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Archive for July, 2016

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.

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