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Archive for September, 2019

RICS Cyprus property price index Q2 2019

The RICS Cyprus Property Price Index for the second quarter of 2019 reports that residential prices for houses and apartments increased by 1.2% and 1.4% respectively on a quarterly basis.

Land Registry values down while prices rise

The Cyprus Land Registry has come under attack over its valuation of properties on the island and while its 2018 valuations are lower than those in 2013, property prices continue to rise.

Land Registry failings come under scrutiny

Some Land Registry employees believe they represent Saint Peter on earth said Auditor General Odysseas Michaelides at a meeting of the House ethics committee, deciding who will go to Heaven or Hell when it comes to property issues.

Chinese investors in €30 million property deal

Chinese investors have secured land amounting to 32,271 sqm. in the Tsiflikoudia area of Limassol to the north of the marina in a €30 million deal with the Bank of Cyprus’ Real Estate Management Unit (REMU).

Rise in new homes building permits

Building permits authorised in Cyprus during June 2019 provided for the construction of 812 new homes, compared with 506 in June 2018 according to official figures published by the Cyprus Statistical Service.

August property sales fell 10 per cent

The number of property sales in Cyprus during August fell 10 per cent compared to the corresponding month last year according to the latest figures released by the Department of Lands and Surveys.

Developers seek to self-finance projects

Property developers are looking to self-finance construction projects due foreign investors fearing possible difficulties obtaining Title Deeds if developments are mortgaged and banks imposing stricter criteria for granting loans.

Strategic defaulters and sovereign corruption

The government backed Estia scheme enables those who have deliberately defaulted on their housing loans, i.e. strategic defaulters, to apply for mortgage relief but such flagrant fraud ought to warrant criminal investigation.

Estia mortgage relief scheme launched

The Estia mortgage relief scheme was officially launched today to assist, support and protect vulnerable households who have mortgaged their primary residences for their loans and reduce the high number of bad debts.

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