Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: July, 2016

Chinese property scam arrest

Paphos police have arrested a man on suspicion of scamming Chinese property buyers following a complaint by a Chinese woman who handed over €260,000 to men posing as intermediaries for well-known property developers.

Property Transfer Fees reduction permanent

In an announcement published earlier today the Cyprus Finance Ministry advised that it has lifted the temporary 50 per cent reduction in Property Transfer Fees for transfers that take place by 31st December 2016

Immovable Property Tax payments

In September the Tax Department will start sending Immovable Property Tax notices to some 237 thousand taxpayers who will find their tax bills reduced to 25 per cent of the amount demanded last year.

Chinese targeted by property scammers

Scammers in Paphos claiming to be middlemen of major developers have taken money from a Chinese woman who subsequently discovered that the land she had paid for did not belong to the seller.

Cyprus Central Bank home prices Q1 2016

The Cyprus Central Bank has published its residential home price indexes for the first quarter of 2016 recording a fall in house prices over the quarter of 1.3 per cent and a rise in apartment prices of 0.6 per cent.

Luxury homes go under the hammer

More than a hundred properties, including a number of luxury homes, will soon be auctioned off together with a hotel and other properties worth a total of €24.6 million according to the Phileleftheros.

Residential twin towers at Ayia Napa

Work on the construction of two luxury residential twin towers ay Ayia Napa should get underway in late September and will form part of the town's new marina accommodating 400 to 450 vessels.

Property sales recovery strengthens

Property sales in Cyprus increased in June 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up 42 per cent.

Immovable Property Tax 2016

The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.

Cyprus home prices fall 3.4 per cent

The Cyprus Statistical Service (CYSTAT) reported that the price of houses in Cyprus fell 3.4 per cent in the first quarter of 2016 in the first issue of its House Price Index issued earlier today.

Property tax farce

The Cyprus government has changed its proposal regarding Immovable Property Tax because, according to media reports, municipalities have already started to send out property tax notices.

Banks highly exposed to construction sector

The Cyprus Central Bank reports that banks are highly exposed to the construction sector in its "Household and Non-Financial Corporations Indebtedness Report" published earlier this week.

April building permits up 30 per cent

The number of building permits authorised by the municipal authorities and the district administration offices during April 2016 stood at 437 according to the Cyprus Statistical Service.

Cyprus property prices recovering

The RICS Cyprus Property Price Index for Q1 2016 reports increases in almost all districts and property types, with significant increases recorded in Paphos and Famagusta, while prices other urban areas are gradually bottoming out.

Broken promises over Pissouri land slippage

In an open letter to the Cyprus Minister of the Interior Socratis Hasikos a Pissouri resident asks why the Minister has failed to keep the promises he made to clean up the land slippage mess.

MEP questions Title Deed costs

Daniel Dalton, MEP for the West Midlands, raised a question in the European Commission relating to the costs of obtaining Title Deeds in cases where developers have failed to complete projects.

Aristo settles Bank of Cyprus debt

Aristo Developers has reached an agreement with the Bank of Cyprus to repay its debts, leaving the company with approximately €443 million of assets and around €110 million of outstanding loans.

Over 306,000 to pay Immovable Property Tax

If the Cyprus parliament passes the proposed changes to Immovable Property Tax the government expects to collect €44.4 million from more than 306,000 taxpayers, while some 65,000 taxpayers will be exempt.

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.