Cyprus property news was visited by more than 850,000 people this year and as we approach Christmas here are the top 10 articles and news reports that have attracted the most interest from you, our readers, over the past twelve months.
Our top 10 in reverse order:
Number 10: Buying property in Cyprus and visiting post Brexit – When the Brexit transition period came to an end on 1st January 2021, UK citizens became “third country” nationals restricting the amount of time they could spend in Cyprus on a tourist visa and limiting the amount of property they could purchase. (This article was our number 1 in last year’s top 10.)
Number 9: Demand & most property prices increasing – A report from RICS with KPMG that property transactions continued to recover following the COVID-19 pandemic while the prices of most types of property increased.
Number 8: Pitfalls to avoid when buying property in Cyprus – The top 10 pitfalls to avoid when buying property in Cyprus and how to ensure that property purchases move forward as smoothly and efficiently as possible. One of these pitfalls, ‘Failure to make a will’, causes significant problems as the deceased’s estate will be dealt with according to the intestacy rules of Cyprus; potentially a lengthy and costly process.
Number 7: Possible change in VAT on new dwellings – Cyprus is in hot water with the European Commission for its failure to apply EU VAT rules properly. Discussions continue on how to resolve the problem
Number 6: Temporary residency made harder for expats – Another blow to British expats with the Cyprus government introducing stricter criteria for residency as a consequence of Boris Johnson’s ‘oven ready’ Brexit deal.
Number 5: New Jointly-Owned Buildings Law drafted – A draft of a revised jointly-owned building law was published, which aims to solve a plethora of issues with the current law including lack of management committees, non-payment of communal fees, insurance and partial or total destruction of the building. Discussions on the new law continue.
Number 4: Is now the right time to sell your property? – A number of points to consider if you’re thinking of selling your property including supply vs demand, interest rates, general affordability, etc.
Number 3: Where is the Cyprus property market heading? – A number of factors looking at three main groups; locals living in Nicosia, foreigners and locals who live off (or with) foreigners. Overall things are going to be better than most people expect in terms of demand and prices.
Number 2: Homeowners win Swiss franc loan fight – In what could be a landmark ruling, a judge at the Paphos district court ruled in favour of borrowers who were granted Swiss franc loans.
The judge hearing the case ordered the bank to convert their Swiss franc loans into Euros at the exchange rate that applied at the time the loan was granted and that the bank was not entitled to charge interest on the late payments and rejected the bank’s claim to impose interest at 14% on the loan closure amount.
Number 1: How to get a license to rent your property – An article explaining how to obtain a licence to rent your property as required by a new law designed regulate the operation and licensing of Self-Catering Accommodation in Cyprus. (Failing to comply with the new law is illegal and can result in a substantial fine being imposed.)
Music video of the year
This year I’ve chosen a video of “Songbird”, which was written and performed by Christine McVie who was an integral member of Fleetwood Mac as keyboard player, songwriter and female vocalist.
Songbird came to her in just half an hour in the middle of the night, she said.
“I literally woke up in the night and the song was there in my head, and I didn’t have anything to record it on. I had a piano but no tape recorder or any method of recording it at all.
“So I had to stay awake all night and keep playing it over so I didn’t forget it. Then I phoned up the studio at nine and I said, I’ve got to come in and put this on a two-track.”
Christine performed the song as a final encore at the end of Fleetwood Mac concerts.
Sadly, after a brief illness, Christine passed away on 30 November 2022.
In a statement following her death, Fleetwood Mac said that she was “the best musician anyone could have in their band and the best friend anyone could have in their life.”
Here she is performing Songbird on an empty stage at the Zellerbach Hall in California.
May I take this opportunity to wish you all a Merry Christmas
and a Happy and Healthy 2023
