Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Annie Charalambous

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Foreclosure warning letters on the rise

The number of foreclosure warning letters being sent by the Cyprus banks to borrowers who fail to maintain their repayments is on the rise, according to information from the Cyprus Central Bank

A 16-storey tower in Germasogeia

A 71.7 metre tall, 16-storey tower called 'Mandarin Park' comprising a mixed development of commercial and residential properties is to be built in the Germasogia area of Limassol.

Citizenship applicants are high-risk

The Institute of Certified Public Accountants of Cyprus (IPAC) has cautioned its members that "Investment citizenship programs carry inherent risks relating to money laundering, corruption, bribery and tax evasion."

Financing high-rises a headache for bankers

The financing of high rises and other major developments in Cyprus that are aimed at foreign buyers interested in acquiring a Cypriot passport are giving the bankers a headache.

Passports: the barometer for real estate

Stricter criteria imposed earlier in the year before a Cyprus passport can be acquired have impacted real estate sales, according to a recently-released Central Bank of Cyprus financial report.

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.

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).

New trapped buyers bill vote tomorrow

A revised 'trapped buyers' bill designed to overcome the problems of the current law, which was introduced in 2015, and enable thousands of trapped buyers to get Title Deeds will be put to a vote tomorrow.

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.

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.

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 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.

Claims of one-sided property valuations

Allegations over one-sided property valuations in which the banks are undervaluing properties used in loan restructuring cases have been heard by members of the House Commerce Committee.

Reprieve for trapped buyers

The Cyprus government has vowed to continue issuing Title Deeds to trapped buyers despite the recent court rulings that left them in legal limbo according to a report in the Cyprus Weekly.

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