Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020

Yearly Archives: 2018

Limited progress on resolving NPLs

The International Monetary Fund (IMF) noted that Cyprus had made little progress on resolving non-performing loans in its mission's concluding statement following its recent official visit.

Cyprus house prices rise 0.6 per cent

The Cyprus house price index (HPI) rose by 0.6 per cent in the second quarter of 2018 and by 1.2 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

ETEK call to rehome Pissouri families

The Scientific and Technical Chamber of Cyprus (ETEK) has called on the Government to rehome the families in Pissouri whose homes suffered considerable damage by the on-going landslide.

More time needed on Airbnb bill

The approval of a proposed bill designed to regulate and tax rental income on an estimated 40,000 Airbnb type rentals has been delayed as MPs said they needed more time iron out some issues.

Flood of foreclosure letters

Phileleftheros reports that during the second quarter of 2018 banks sent almost double the number of letters warning borrowers that they intend to foreclose compared to the first quarter.

Money laundering assessment

Cyprus is to undergo a money laundering assessment from a Council of Europe committee comprising a group of experts from Moneyval following negative reports in the international media.

NPLs pushing down Cyprus property prices

Higher NPLs in particular appear to drag Cyprus property prices down indicating pressure to dispose of immovable property assets increasing their supply according to European Commission report..

UK nationals’ residency rights post-Brexit

The Cyprus Interior Ministry has published a document explaining the residency rights for UK nationals and their family members following the Brexit withdrawal agreement between the EU and the UK.

Leptos wins appeal to build next to Coral Bay

Cyprus property development company Leptos Estates has won an appeal to build next to the blue-flagged Coral Bay beach in Paphos; plans include the construction of 22 villas and services.

Proposals to modernise rent laws

Legislation proposed by Cypriot MPs aims to overhaul and modernise outdated rent legislation and make procedures more effective when tenants fail to meet their contractual obligations.

Owners of destroyed homes in Pissouri on BBC

Owners of devastated properties in the lakes (Limnes) area of Pissouri featured on the BBC One programme 'Inside Out South' broadcast on Monday 24th September 2018 at 19:30 (UK time)..

The Cyprus swimming pool nightmare

Taking criminal proceedings against owners and Management Committees who fail to comply with the swimming pool law and regulations will damage the Cypriot economy - especially tourism.

Lawyers minimum fees in the bin

The Cyprus Bar Association has been forced to repeal rules that required lawyers to charge prescribed minimum fees for their out-of-court work rather than competing against each other on price.

S&P raises Cyprus credit rating to BBB-

Cyprus got its investment credit worthiness back on Friday as Standard & Poor’s raised the country's credit rating from BB+ to BBB- with a stable outlook, five years after the financial collapse.

Sea caves development a ‘litany of irregularities’

A special audit report into the procedures that resulted in the desecration of the sea caves area of Pegeia in Paphos on the west coast of Cyprus has uncovered a litany of irregularities.

Will NPLs sale affect the Cyprus property market?

Assessing the impact of the sale of non-performing loans (NPLs) will have on the Cyprus property market is not straightforward as George Mouskides, Chairman Cyprus Property Owners Association, explains.

Bill to tax Airbnb rents to go to plenum

A bill designed to regulate and tax the rental income on an estimated 40,000 short term Airbnb style properties in Cyprus should be presented at a plenary session of the Cyprus parliament within the next two weeks.

New home permits up 32.8 per cent

The number of building permits for the construction of new homes in Cyprus rose 32.8 per cent in June 2018 compared to the corresponding month last year providing for the construction of 506 new residential homes.

Larnaca marina plans on track

The competition process to develop Larnaca marina and port are back on track and the tender documents will be delivered today (Friday) after the Transport Ministry rebutted claims that the project was beset by legal complications.

Larnaca to get its first Mall

Larnaca is set to see the construction of its first Mall within the next 18 months as part of a new facelift, while local authorities prepare to address challenges it will bring; town planning permits have been issued.

Most Read

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.