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Archive for November, 2017

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.

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