Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Staff Reporter

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Mortgage-to-rent scheme study

The Cyprus government has instructed the Cyprus Land Development Corporation (CLDC) to study the mortgage-to-rent scheme employed in Ireland to help those having trouble maintaining their mortgage repayments.

Plans for luxury leisure project in Yeroskipou

A billionaire property developer from Hungary, who is currently resident in Cyprus, has been described as the brains behind a scheme to build a luxury leisure project at Yeroskipou.

Famagusta developer jailed for two years

Cypriot property developer Kyprios Kyprianou, who was found guilty of fraud after selling the same property twice, has been jailed for two years by the presiding judge at the Famagusta District Court.

Property valuations rigged

MPs have accused the Banks and the Land Registry of rigging property valuations for their own benefit, while expert appraisers have pointed out that property valuers and the banks use different methodologies.

Developers call for tax changes

Property developers have requested a change to property tax legislation voted by the House last year to avoid the injustices that occurred, CEO of Aristo Developers Theodoros Aristodemou said.

Capital controls eased further

Before the capital controls involving money transfers abroad are scrapped, enabling those who have sold their homes to repatriate the proceeds more easily, domestic controls will be fully eased first.

Capital controls could be lifted by year-end

The capital controls that currently hinder the repatriation of proceeds from the sale of property in Cyprus could be lifted by the end of the year if substantive progress is made on the economic adjustment programme.

NPLs reached €26.25 billion in November 2013

Figures released by the Cyprus Central Bank reveal a worrying increase in non-performing loans with bad loans accounting for 35.2 percent of the €7.25 billion credit facilities granted to the construction sector.

Concerns over taxman control in property transfers

Property transfers dependence on the payment of outstanding tax obligations are being discussed by lawmakers, with the chairman of the House Finance Committee expressing concern that it could be unconstitutional.

Court rejects appeal to cut Gary Robb’s sentence

The Island's Supreme Court has rejected an appeal by Gary Robb's lawyers to reduce his jail sentence for the appropriation of Greek Cypriot property in the northern Turkish occupied areas.

Bar Association fines lawyer for misconduct

Paphos lawyer Emily Lemoniati has been fined for misconduct by the Cyprus Bar Association after breaching her client's instructions and the Association's code of professional ethics.

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