cyprus economy's outlook to positive from stable, citing better than anticipated reduction in the country's public debt and the less adverse economic growth.

“The problem is huge” says director

No-one knows precisely how many properties that are burdened with a developer's mortgage have been sold to unsuspecting buyers, but the problem is huge says the Director of the Department of Lands and Surveys.

Lebanese duped by false residency claims

A number of Lebanese nationals have been duped into buying property in Cyprus by 'dubious' agents who claimed that they would obtain a residency permit after a certain period of time.

Energy performance enforcement

From 1st January 2010 a person selling a house, its landlord or its letting agent should have provided an Energy Performance Certificate for the property they’re selling, letting or advertising.

Title Deeds: ‘a complete and utter mess’

Although MPs voted though amendments preventing banks from repossessing homes that people have paid for, home buyers will still be unable to secure their Title Deeds until the developers debts have been repaid.

MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.

Construction and housing statistics (2013)

The Statistical Service of Cyprus (CYSTAT) has published the annual report "Construction and Housing Statistics, 2013", which contains detailed data on the performance of the industry during 2013.

Ayia Napa marina moves forward

The marina at Ayia Napa is moving forward with the news that the Ministry of Energy, Trade, Industry and Tourism has received a €25 million bank guarantee from M.M. Makronisos Marina Ltd.

February property sales up five per cent

The number property sales during February rose compared to the number sold during February 2014 according to official statistics published earlier today by the Department of Lands and Surveys.

Overseas transfer limit raised to €1 million

The Cypriot authorities have increased the limit on the transfer of deposits/funds outside the Republic to €1,000,000/month/person/credit institution, up from the previous €50,000/month.

Man hands home keys to bank

A man whose home loan repayments shot up from €350/month to €900/month handed the keys of his home to the Bank of Cyprus today accusing the bank of abusing the terms of his loan agreement.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

Opposition slams insolvency bill

Opposition parties AKEL and EDEK have slammed the final bill in the insolvency framework claiming that it does not offer absolute protection for home owners and others who are unable to repay their loans.

Banking and real estate intertwined

The banking and real estate sectors in Cyprus are intertwined and the restoration of the health of the banking system is a vital necessity for the sustainable recovery of the real estate market.

Optimism over insolvency framework

The last of the five bills comprising the insolvency framework was approved by the Cyprus cabinet on Friday and government spokesman Nicos Christodoulides is optimistic that Parliament will endorse the framework.

Cyprus Bar Association in the dock

The Cyprus Bar Association's minimum fees for out-of-court work violate the Treaty on the Functioning of the European Union; a formal legal complaint against the Association at the European Commission is planned.

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.