Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Monthly Archives: November, 2015

€55m Immovable Property Tax collected

Immovable Property Tax (IPT) amounting to €55.5 million had been paid by 193,833 taxpayers (72 per cent of the total number) by mid-November, according to senior tax officer Klelia Papadopoulou.

Foreclosure auction venues selected

A venue in each of the island's districts has been selected where the auction of foreclosed properties will take place following a tender process by the Association of Cyprus Banks.

Non-performing loans remain high

Non-performing loans (NPLs) in the Cypriot financial system stood at 47.8 per cent of total loans at the end of September 2015, according to data released by the Central Bank of Cyprus.

Hourican to remain at Bank of Cyprus

In April this year John Hourican, the CEO of the Bank of Cyprus, resigned his position for personal reasons; however the Bank's broad of directors have decided to extend his contract for two more years.

No property bubble in sight

Although the Cyprus Finance Minister does not foresee another property bubble and believes that the downturn of the sector has bottomed out, the ECB believes there will be further price falls.

New plans for Swiss Franc loans

Banks are to put forward new plans to the Cyprus Central Bank for regulating Swiss Franc loans according to a representative from the Cyprus Central Bank speaking at a Parliamentary Committee on Finance.

Government to pay for Pissouri mess

The Interior Ministry is waiting for a report to see how the government can help the affected residents in the Limnes (lakes) area of Pissouri; a figure of €20 million to restore the area has been estimated.

Hourican disappointed by shenanigans

John Hourican, the outgoing CEO of the Bank of Cyprus said he was disappointed by the 'shenanigans' of lawmakers that delayed and diluted laws aimed at helping banks collect on a huge number of non-performing loans.

Reduced VAT for home renovations

The Cyprus government plans to lower the VAT for all home renovations from 19 per cent to 5 per cent in a move that is expected to be ratified at the next meeting of the cabinet.

Building permits August

The number of building permits authorised in Cyprus during August 2015 increased compared to the number authorised during the same period last year, while their total area and value declined.

URGENT notice – trapped buyers

Nefarious individuals are deceiving 'trapped buyers' in Cyprus into believing that they will not be offered the Title Deeds to the property they purchased under the provisions of the 'hidden mortgage' law if they bought by way of a housing loan.

Troika concludes eighth review

Subject to four prior actions, the eighth review of the Cyprus economic adjustment programme has been successfully completed by the troika of the island's international lenders (IMF, EC, ECB).

Loan sale bill passed by whisker

The bill administrating the sale of loans was has been passed by the Cyprus parliament by the narrowest of majorities although it remains to be seen whether it meets with the approval of the troika.

Swiss franc loan time bomb

Time is running out for those with Swiss Franc loans and loans in other foreign currencies who wish to bring a claim against the lending bank within the six year limitation period under the Limitations Law 66(1) 2012.

Cyprus property sales up 23 per cent

Property sales in Cyprus to the domestic market rose in October compared to the number sold in October 2014, while sales to the overseas market fell according statistics published by the Department of Lands and Surveys.

Troika starts eighth evaluation

The eighth evaluation of the Cyprus economic adjustment programme by the island's troika of international lenders (IMF, EC, and ECB), which ends on 31 March 2016, will get underway today.

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.