Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: March, 2018

Call to reduce non-performing loans

The International Monetary Fund (IMF) has called on the Cypriot authorities to amend the foreclosures and insolvency laws to tackle the very high level of non-performing loans (NPLs).

High-end Cyprus property sales boom

PwC Cyprus reports that 260 high-end properties in Cyprus (in excess of €1.5 million) were sold during 2017, which contributed to the wider recovery of the real estate industry and the rise in prices for the first time in several years.

Peyia sea caves media reports

The desecration of the sea caves area of Pegeia in Paphos on the west coast of Cyprus by the construction of so-called luxury properties, villas and a 168 room five-star hotel has been the subject of a number of media reports over the past week.

Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.

Call for efficient title deeds system

The European Commission and the European Central Bank has called on the Cypriot authorities to establish an efficient title deeds issuance and transfer system in a press release following the Troika's mission to Cyprus.

Limassol in top 100 world cities

Limassol is amongst the top 100 cities of the world according in the 'Quality of Living Index' produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities.

Troika back in Cyprus

Representatives from the troika of Cyprus' international lenders, the IMF, EC and the ECB, have been in Cyprus since Monday conducting a fourth post-programme review, which they are expected to complete next Friday.

Paphos marina decision soon

A decision on Paphos marina, which has been stalled by bureaucracy and delayed by legal battles since an initial study was carried out almost 30 years ago, is due to be made in the coming weeks by a new committee appointed by the Council of Ministers.

Tempers run high at sea caves meeting

Tempers ran high at a Peyia sea caves meeting with the mayor Marinos Lambrou telling Astra Radio that a war had been declared war against the Pegeia municipality and lies and misinformation are being spread in the media.

Measures to protect sea caves

The Cyprus Minister of Agriculture, Costas Kadis,will announce twenty measures to resolve an on-going debate over developments near the environmentally sensitive sea caves area in Pegeia.

Determined action over Title Deed fiasco

AKEL has seized the initiative to settle the long-standing Title Deed cum fraud mess with proposals that should enable all trapped buyers to obtain the Title Deed for the properties they’ve purchased.

Measures to tackle non-performing loans

The Commission is today proposing an ambitious and comprehensive package of measures to tackle non-performing loans in Europe, capitalising on the significant progress already made in reducing risks in the banking sector.

Sea caves desecration continues

The construction of so-called luxury properties in the sea caves area of Pegeia in Paphos has infuriated many in the village as the desecration of Cyprus’ environment and natural beauty continues.

Pissouri homeowners running out of hope

Property owners in the devastated lakes (Limnes) area of Pissouri are still waiting for the government to fulfil its promise to pay for sorting out the mess caused by land slippage in the area.

Permits for new homes down 18 per cent

The number of new homes in Cyprus for which building permits have been issued fell by 18.1 per cent in December 2017 compared to December 2016 according to the Cyprus Statistical Service.

Strong growth in property sales (Update)

The strong growth in Cyprus property sales continued in February with the number of properties sold rising in all districts (with the exception of Larnaca) according to official figures.

Citizenship schemes pose major corruption risk

Citizenship and residence-by-investment schemes, commonly referred to as ‘Golden Visa’ programmes, are vulnerable to abuse and undermine the fight against corruption in the European Union.

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.