Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: September, 2016

Gary Robb ordered to pay £1.6m tax

Convicted fraudster Gary Robb who was forced to repay more than £1m to victims of a property scam has now been ordered to pay £1.6m in tax on his illicit earnings from drug dealing.

Cyprus economy recovery fragile

Although the Cyprus economy is recovering it is still fragile and it needs to implement key reforms in order to unlock its potential, including the enforcement of property rights, European Commissioner Pierre Moscovici has said..

Developer fined for misleading home buyers

Pafilia Cyprus Property Developers has been fined €100,000 for mis-leading home buyers in a case that focused on the commercial practices that the company used in 2007 when selling apartments to them.

Chinese investor interest grows

Chinese investors are attracted to Cyprus due to the offer of passports and a recovering economy and are catching up with Russian investors when it comes to Cypriot passports.

Foreign buyers driving property recovery

The recovery in the Cyprus property market is being driven by foreign purchasers and is expected to gradually push up prices according to the Chairman of the Cyprus Real Estate Agents Association.

MPs warn banks over Swiss franc loans

MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.

Renewed interest in Larnaca airport

There is renewed interest in the old Larnaca airport by a Chinese consortium that plans to use the site as a wholesale commercial park and re-export products to the Middle East and EU member states.

Revised citizenship scheme approved

The Cyprus government has approved a revised citizenship-by-investment scheme designed to further encourage investments in the island's economy by non-Cypriot businessmen and investors.

Court bans banks foreclosing

The Larnaca District Court has banned banks from foreclosing on properties used as collateral for loans for which courts gave the go ahead before the new foreclosure law came in effect last year.

Slight fall in building permits

The number of building permits authorised by the municipal authorities and the district administration offices during June 2016 stood at 455 according to the Cyprus Statistical Service.

Work to start on Ayia Napa marina

The first phase of construction work on the Ayia Napa marina is scheduled to get underway on 30 September following the signing of an agreement between Makronisos Marina Ltd and Greece’s Terna A.E.

Swiss Franc loans: 80 per cent non-performing

Although Swiss Franc loans declined €274 million in the first half of the year, 80 per cent of the remaining €1,778 million are non-performing according to the head of the Cyprus Central Bank's Supervision Division.

Strong growth in Cyprus property sales

The number of properties sold in Cyprus during August rose significantly compared to August 2015 according to the latest official figures published by the Department of Lands and Surveys.

Law changes would curb illegal holiday rentals

Massive losses of tax revenue, health and safety issues and illegal holiday rentals could be reduced if the law enabled more homeowners to register their properties with the Cyprus Tourism Organisation.

Recidivism: the curse on Cyprus

Unless the Cyprus government cracks down hard on recidivism in all its forms, an international risk management consultant predicts that Cyprus is likely to hit another 2013 scale financial crisis within five years.

Cyprus interest rates fall

Interest rates in Cyprus for consumer credit fell to 4.01 per cent and loans for house purchases fell to 2.94 per cent in July according to official figures from the Statistical Service of Cyprus.

Bank of Cyprus €1.1 billion asset disposal

The Bank of Cyprus' Real Estate Management Unit (REMU) is currently managing assets valued at €1.1 billion sold properties valued at €92 million during the first half of 2016 and is presently in negotiations to sell additional assets.

Immovable Property Tax discounts

The Tax Department will start sending Immovable Property Tax demands today that will include significant discounts agreed by parliament earlier this year of 75 per cent if they settle their account by 31 October.

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.