Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: April, 2015

Case against Aristo stands

The Paphos criminal court has ruled that there is a case against Theodoros Aristodemou, the head of Aristo Developers Limited, and three others relating to the illegal division land at Skali.

Fraudster Gary Robb brought to justice

A civil action in the UK against the infamous Gary Robb has resulted in some £1.6 million of his assets being frozen and £1.3 million returned to 57 of the victims of a property scam in north Cyprus.

EU says ‘No’ to Limni golf courses

Cyprus is in trouble with the European Commission and has been warned to cancel the building permits for the two golf courses in the Limni area or face the possible consequences.

NAMA Mia here we go again (maybe)

Having rejected the idea a couple of years ago, it seems the Cyprus government is now considering a NAMA style 'Bad Bank' in efforts to help resolve the non-performing loans issue.

Waiting for the fat lady to sing

The ECB has yet to decide whether the foreclosures legislation passed by MPs earlier this month is sufficient to enable a review of the Cyprus Economic Adjustment Programme to be concluded.

Valuation appeal deadline extended again

In the wake of around 22,000 individuals who filed objections to the Land Registry's valuation of their property, the government has extended the deadline for receiving objections until the end of the year.

Cypriot banks to benefit from foreclosure law

In its Credit Outlook, which assesses credit implications of current events, Moody's Investors Service considers the implementation of the foreclosure law is credit positive for Cypriot banks.

Leptos cuts deal with Bank of Cyprus

An agreement has been reached between Leptos Estates and the Bank of Cyprus to restructure a several million Euro loan according to Central Bank Governor Chrystalla Georghadji.

Construction sector collapse

The construction sector in Cyprus recorded the biggest drop in production year-on-year in the European Union member states according to a report published by Eurostat this morning.

Insolvency framework bills passed

After the usual shenanigans we've come to expect from opposition parties and endless debates, the five bills comprising the insolvency framework were passed by a plenary session of parliament earlier today.

Home repossession ban extended

Parliament passed a bill by the slimmest of majorities to extend the ban on repossessing homes whose purchasers have no Title Deeds even though they may have paid for them in full.

Valuation appeal deadline approaching

The deadline for Cyprus property owners to appeal the Land Registry's property valuation and correct any other mistakes expires on April 24, the Interior Ministry said in an announcement.

Title deeds saga likely to be kicked down the road

The fate of the title deeds law which the President refused to sign will be decided by the plenum on Friday, although it seems likely that MPs will kick the can further down the road again.

US firm wants Cyprus casino licence

Beverly Hills-based company Realty Group International (RGI) is seeking casino operators and investors to purchase land to build a 'super casino' in the Mediterranean island of Cyprus.

House prices fall in Cyprus

House prices fell by 3.0 per cent in Cyprus, over the fourth quarter of 2014 and by 3.3 per cent compared to the fourth quarter of 2013 according to today's report published by Eurostat.

Insolvency framework vote next week

The Cyprus News Agency has reported that a plenary session of parliament will convene next week to discuss and vote on the insolvency framework while President Anastasiades is in Athens.

Pledge to protect paid-up buyers

Following President Anastasiades rejection of the 'home buyers protection bill' the Interior Minister has instructed the House of Representatives to draft a bill to protect paid-up buyers from repossession.

Property sales improve but…

The latest property sales statistics for Cyprus published by the Department of Lands and Surveys report a 31 per cent increase in sales during March compared with March 2014

President abandons home buyers

In a move that many consider will destroy the island's property market, President Anastasiades has rejected the 'home buyers' protection bill' passed by Parliament on 19th March.

Capital controls to end on Monday

President Nicos Anastasiades has announced that Cyprus will eliminate the last of the capital controls, which were imposed in April 2013 as part of a €10 billion European bailout, on Monday 6th April.

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.