Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: April, 2017

Bank contracts for buying property

The Cyprus Parliament voted unanimously on Friday to adopt EU legislation on bank contracts for the purchase of property, which will provide consumers with a higher level of protection.

Zero rent increase – wrong decision

How will foreign investors invited to put money into the Cyprus property sector interpret the decision by the Government's Council of Ministers that there will be no rent increases until 2019?

Commercial court in 2018

In efforts to modernise the Cyprus justice system, a new Commercial court will be set up in early 2018 to deal with claims arising from contracts, company disputes, the purchase or sale of goods, etc.

Limassol looks to Marseille for inspiration

Limassol is seeking to take a leaf out of Marseille's book in an effort to inject new life into the Aktaia Street area of the city and looks set to adopt the Marseille Euroméditerranée project.

Cyprus attracting more overseas interest

Overseas interest in the Cyprus property market strengthened in March to become the sixth most sought after destination in the Top of the Props index published by TheMoveChannel.com.

Limassol casino contracts imminent

The Melco-Hard Rock consortium is expected to sign contracts for the construction of the multimillion euro casino project in Limassol later this month and should open temporary casinos later this year.

Paphos marina project delayed again

Just when we thought the construction of the Poseidon consortium's Paphos marina was about to get underway, the consortium has failed to supply adequate evidence of its ability to finance the project.

Europe’s Golden Visa schemes

The 'Golden Visa' schemes offered by many European countries, including Cyprus, have their risks and rewards, but could processing delays and other inconveniences stymie interest from Asian buyers?

Manhattan skyline for Limassol?

Numerous high-rise buildings, comprising commercial and residential properties, are set to dominate the skyline of Limassol; several are already under construction others are in the pipeline.

Chinese investors boost construction sector

Purchases by Chinese investors in Cyprus property have contributed to the recovery of the island's construction sector according to the president of Cyprus Association of Valuers and Property Consultants.

Sharp rise in new homes construction

The number of new homes in Cyprus for which building permits have been issued rose by 56.8 per cent in January 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Cyprus house prices up

House prices in Cyprus rose by 2.8 per cent in the fourth quarter of 2016 compared with the fourth quarter in 2015 according to the House Price Index published earlier today by Eurostat.

Property sales improve in March

Following February's fall in property sales, the numbers sold in Cyprus during March compared to March 2016 improved in three of the five districts according to official statistics from the Department of Lands and Surveys.

One sixth of properties not registered

Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island's bailout agreement.

Cyprus needs to accelerate debt reduction

The International Monetary Fund (IMF) has called on Cyprus to speed up reductions in public and private debt to rebuild confidence and deliver balanced, sustainable growth, and support balance sheet repair.

Cyprus: NPLs remain “very high”

Following the second post-programme surveillance mission to Cyprus, the European Commission and the European Central Bank reports that NPLs remain "very high" and that "reform momentum has weakened noticeably."

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.