Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Editorial

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Ayia Napa Marina starting operations soon

Ayia Napa marina is in the final phase of construction and is gearing up for the start of operations with the entrance and berthing of the first boat on January 27 marking the beginning of the marina’s pilot operations.

Larnaca port and marina gets go ahead

The redevelopment of the Larnaca port and the 600-berth marina is expected to start soon following an agreement reached between Cyprus and Israeli investors after year long negotiations.

Banks to offload €4 billion NPLs

The Bank of Cyprus and the Hellenic Bank will sell non-performing loans (NPLs) worth €4 billion by the end of February enabling them to dispose of more than 10% of their problematic loans.

Affordable housing incentive scheme fails

The government's affording housing scheme, which offers developers incentives to provide cut-priced homes for low-income groups, has failed to attract developers wishing to participate in the programme.

Cyprus: buying property

The UK Foreign & Commonwealth Office has recently updated information for British nationals wanting to buy property in Cyprus; further information be found on the UK.GOV website.

Online property auctions to combat NPLs

An online auctions platform has been launched designed to increase the sale of mortgaged properties whose owners have defaulted on their loan agreement and before a foreclosure has taken place.

Instability expected in Cyprus real estate sector

Although it's too early to make any conclusions, there are indications that the Cyprus real estate sector may experience significant instability and uncertainty in 2020 according to a PwC report.

Radical justice reforms on the way

The government is determined to introduce radical reforms to the justice system to do away with lengthy delays and restore confidence among quality investors turned-off by the legal labyrinth.

Fugitive businessman holds Cyprus passport

Fugitive businessman Low Taek Jho, who holds a Cypriot passport and citizenship, has been described as a Malaysian conman sought by the authorities of Malaysia, Singapore, and the US.

ESTIA debt relief scheme failing big time

With only 3% of loan defaulters applying for the government's ESTIA debt relief scheme, economics professor Stavros Zenios from the University of Cyprus, tweeted the scheme is "failing BIG time."

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.

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.

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.

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.

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.

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.

Cyprus building & construction driven by passports

Although the years of austerity in the Cyprus building and construction sectors appear to be over, pundits believe that they remain heavily dependent on the passport for investment scheme.

Armou landslide victims sue Cyprus government

A British couple whose dream home at Armou in Cyprus is collapsing due to the landslide is suing the Cypriot government for allowing the development to be built on unstable ground.

Highest property prices and rents in Limassol

Limassol is where rental and property prices are the highest in Cyprus according to a recent report by DANOS International Property Consultants (DANOS/BNPPRE) due to tourism and Airbnb-type rentals.

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