Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: November, 2017

Reduced VAT on property purchase

Those buying a property in Cyprus as their main residence may apply for a reduced rate of VAT of 5% on the purchase price/construction cost of a new dwelling providing they meet certain criteria.

Another stab at resolving the Title Deeds mess

The Cyprus government to take another stab at resolving Title Deeds mess created by nefarious developers who duped people into buying mortgaged property as the law passed in 2015 failed to fully address the problem.

Rise in property sales led by overseas buyers

The rise in Cyprus property sales in October was led by overseas buyers who bought 65 per cent more properties than in the same month last year according to official statistics from the Department of Lands & Surveys.

Chinese ban no impact on property sales

The restrictions introduced by the Chinese government to reduce outbound investment in real estate have yet to impact property sales according to the Cyprus Chambers of Commerce and Industry (Keve).

Hellenic bank violated consumer rights

The Cyprus Consumer Protection Service has ruled that the Hellenic Bank violated consumer rights with abusive clauses in mortgage contracts and imposed charges for early debt repayments.

Cyprus residence permits statistics

Cyprus issued 16,970 residence permits to non-EU citizens in 2016 according to statistics published yesterday by the Eurostat, the statistical office of the European Union, in a press release.

ETEK calls for stricter supervision

ETEK has called for stricter supervision of building permits and urged the public to check that engineers they wish to employ are registered and licensed after a women claiming to be an architect was arrested.

Limassol rents spike as market booms

A property market boom in Limassol has driven up rents as demand for housing has outstripped supply as more companies have moved to the area seeking accommodation for their staff.

Cyprus property prices on the rise

Cyprus property prices are continuing to rise, according to the thirty-first publication of the RICS Cyprus Property Price Index with apartment and house prices maintaining a steady growth.

Home prices up says Cyprus Central Bank

Home prices in Cyprus (houses and apartments) recorded a quarter-on-quarter increase of 0.5 per cent in the second quarter of 2017 according to the Cyprus Central Bank's latest Residential Property Price Indices.

Scheme to alleviate bailout losses

Cyprus Finance Minister Harris Georgiades has announced the creation of a scheme to alleviate bailout losses, which amounted to €8 billion, incurred by depositors as a consequence of the bailout.

Construction of new homes slows

Following ten months of double digit increases in the number of building permits authorised for the construction of new homes, August saw an increase of 6.6 per cent compared to August 2016.

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union.

Cyprus building permits bureaucracy

The World Bank 'Doing Business' report for Cyprus highlights the mind-boggling level of bureaucracy in dealing with building permits involving several government and local authority departments.

Cyprus property sales up 21% in October

Property sales in Cyprus rose 18 per cent in October compared with October 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.

Paphos residents fear landslide

Residents and businesses in the Mousallas area of Paphos are concerned that their properties could be damaged by a landslide as huge rocks are moving down the hillside above them.

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.