Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 14th July 2020

Monthly Archives: October, 2019

Eviction of non-paying tenants to be made easier

The eviction of tenants who deliberately fail to pay their rents or who fall into arrears should be made easier next month when amendments to the Rent Control Law are passed by parliament.

New homes building permits on the rise

Building permits authorised in Cyprus during July 2019 provided for the construction of 1,028 new homes, compared with 632 in July 2018 according to official figures published by the Cyprus Statistical Service.

Income tax statements mandatory for all

Every resident of Cyprus will soon have to submit an annual tax statement regardless of whether their income falls below the tax threshold of €19,500; failure to pay will be a criminal offence.

Cyprus property boom is not a bubble

The Cyprus Finance Ministry says that the boom in the Cyprus property market is not a bubble but acknowledges that the potential large-scale sell-off of properties by the banks could push prices down.

Citizenship scheme reaching saturation point

Cyprus' property developers and other stakeholders are concerned over the future of the construction industry as the Citizenship for Investment Scheme appears to be reaching saturation.

Cyprus hoteliers cry foul over new Airbnb law

The draft bill designed to regulate rentals through online Airbnb-type platforms has come under fire from Cyprus hoteliers who claim it allows short-term rental accommodation owners to compete without a handicap.

Cyprus developers defend citizenship scheme

The Cyprus Land and Building Developers Association defended the citizenship scheme saying that it had contributed to the creation of tens of thousands of jobs across many sectors of the economy.

Passports probe being expanded

In the wake of the Reuters' exposé into golden passports for the country's elite, the Cyprus government said it will carry out further investigations into citizenships granted under the previous investment scheme.

Cash Was King!

Cash Is King is a slang term reflecting the belief that money (cash) is more valuable than any other form of investment tool. This phrase is typically used when prices in the securities market are high.

Cabinet orders probe into Cambodian passports

The Cabinet has launched an investigation into golden passports for Cambodian elites following the Reuters' exposé into how relatives and allies of Cambodia’s leader, Hun Sen, have amassed wealth overseas.

MP demands answers for Khmer Riche passports

Cyprus MP Irini Charalambidou on Thursday demanded answers from the government after Reuters named relatives and allies of Cambodia's leader who acquired Cypriot passports.

NPLs in Cyprus rise for second month

Non-performing loans (NPLs) rose for a second consecutive month in May amounting to €8.05 billion with non-performing exposures (NPEs) dropping by €11 million to €10.13 billion, or some 30.8% of total loans.

Reuters investigates Cambodia Cyprus connection

Reuters has investigated the link between Cambodia and Cyprus as part of a larger exposé into how relatives and allies of Cambodia's leader, Hun Sen, have amassed wealth overseas.

Airbnb-style rentals bill moves a step closer

A bill to regulate Airbnb-style short-term rentals moved a step closer following meetings between the heads of Airbnb and booking.com and the Deputy Minister of Tourism Savvas Perdios.

Weakening property sales

Cyprus property sales have fallen significantly following the introduction of stricter criteria for acquiring passports in May highlighting the real market's dependence on the 'citizenship by investment' scheme.

Rise in property sales led by local & EU buyers

The rise in property sales during September was led by local and overseas buyers from the EU who between them purchased 47 (10%) more properties than September 2018 say official figures.

Marginal rise in property sales

September saw a small rise in Cyprus property sales compared to the corresponding month last year according to the latest figures released by the Department of Lands and Surveys.

Poles with loans in Swiss francs win EU case

Around half a million Polish homeowners with Swiss franc loans have won their case in the European Court of Justice, which has ruled they can ask the Polish courts to convert their loans into the Polish Zloty.

Most Read

COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

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)