Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020

Elias Hazou

Stalemate over bad loan guarantors

Amidst alleged claims that Cyprus politicians may be protecting larger businesses, disagreements have arisen between the government and the troika over the treatment of bad loan guarantors.

Cabinet gives the nod to fourth insolvency bill

Yesterday the Cyprus Council Ministers (Cabinet) approved the fourth of five bills comprising the insolvency framework designed to update and amend the personal and corporate bankruptcy laws.

Repossessions bill delayed to clear troika funds

A vote on two bills to suspend the implementation of the repossessions legislation will probably take place after 15 December by which time Cyprus should have received the next bailout tranche.

Pressure on House to act on foreclosures

Two political parties, AKEL and EDEK, have tabled fresh legislative proposals to suspend enforcement of the foreclosures law, pending the enactment of the insolvency framework legislation.

Property revaluation appeal deadline extended

In the wake of many complaints from those who believe their property has been incorrectly revalued, the government has extended the deadline for receiving objections to 25 April 2015.

Insolvency bills delay

Troika officials are unhappy with delays in the insolvency bills as only three of the four bills have been drafted to date and the chances of them reaching parliamentary committee by early December are slim.

Thirty companies owe €100m in VAT

The Greek language newspaper Politis has published the names of thirty companies who together owe the more than €100 million in VAT most of whom have challenged all or part of the debt.

Aristo boss arrested

The police have placed Theodoros Aristodemou, the former Chairman of the Bank of Cyprus and founder and managing director of Aristo Developers, under arrest along with three other persons.

Supreme Court focuses on foreclosures

The Cyprus Supreme Court plenary will meet on Tuesday to examine whether four of the bills passed by MPs regarding foreclosures and repossession are in conflict with the island's Constitution.

Attorney-general to probe Aristo land deal

Having questioned staff at the Land Registry, the water department and the Paphos municipality, CID officers are expected to hand over a report into the Aristo land deal to the Attorney-general.

Troika push repossessions bill

The Troika has indicated that if Cyprus fails to introduce legislation to ease the procedures for property repossessions, it could jeopardise the release of the next tranche of the bailout.

No more escape for tax cheats

Those with tax arrears exceeding €3,000 will be prevented from selling or transferring their property under a new law passed by the Cyprus government to help with the crackdown on tax evasion.

Sweeping powers for taxman

Sweeping new powers for the taxman could further impede the ability of a property buyer to secure the Title Deeds to the property they've purchased if the tax debtor fails to settle his tax bill.

Property prices set to rise says sales director

Director of sales at BuySell Cyprus Chris Hajikyriacou believes that property prices have bottomed out and should start to rise, warning that if you don't buy now, you're going to miss the boat.

Delinquent loans remain an issue for troika

Although the troika's third assessment of the Cyprus economic adjustment programme is expected to be positive, delinquent loans remain a permanent danger looming over the banks.

Controversial rent bill ditched by parliament

Parliament has accepted the President's decision to reject the law that would have imposed compulsory rent reductions on the grounds that it was unconstitutional and in conflict with EU.

Chinese airport deal a dead duck

It is unlikely that the 600 million Euro investment by Far Eastern Phoenix to convert Larnaca's old airport into a large commercial showroom for Chinese products and a logistics centre will go ahead.

Homeowners need protection from troika proposals

Troika's proposal to accelerate loan recovery by the banks could spell disaster for many home buyers; they could lose their homes within 18 months even though they may have paid for them in full.

Impending collapse of Qatar deal

Qatar's investment in land opposite the Hilton hotel in Nicosia will probably collapse, although the Emir of Qatar has reportedly expressed his intention to proceed with other investments in Cyprus.

Bill to repossess homes put on the backburner

The Interior Ministry has informed parliament that a bill enabling mortgaged properties to be repossessed and auctioned off has been "suspended indefinitely due to the economic crisis."

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Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.