Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: June, 2016

Property tax reform discussions continue

Discussions on major reforms of the Cyprus property tax system continued today with Finance Minister Harris Georgiades urging MPs to pass legislation before parliament's summer recess.

Little interest in Cyprus property auctions

The auctions by the Bank of Cyprus of ten properties valued in excess of €2.3 million got underway last week with just three of the seven plots in Paphos being sold yielding a total of €1.05 million.

Keep calm and carry on, expats urged

British expats in Cyprus have been advised to keep calm and carry on following Thursday's BREXIT vote that has left many of them fearful of what the future may hold once Britain leaves the EU.

Property tax reform discussions underway

Discussions on major reforms of the Cyprus property tax system designed to improve the fairness of the tax burden and to increase the efficiency of tax administration have started in Parliament.

Marina for Kiti

A marina on the southern coast of Cyprus between the villages of Kiti and Mazotos is under study and has the potential to bring large numbers of visitors from other parts of the island, as well as tourists.

Confusion over Cyprus property values

While the European Commission contends that Cyprus properties are overvalued by 5 per cent, the European Central Bank considers they are undervalued by between 4 per cent and 16 per cent.

Debt-to-asset swaps distort property sales

Although property sales in Cyprus appear to have increased by 25 per cent during the first five months of 2016, the numbers include debt-to-asset swaps as part of the banks' restructuring deals.

March building permits up 5 per cent

The number of building permits authorised by the municipal authorities and the district administration offices during March 2016 stood at 485 according to the Cyprus Statistical Service.

More help for trapped buyers

Further help for trapped buyers is provided by a Ministerial decree enabling Certificates of Approval to be issued for residential properties that fail to comply with the permits issued for their construction.

Cyprus property sales continue to rise

Property sales in Cyprus continued their upward trend in May 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys.

Immovable Property Tax slashed

Yesterday the Council of Ministers approved a 50 per cent reduction in the Immovable Property Tax rate and put an end to the property tax collected by municipalities and communities.

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.