Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 16th July 2020

George Psyllides

Property taxes to merge

The Cyprus government has plans to submit a bill to parliament that will integrate Immovable Property Tax and municipal taxes before parliament closes for the summer recess.

Aristo boss denies fraud

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Bank of Cyprus, denied defrauding the state during his testimony at the Paphos Criminal Court.

Home repossession ban extended

Parliament passed a bill by the slimmest of majorities to extend the ban on repossessing homes whose purchasers have no Title Deeds even though they may have paid for them in full.

President abandons home buyers

In a move that many consider will destroy the island's property market, President Anastasiades has rejected the 'home buyers' protection bill' passed by Parliament on 19th March.

Title Deeds: ‘a complete and utter mess’

Although MPs voted though amendments preventing banks from repossessing homes that people have paid for, home buyers will still be unable to secure their Title Deeds until the developers debts have been repaid.

MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

Municipal secretary quizzed at Aristo trial

The trial of Aristo boss Theodoros Aristodemou and three others defendants in the suspicious land zoning case continued on Tuesday with defence lawyers quizzing municipal secretary Themis Philippides.

Protection for crisis-stricken homeowners

Crisis-stricken homeowners will be offered protection against foreclosure under the provisions of the fourth bill of the 'insolvency framework', which has been handed to political parties for their views.

Aristo Developers lays off workers

The dismissal of fifty workers from Aristo Developers Limited has been blamed mainly on the legal issues involving its boss, Theodoros Aristodemou, and partly on the economic crisis.

AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.

No foreclosure law no money

Eurogroup President Jeroen Dijsselbloem told a news conference that putting legislation in place to deal with the high level of non-performing loans (NPLs) is essential for Cyprus to return to financial health.

Banks oppose interest rate regulation

A bill aimed at clamping down on banks that profiteer by arbitrarily increasing their margins has been rejected by the banks who argue that it will impede the execution of foreclosure procedures.

Cyprus ‘failed miserably’ on Title Deeds

Interior Minister Socratis Hasikos has admitted that Cyprus has failed miserably over the Title Deed issue and pledged that his ministry will do everything in its power to sort out the matter.

State should buy non-performing loans say experts

In efforts to protect primary residence from repossession without bringing more trouble on the banking system, a senior government adviser said the state should buy non-performing loans.

Progress on pending Title Deeds applications

According to the director of the Land and Surveys Department, the number of pending applications for Title Deeds is down to 20,000 – and the aim is to reduce this number to less than 2,000 by the end of the year.

Kouris development under scrutiny

Permission to construct a large residential development that may lead to the contamination of water in the Kouris dam (the largest on the island) is to be investigated by the Attorney General.

Developers want more time to pay banks

A spokesman for the island's property developers believes that a fire sale of real estate during a recession would not be good for the country and developers are asking for more time to settle their debts.

Probe into ‘suspicious’ Turkish Cypriot land deal

The cabinet has decided to appoint an investigative committee to look into the purchase of Turkish Cypriot land in Larnaca following an angry row between the present and former Interior Ministers.

Race to revalue half a million properties

The race is on to complete the revaluation of some 500,000 properties island-wide by the end of June 2014 to meet one of the bailout conditions agreed with Cyprus' international lenders last month.

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