Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: November, 2016

Cyprus justice subverted by corruption

Former ECHR judge has charged that corruption has crept into the Cyprus justice system casting doubt over certain decisions; the judiciary is lacking knowledge, impartiality, and self-awareness.

Tender process launched for Larnaca marina

The long-awaited Larnaca marina and port project took a step forward in the week with a request for submissions of interest for the construction of the 1,000 berth marina and port facilities.

ECB argues ‘bad banks’ could reduce NPLs

The European Central Bank made the case on Tuesday for having state-backed 'bad banks' buy part of the 1 trillion euros of non-performing loans (NPLs) that are curbing lending and economic growth in parts of the euro zone.

Slump in Brits buying homes in Europe

Britons buying homes abroad have fallen by a quarter compared to a year ago since the EU referendum said Moneycorp's chief executive Mark Horgan in an interview with Reuters news agency.

How far have Cyprus property prices fallen?

In light of the various Cyprus property price indexes that abound at the moment, the director of Sapienta Economics Ltd Fiona Mullen asks the question how far have Cyprus property prices fallen?

Cyprus urged to implement mortgage directive

The European Commission (EC) has given Cyprus and eight other EU member states two months to implement the regulations of the European Union on mortgages if they want to avoid going to the European Court of Justice.

Fundamental planning reforms

Fundamental reforms are underway to rationalise, accelerate and simplify the time consuming and complex procedures involved with the licensing and control of building development in Cyprus.

Alpha Bank Cyprus fined (update)

Alpha Bank Cyprus has been fined a quarter of a million Euros by the Office of Competition and Consumer Protection (CCPS) following its investigation into the company's business practices.

Falling home prices

The Cyprus Central Bank has reported that home prices continued to fall during the second quarter of 2016 by an average of 0.6 per cent for houses and 0.2 per cent for apartments.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Non-performing loans will take time to resolve

The problem of non-performing loans will take some time to resolve due to the complexity of the problem said the Cyprus Central Bank's Governor speaking before a parliamentary Committee.

Strong growth in building permits

The number of building permits authorised by the municipal authorities and the district administration offices during August 2016 stood at 381 according to the Cyprus Statistical Service.

Paphos marina secures funding

The consortium awarded the contract for the construction of the Paphos marina has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project according to the president of the Paphos Chamber of Commerce and Industry.

Property and currency in the wake of Brexit

British expats living in Cyprus have seen a fall in the Euro/Sterling exchange rate in the wake of the BREXIT referendum and are finding that their UK pensions are not stretching as far as they had planned.

October property sales rise 37 per cent

The number of property sales in Cyprus continued their upward trend in October with sales rising by 37 per cent compared to October 2015 according to official figures from the Department of Lands and Surveys.

Local authorities obstructing Title Deeds

Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.

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.