Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 1st October 2020

Yearly Archives: 2017

Property prices rising says Central Bank

Cyprus property prices rose by 0.3 per cent over the fourth quarter of 2016 but fell 0.9 per cent over the year according to the Residential Property Price Index published by the Cyprus Central Bank.

Overseas Cyprus property sales rocket

The surge in Cyprus property sales in May that we reported last Thursday was helped significantly by a more than three-fold increase in sales to the overseas market according to official figures.

Russian and Arab investors developing land

Russian and Arab investors are buying and developing land in Cyprus with Limassol being their first option according to Marinos Kynegirou, the Chairman of the Cyprus Real Estate Agents Association.

Strong surge in Cyprus property sales

There was a strong surge in the number of Cyprus property sales during May, with the number of contracts deposited at Land Registries across the island up 59 per cent compared to May 2016.

Cyprus building more new homes

The number of new homes in Cyprus for which building permits have been issued rose by 34.6 per cent in March 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

New obstacle to solving Title Deeds mess

Solutions to the Title Deed mess resulting from court decisions declaring that the 'Trapped Buyers' law is unconstitutional will be the subject of a meeting between all parties on 16th June.

Paphos District Officer to mediate Pegeia deadlock

A meeting mediated by the Paphos District Officer is to be held in efforts to resolve a deadlock between Leptos and the Pegeia Municipality concerning various issues at Coral Bay.

Golden Visa Program raises €4 billion

The Cyprus Golden Visa Program, which enables non-EU citizens to purchase Cypriot passports and residency permits by investing money in property and other sectors, has raised €4 billion.

Why trapped buyers law unconstitutional

Marina Massoura from the law firm of L.G. Zambartas LLC explains why the trapped buyers law was ruled as being unconstitutional by the District Courts in Limassol and Paphos.

Ten years to reduce NPLs

The Cyprus Central bank expects it will take up to 10 years for non-performing loans (NPLs) to drop to manageable levels at the current rate of economic growth, Chrystalla Georghadji told reporters on Friday.

Trapped buyers could lose their homes

The Limassol and Paphos District Courts in Cyprus have both ruled that the trapped buyers' law, which enabled those duped into buying property built on mortgaged land to get their Title Deeds, is unconstitutional.

Optimism in the construction sector

The future of the island's construction sector is optimistic, but repeating the illegal and short-sighted practices of the past will have extremely negative consequences on everyone.

Property prices rising says RICS

Cyprus property prices are continuing to rise, with significant increases in Larnaca, Limassol and Nicosia, according to the twenty-ninth edition of the RICS (Cyprus) Property Price Index.

Larnaca marina and port progressing

The process of preselecting the successful bidder for the construction of the new Larnaca marina and port should be completed by the end of this week according to the Minister for Communications and Works.

BOC intends to sell restructured loans

The Bank of Cyprus intends to sell about €20 million worth of restructured non-performing loans of developers and construction companies to a small Cypriot bank according to reports.

Small drop in non-performing loans

Although non-performing loans had fallen by €180 million at the end of January compared to the previous month, as a percentage of total loans the figure remained the same at 47.2 per cent.

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers' association (OEV).

More new homes under construction

The number of new homes in Cyprus for which building permits have been issued rose by 22.8 per cent in February 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Slight fall in property sales (Update)

The number of property sales in Cyprus fell slightly in April compared to the numbers sold in April 2016 with increases in Nicosia, Limassol and Paphos wiped out by falls in Larnaca and Paphos.

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Mixed outlook for real estate

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