Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020

Monthly Archives: January, 2016

Cyprus real estate market 2016

In isolated cases, where the demand for residential real estate in Cyprus is low and distressed assets result in excess supply, further discounts of up to 40% of market value are possible.

Property prices rose in third quarter

Property prices in Cyprus rose 2.5 percent during the third quarter of 2015 compared with the corresponding period of the previous year according to figures published on Wednesday in a Eurostat news release.

No apologies for foreclosures

Bank of Cyprus CEO John Hourican made no apologies for foreclosures stressing that the bank will focus on uncooperative borrowers and will not foreclose on vulnerable groups that deserve the bank's protection.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman's office to make repayments on their housing loans.

Building permits October 2015

The number of building permits authorised in Cyprus during October 2015 increased compared to the number authorised during the same period in 2014, together with their total area and value.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Bank lending criteria to be relaxed

Under a new draft Cyprus Central Bank directive to be discussed between the Central Bank and financial institutions lending criteria will be reformed, including the procedures for financing real estate mortgages.

Cyprus bailout success likely

Cyprus is likely to successfully complete its bailout programme and receive the last tranche of international aid by the end of March, a senior euro zone official said on Wednesday.

Ayia Napa marina construction starting soon

The construction of the marina at Ayia Napa, which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

Memorandum of Understanding January 2016

A revised Memorandum of Understanding (MoU) between Cyprus and its troika of international lenders - European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) - has been published.

Cyprus plummets 18 places in property chart

Cyprus dropped eighteen places in the December Top of the Props chart published by TheMoveChannel.com, which records the most searched for overseas destinations to buy property.

Big landowners not paid tax bill

It appears that more than 33,000 large landowners who own property valued in excess of half a million Euro at 1980 prices have not paid their Immovable Property Tax according to the daily Phileleftheros.

Chinese buyers scammed

Several dozen Chinese families buying property Cyprus have reported being scammed by unlicensed real estate agents who take advantage of foreign buyers according to Marinos Kynegirou.

Better year for property sales

Following the 20 per cent increase in sales in 2014, Cyprus property sales rose by 9 per cent in 2015 according to the latest official statistics published by the Department of Lands and Surveys.

December sales up 13 per cent

The number of property sales in Cyprus during December rose 13 per cent compared with the numbers sold in December 2014 according to official statistics published by the Department of Lands and Surveys.

Property market review & expectations for 2016

Transaction volume in the property market will remain at low levels throughout 2016 with prices of prime assets bottoming out during the first half of the year, with demand for secondary assets almost non-existent.

Most Read

COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)