Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Poly Pantelides

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Concerns raised over home repossessions

As the debt crisis continues and property developers fold, some 6,000 cases are pending with the land registry relating to non-performing loans and properties held as collateral and subject to repossession.

Rent reduction law judged unconstitutional

President Anastasiades has asked parliament is to reconsider a law it agreed two weeks ago that imposed compulsory rent reductions of up to 20 per cent for commercial and residential premises.

Town planning permits within three months

Unacceptable delays in processing applications for town planning permits could become a thing of the past - Interior Ministry Socrates Hasikos considers a three-month timeframe achievable.

Family turns to eBay to sell Paphos property

Having had no success using real estate agents to sell their commercial property opposite the entrance to the Tomb of the Kings archaeological site in Paphos, an enterprising family has turned to eBay.

Millions owed by big names

A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.

Bills to protect homeowners from eviction discussed

Two bills designed to prevent banks seizing primary residences used as collateral for non-performing loans below 300,000 Euro have been discussed by parliament's legal affairs committee.

Construction workers strike

Workers in the island's ailing construction industry are taking part in a 48 hour strike in efforts to protect their jobs from cheap labour, while cement makers warn that a strike may deal a death blow to the industry.

Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.

Brit wins property dispute but must pay for defamation

British home buyer Conor O'Dwyer has won his long drawn out case against a Cypriot property developer who unlawfully terminated his contract but has been ordered to pay for defamation.

Nicosia and Limassol home price falls accelerating

Property prices in Paphos and Famagusta have been falling for years, while prices started to fall in Nicosia and Limassol six months ago and the rate at which they are dropping is accelerating.

Bailiffs strip Paphos Land Registry office

Bailiffs acting on a court order have stripped the Paphos Land Registry office of anything that wasn't nailed down to compensate creditors whose land was expropriated for the Paphos/Polis road and who have yet to be paid compensation.

Cyprus construction industry shows no sign of recovery

The Island's construction industry is still struggling through recession according to the Federation of Building Contractors Associations of Cyprus (OSEOK) with a third of its workers unemployed.

Major improvements to Cyprus town planning

Plans to overhaul of the Cyprus Town Planning and Housing department to support the social and economic development of the Island have been announced by Interior Minister Neoklis Sylikiotis.

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