Cyprus Property News magazine for overseas buyers & real estate investors

Saturday, June 6, 2020

Monthly Archives: June, 2019

Cyprus property news recovers after attack

Cyprus Property news has fully recovered following what is thought to be a DOS or a dDDOS attack that flooded the CPN server with traffic, which eventually resulted in it crashing; no data was compromised.

Affordable housing scheme starts next month

The government's affordable housing scheme for low-income families will kick in next month with Cypriot citizens and other EU nationals residing in Cyprus for the past five years being eligible to apply.

Delay vote on foreclosure law changes MPs urged

The Finance Minister and the banking industry have urged MPs to delay voting on changes to foreclosure law at least until we have a picture on whether the Estia debt relief scheme delivers.

Estia scheme for vulnerable homeowners approved

The cabinet has approved the debt relief scheme (Estia) designed to support and protect vulnerable homeowners; eligible borrowers will apply in September - first payments expected in December.

Cyprus amongst worst offenders in corruption report

Cyprus was among countries that have not fully complied with any of the Council of Europe's anti-corruption body's GRECO recommendations according to a GRECO report issued on Tuesday.

Possible foreclosures law changes worry banks

Banks have expressed concerns over possible changes to the foreclosures law as they fear appeals could be stuck in the island's slow courts for many years negatively impacting their business.

Residential property values based on rents today

In quite general terms, the use of the rental capitalization method for the valuation of an income producing property is based on the rental value of the property capitalised by the appropriate rate (cap rate) based on the yield.

The long fight for a building permit

A frustrated citizen reports on his long fight with bureaucracy to get a building permit; he's whose been pushed from pillar to post, ignored, blamed for the delay and threatened if he went to the media.

Property auction process may get harder for banks

Opposition parties trying to introduce legislation designed to slow down the property auction process by introducing twelve points, but have yet to get the required majority for it to pass.

Cypriot passport investment applications falling

New applications for Cypriot passports under the island's 'citizenship-by-investment scheme' (aka passport-for-cash scheme) are falling, possibly as a result of the stricter rules introduced in May.

Trapped buyers law changes discussed

A bill aimed at improving the 2015 trapped buyers law, which was successfully contested by the banks as being unconstitutional in the lower courts is being discussed by the House Legal Affairs Committee.

Discussions completed on Airbnb bill

MPs have completed their discussions on the bill aimed at regulating Airbnb-style short-term property lettings and hope it will go before the plenum of the house before the summer recess.

Building permits for more new homes in Cyprus

The number of new homes in Cyprus for which building permits were issued rose by 13.7 per cent in March 2019 compared to March 2018 according to the Cyprus Statistical Service.

Cyprus real estate market review 2018

In its annual Cyprus real estate market review, PwC reports that the transaction value of the residential property sector reached €3.1 billion, which accounted for 73 per cent of the market total.

Cyprus in court over waste water management

The European Commission has taken Cyprus to the European Court of Justice for its failure to properly treat urban waste water from agglomerations with a population of more than 2,000 inhabitants.

Help for some Pissouri landslide victims

The Cyprus Government has promised to provide some financial assistance to a number of Pissouri landslide victims, which is currently affecting about one million square metres southwest of the village centre.

Call for action over sky-high rents

As rents in Cyprus reach new heights with every passing month, pressure is building on the government to take affirmative action to ensure affordable accommodation for working families.

Trapped buyers bill almost completed

A debate on an amended trapped buyers bill designed to overcome the shortfalls in the existing law is set to begin on Wednesday 12 June with the expectation that legislation will be enacted before the summer recess.

Cyprus property sales surge in May

The number of Cyprus property sales surged in May 2019 reaching the highest number recorded since July 2008 according the official figures released by the Department of Lands and Surveys.

Cyprus Property worth millions under the hammer

Many millions of Euros worth of Cyprus property in all the districts comprising houses, apartments, commercial properties and plots of land and fields land are set to go under the hammer in June.

Most Read

Developers insist on Paralimni golf course

Developers are yet again trying to go ahead with constructing a golf course in the Paralimni area, the Cyprus News Agency reported on Tuesday.

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.