Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 4th July 2020

Editorial

Paralimni marina construction underway

Construction work has begun on the Paralimni marina, which is expected to be fully operational by mid-2021 and which will and will have a capacity of approximately 300 vessels.

Fifty million lost due to planning delays

Delays in issuing planning permits cost the state €50 million annually, which could be used to build ten schools, three hospitals or a museum according the Cyprus Technical Chamber ETEK.

Cyprus property market on the up

Specialists are confident over the future of the Cyprus property market, saying that the upward trend in house prices is combined with an ongoing increase in demand for real estate.

Money laundering assessment

Cyprus is to undergo a money laundering assessment from a Council of Europe committee comprising a group of experts from Moneyval following negative reports in the international media.

NPLs pushing down Cyprus property prices

Higher NPLs in particular appear to drag Cyprus property prices down indicating pressure to dispose of immovable property assets increasing their supply according to European Commission report..

Larnaca to get its first Mall

Larnaca is set to see the construction of its first Mall within the next 18 months as part of a new facelift, while local authorities prepare to address challenges it will bring; town planning permits have been issued.

Green light for Limni Golf Resort

Controversial plans to build a multi-Euro golf course and resort complex at Limni at Polis Chrysochous have been approved after the latest environmental study that found the plans fully met environmental laws and recommendations of the European Commission.

Tougher checks on citizenship bids

The EU says member states need to keep an eye on the number of citizenships they hand out in exchange for investment. Justice Commissioner Vera Jourova has warned that citizenships for sale represent a security threat.

New repossession law hits brick wall

Legal hurdles to the new repossession law, which was introduced earlier this year, have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).

Is the Cyprus construction boom sustainable?

Questions raised about the latest Cyprus construction boom and whether there is a sustainable demand for new homes or is it just the result of the 'passports for cash' scheme?

Cyprus construction industry enjoying a revival

Cyprus' construction industry seems to be regaining confidence over the past year, as developers encouraged by an increase of activity, feel that the barren years of the real estate crisis are behind them.

Leptos Group loans restructured

The Bank of Cyprus has announced it has restructured the loans of one its largest debtors, the Leptos Group, in an agreement that involves the extension of loan maturities and a reorganisation of the Group.

Leasing alternative to mortgages

Cypriot MPs have concluded discussions that will enable those wishing to acquire a property to do so under a leasing agreement rather than purchasing it with the aid of a mortgage.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Bank lending criteria to be relaxed

Under a new draft Cyprus Central Bank directive to be discussed between the Central Bank and financial institutions lending criteria will be reformed, including the procedures for financing real estate mortgages.

Cyprus bailout success likely

Cyprus is likely to successfully complete its bailout programme and receive the last tranche of international aid by the end of March, a senior euro zone official said on Wednesday.

Ayia Napa marina construction starting soon

The construction of the marina at Ayia Napa, which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

Big landowners not paid tax bill

It appears that more than 33,000 large landowners who own property valued in excess of half a million Euro at 1980 prices have not paid their Immovable Property Tax according to the daily Phileleftheros.

Immovable Property Tax collected €84.48 million

The Cyprus News Agency reports that the government had collected almost €85 million in Immovable Property Tax by 3rd December, which accounts for approximately 82.25 per cent of the total.

Corruption in the Land Registry

Various cases of possible corruption at the Land Registry have been uncovered by the Cyprus Auditor General, Odysseas Michaelides, together with tax evasion by lawyers and doctors and under-charging.

Most Read

Commission approves Cyprus’ airlines incentive scheme

The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government's easing of lockdown measures and its decision to subsidise housing loans.

Cyprus tightens grip on ‘golden passport’ scheme

Cyprus has not processed any passport applications of a foreign investor since January, pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.

Guide to residency in Cyprus

This guide to residency in Cyprus for UK nationals has been issued by the British High Commission in Nicosia to explain the importance of obtaining or updating their residency status.