Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: December, 2015

Middle Eastern investors eyeing Cyprus

Chestertons reports that Cyprus has carved a niche for itself over the years and is receiving considerable interest from Middle Eastern investors who are looking to establish their second home overseas.

Limitations law amendment (updated)

Amendments to the Statute of Limitations Law have been published in the Cyprus Gazette and will be welcomed by anyone wishing to issue legal proceedings against another party.

Immovable property tax dodgers

Approximately 262,300 individuals have managed to avoid paying Immovable Property Tax after reportedly submitting false identification documents at Land Registry Department offices according to reports.

Green light for Paphos marina

After years of legal wrangling the Paphos marina project has been given the green light following a judgement handed down by the Cyprus Supreme Court on Monday more than 25 years after initial studies were undertaken.

Non-performing loans restructured

Pafilia Property Developers, the D. Zavos Group and Tsokkos Hotels and Resorts have restructured their non-performing loans (NPLs) according to sources inside the Bank of Cyprus.

Top 10 most read articles of 2015

Once again Cyprus Property News attracted more than a million visitors over the past year and here is our list of the Top 10 stories most read new stories and articles by you - our readers.

Central Bank must do more to solve NPL problem

The Central Bank of Cyprus (CBC) must push for a greater volume and quality of loan restructurings in addition to halting the creation of new non-performing exposures, for which it has implemented a framework of objectives.

Immovable Property Tax collected €84.48 million

The Cyprus News Agency reports that the government had collected almost €85 million in Immovable Property Tax by 3rd December, which accounts for approximately 82.25 per cent of the total.

Bank of Cyprus NPLs at tipping point

Nick Smith, who succeeded Euan Hamilton as the head of the Bank of Cyprus' restructurings and debt recovery department, sees non-performing loans (NPLs) at tipping point as the bank mulls big loans syndication.

Cyprus back at number 10

Cyprus jumped twelve places to number 10 in November's Top of the Props chart published by TheMoveChannel.com, which records the most searched for overseas destinations to buy property.

Price falls at very low levels

The Cyprus Central Bank's Residential Property Price Index for quarter 3 2015 reports that the decline in the general housing price index (houses and apartments) fell by 0.3 per cent over the quarter.

Corruption in the Land Registry

Various cases of possible corruption at the Land Registry have been uncovered by the Cyprus Auditor General, Odysseas Michaelides, together with tax evasion by lawyers and doctors and under-charging.

More new homes in Cyprus

The number of new homes in Cyprus for which building permits have been issued increased by 1.9 per cent in September compared with the same period last year according to the Cyprus Statistical Service.

Cyprus property sales recovering

Both Cyprus domestic and overseas property markets are recovering with sales to the domestic market up 11 per cent and the overseas market up 48 per cent during November compared to the same period last year.

Three banks ready to ease Swiss franc loan burden

Three banks are ready to ease the burden on Swiss franc borrowers by writing off between 10 and 40 per cent of the loan in certain circumstances providing the borrower can show that they cannot repay.

Swiss francs loan landmark decision

The Cyprus Competition and Consumer Protection Service has ruled that a Swiss francs loan agreement between Alpha Bank Cyprus and two UK residents breaches the unfair terms in consumer contracts law.

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.