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Reports written by Editorial

UK tax man targets second home sellers

HM Revenue & Customs (HMRC) has launched a campaign aimed at raising cash from people who have sold properties that are not their main homes, but haven’t told the taxman about any profits they may have made.

Risk of Cyprus default “material and rising”

Cyprus faces a “material and rising risk” of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor’s said on Wednesday.

Free tickets to ‘A Place in the Sun Live’ at Olympia

London’s Olympia will host ‘A Place in the Sun Live’, the official overseas property exhibition of the hit Channel 4 TV show that helps house-hunters find their dream property, on 12th – 14th April 2013.

First marina apartments delivered

The first ninety four apartments on the new marina development in Limassol have been delivered marking the completion of beginning of the project’s operation; the first yachts are anticipated to arrive in March.

Property scam leaves families with no home

A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.

Indefinite strike by construction workers

Construction workers voted to strike indefinitely on Thursday while trouble broke out in Paphos where unemployed builders were prevented from entering a hotel renovation site by a private security force.

Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.

Developers oppose new property tax

Government proposals to introduce a tax on large houses and the troika proposal to accelerate foreclosures have been met with opposition from the Cyprus developers association.

Property sector will act as a further drag

The island’s property sector may be more of a problem for the economy than initially thought as, during the boom years, banks lent considerable amounts of money to property development and housing.

Credible counter proposal needed on bank seizures

The government must formulate a credible counter-proposal, aimed at providing a safety net for genuinely hard-up, house-owners as well as those who have paid for their properties and have no title deeds.

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