Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Yearly Archives: 2016

Cyprus property taxes in 2017

There have been a number of changes to various property taxes in Cyprus in recent times and a summary of the impact of those changes for individuals with property on the island are summarised below.

Our Top 10 stories from Cyprus in 2016

An opportunity to reflect on the news and events that helped to shape the Cyprus property market over the past year in our list of Top 10 stories that have attracted the most readers in 2016.

Growing interest in Cyprus property

Cyprus is back in the top 10 of the November edition of the property portal TheMoveChannel.com's Top of the Props chart, which records the most searched for overseas destinations to buy property.

More work needed on Title Deeds

There is still considerable work to be done on what the EC refers to as "the currently dysfunctional Title Deeds issuance and transfer system" in its post-programme surveillance report on Cyprus.

Swimming pools law to change?

Laws and regulations regarding the design, construction and authorisation of swimming pools may soon be revised as part of the package to reform Cyprus' complex and time-consuming planning system.

September building permits up 15 per cent

The number of building permits authorised by the municipal authorities and the district administration offices during September 2016 stood at 467 according to the Cyprus Statistical Service.

Debt release orders secured

Fifty six debt release orders have been secured by the Insolvency Service for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis.

€40m residential project in Limassol

A 40 million Euro residential construction and development project is planned on the coastline of a prime area in Limassol by Russian businesswoman and philanthropist Yelena Baturinam.

November property sales up 46 per cent

The number of property sales in Cyprus continued their upward trend in November with sales rising by 46 per cent compared to November 2015 according to official figures from the Department of Lands and Surveys.

Unlicensed pool owners in hot water

Auditor General Odysseas Michaelides has called on the police to bring the owners of unlicensed swimming pools to justice due to the serious safety concerns arising from the problem.

Cyprus justice subverted by corruption

Former ECHR judge has charged that corruption has crept into the Cyprus justice system casting doubt over certain decisions; the judiciary is lacking knowledge, impartiality, and self-awareness.

Tender process launched for Larnaca marina

The long-awaited Larnaca marina and port project took a step forward in the week with a request for submissions of interest for the construction of the 1,000 berth marina and port facilities.

ECB argues ‘bad banks’ could reduce NPLs

The European Central Bank made the case on Tuesday for having state-backed 'bad banks' buy part of the 1 trillion euros of non-performing loans (NPLs) that are curbing lending and economic growth in parts of the euro zone.

Slump in Brits buying homes in Europe

Britons buying homes abroad have fallen by a quarter compared to a year ago since the EU referendum said Moneycorp's chief executive Mark Horgan in an interview with Reuters news agency.

How far have Cyprus property prices fallen?

In light of the various Cyprus property price indexes that abound at the moment, the director of Sapienta Economics Ltd Fiona Mullen asks the question how far have Cyprus property prices fallen?

Cyprus urged to implement mortgage directive

The European Commission (EC) has given Cyprus and eight other EU member states two months to implement the regulations of the European Union on mortgages if they want to avoid going to the European Court of Justice.

Fundamental planning reforms

Fundamental reforms are underway to rationalise, accelerate and simplify the time consuming and complex procedures involved with the licensing and control of building development in Cyprus.

Alpha Bank Cyprus fined (update)

Alpha Bank Cyprus has been fined a quarter of a million Euros by the Office of Competition and Consumer Protection (CCPS) following its investigation into the company's business practices.

Falling home prices

The Cyprus Central Bank has reported that home prices continued to fall during the second quarter of 2016 by an average of 0.6 per cent for houses and 0.2 per cent for apartments.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

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.