Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Staff Reporter

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U-turn on crocodile park

The decision by Achna council to withdraw its support for the crocodile park has been greeted with great relief by the local residents who had opposed the park according to reports.

Help needed to revalue 2 million properties

Approximately two million properties in Cyprus are to be revalued and the Department of Lands and Surveys will soon invite tenders from property appraisers to help with the task.

Reduce non-performing loans by 40% in 2018

The Finance Ministry's 'Stability Programme 2018 – 2021' outlines a three-pronged strategy to address the high levels of non-performing loans (NPLs) in the banking sector that pose a risk to the economy.

Citizenship scheme shrouded in secrecy

Transparency in the ‘Citizenship by Investment Scheme’ aka ‘Golden Visa Program’ aka ‘Passports for Cash Scheme’ will remove the veil of secrecy and silence those accusing Cyprus of trading in naturalisations.

Property for passports?

Speaking to Euronews Cypriot lawyer Dimitris Dimitriades defends the controversial Cyprus Citizenship Scheme, which has brought more than €4 billion into the Cypriot economy.

Cyprus denies ‘selling’ EU citizenship to rich

Cyprus Finance minister Harris Georgiades has said that reports in the Guardian newspaper concerning the granting of EU citizenship to billionaire Russians and Ukrainians are exaggerated.

Paphos Land Registry abuse of power

Officials at the Paphos Land Registry have been accused of breach of power by a local businessman who claims that certain officials have been deliberately dragging their feet over the survey of a plot of land.

Bank of Cyprus fined €170,000

The Bank of Cyprus has been hit with a €170,000 administrative fine by the Office of Competition and Consumer Protection (CCPS) following its investigation into the bank's commercial practices relating to mortgage loans.

Pissouri homeowners still in limbo

Property owners in the Limnes (lakes) area of Pissouri are still in limbo despite the previous Cyprus Interior Minister promise to pay for the mess, which at that time was estimated at up to €20 million.

Limassol becoming a sky-rise bubble?

Referring to Limassol as "the bubble of towers" Politis suggested that the uncontrolled vertical development is causing headaches to town planners, warning that the town could pay the price of uncontrolled development.

Golden Visa Program raises €4 billion

The Cyprus Golden Visa Program, which enables non-EU citizens to purchase Cypriot passports and residency permits by investing money in property and other sectors, has raised €4 billion.

Limassol looks to Marseille for inspiration

Limassol is seeking to take a leaf out of Marseille's book in an effort to inject new life into the Aktaia Street area of the city and looks set to adopt the Marseille Euroméditerranée project.

Chinese investors boost construction sector

Purchases by Chinese investors in Cyprus property have contributed to the recovery of the island's construction sector according to the president of Cyprus Association of Valuers and Property Consultants.

One sixth of properties not registered

Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island's bailout agreement.

Red light for Limni golf courses

The European Commission has put the brakes on the controversial Limni golf project following a caution from the EU in 2015 and a request for a conservation study to be commissioned into the effects of the project and surrounding areas.

Debt release orders secured

Fifty six debt release orders have been secured by the Insolvency Service for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis.

Unlicensed pool owners in hot water

Auditor General Odysseas Michaelides has called on the police to bring the owners of unlicensed swimming pools to justice due to the serious safety concerns arising from the problem.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Paphos marina secures funding

The consortium awarded the contract for the construction of the Paphos marina has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project according to the president of the Paphos Chamber of Commerce and Industry.

Threat to Paphos marina

A contractual dispute is threatening to derail Paphos marina following a demand by the contracting authority that the initial down payment by the consortium is submitted by November 10.

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