Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: May, 2015

Citizenship scheme raises €2 billion

The 'Citizenship by Investment' programme for foreigners has boosted the Cyprus economy by €2 billion from property sales and investments in the country according to an audit services report.

Open letter to Socratis Hasikos

I have written an open letter to Interior Minister Socratis Hasikos following his announcement that the government intends to bring in legislation to address the problem of home buyers trapped without Title Deeds.

More homes threatened in Pissouri

More homes in Pissouri are facing the threat of collapse due to land slippage resulting from a decade-long failure of authorities to provide adequate infrastructure to manage ground water.

Property taxes to merge

The Cyprus government has plans to submit a bill to parliament that will integrate Immovable Property Tax and municipal taxes before parliament closes for the summer recess.

Hidden mortgage breakthrough

Interior Minister Socratis Hasikos has announced that the government intends to introduce legislation to resolve the 'hidden mortgage' problem that leaves thousands of buyers unable to get Title Deeds.

Bankers against massive foreclosures

The main objective of the recent law of foreclosures is to bring clients to the negotiating table to restructure their loans according to senior bankers speaking at a round table discussion on Tuesday.

Draft loan sales bills leaked

Details of the draft legislation designed to facilitate the sale of bank loans (one of the pre-conditions for Cyprus to receive the next tranche of the bailout loan) has been leaked to the media.

Troika approves bailout programme

The latest review of Cyprus' bailout programme has been successfully concluded, the EC, ECB and the IMF said in a press release yesterday, paving the way for Cyprus to take part in the ECB's quantitative easing programme.

Insolvency helpline

Members of the public requiring information about the new insolvency laws may ask a question and leave their number by calling 22 460033; a telephone helpline set up by EVROKO, the European Party.

Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.

MPs focus on foreclosure regulations

Cypriot MPs are continuing their discussions on the rules regulating the auctioning of properties that will enable the new repossession laws, which were passed in April, to come into force.

Positive review from the troika

A joint statement released by the troika of Cyprus' international lenders (EC, ECB and IMF) at the conclusion of their latest mission to Cyprus welcomed the continued progress being made.

Troika to conclude review today

The troika of Cyprus' international lenders comprising the EC, the ECB and the IMF should conclude their sixth review of the island's Economic Adjustment Programme today; a revised MoU is anticipated.

Aristo boss denies fraud

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Bank of Cyprus, denied defrauding the state during his testimony at the Paphos Criminal Court.

Property sales continue upward trend

Property sales in Cyprus during April recorded an increase of 23 per cent over the number sold in April 2014 according to the latest official statistics from the Department of Lands & Surveys.

Strong growth in home construction

Strong growth was recorded in the number new homes being built in Cyprus in February, with the number of building permits authorised for new homes increasing compared to February 2014.

Banking system corruption

Investigators looking into corruption in the Cyprus banking system that resulted in the collapse of the island's economy have uncovered unprecedented bad lending practices by the banks.

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.