Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 1st October 2020

Yearly Archives: 2017

Bank of Cyprus must sell NPLs

The Bank of Cyprus must include the sale of non-performing loans (NPLs) in its toolkit if it is to achieve its ambitious target to halve their ratio to 20 per cent by 2019 says Moody's Rating Agency.

Local property tax set to change

Some will pay more and some will pay less local property taxes in Cyprus this year as charges will be assessed on 2013 property valuations rather than those of 1980 in efforts to provide a fairer taxation system.

Cyprus home prices fall 1.4 per cent

Although a quarterly fall of 1.4 per cent in Cyprus home prices was recorded during the first quarter of 2017, prices rose 4.1 per cent on an annual basis according to a press release from the Cyprus Statistical Service (CYSTAT)

Banks helped by increased building permits

Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would improve their asset quality says ratings agency Moody's.

Cyprus real estate market review

PwC (Cyprus) has published "Cyprus Real Estate Market – 2016 Year in Review", which provides a general overview of the Cyprus property sector based on authoritative market data.

Pissouri homeowners still in limbo

Property owners in the Limnes (lakes) area of Pissouri are still in limbo despite the previous Cyprus Interior Minister promise to pay for the mess, which at that time was estimated at up to €20 million.

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC.

New home building permits up 44%

The number of new homes in Cyprus for which building permits have been issued rose by 43.8 per cent in April 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Ten years to clear Title Deed backlog

At the current rate of Title Deed issuance it would take approximately ten years to address the backlog according to the spring 2017 issue of the European Commission's Post-Programme Surveillance Report on Cyprus.

Limassol upcoming skyline fears

Limassol's construction ambitions are rising vertically, but many argue that the new high-rise buildings are unsightly and clutter the landscape, but it seems that the problems are far more serious.

June property sales up 28 per cent

The number of properties sold in Cyprus during June rose 28 per cent compared to June 2016 with sales increasing in all districts with the exception of Larnaca according to official figures.

Limassol becoming a sky-rise bubble?

Referring to Limassol as "the bubble of towers" Politis suggested that the uncontrolled vertical development is causing headaches to town planners, warning that the town could pay the price of uncontrolled development.

Hellenic Bank sells non-performing loans

The Hellenic Bank has sold its non-performing loan (NPL) and real estate management business, to APS Debt Servicing Cyprus Ltd, a member of the APS Holding a.s. group of companies.

Cyprus ‘well prepared’ for skyscraper disasters

The Cypriot authorities have assured that fire safety measures are in place to tackle skyscraper disasters following concerns arising from the Grenfell tower disaster in west London.

Contract signed for Cyprus casino resort

Earlier today a landmark deal for Europe's largest casino was signed between the gaming authority and the Melco Hard Rock consortium at the Filoxenia Conference Centre in Nicosia.

Reprieve for trapped buyers

The Cyprus government has vowed to continue issuing Title Deeds to trapped buyers despite the recent court rulings that left them in legal limbo according to a report in the Cyprus Weekly.

How many trapped buyers?

Earlier today the Greek language newspaper ??????? (Daybreak) published statistics on the number of trapped buyers unable to get their Title Deeds because of various unpaid developer debts.

Trapped buyers (update 2)

The House Legal Affairs Committee is meeting today in efforts to resolve constitutional issues with the trapped buyers law. Meanwhile here is sitrep from Marina Massoura from the law firm of L.G. Zambartas LLC.

Fight for justice in Pissouri ordeal

British High Commissioner, Matthew Kidd, visited affected residents in the devastated Limnes (lakes) area of Pissouri and is reported to have said he will intercede with government.

Land values also recovering

As home prices enter recovery, so do land values, particularly in Limassol which has already attracted property developers from other coastal areas such as Paphos and Famagusta.

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