Cyprus Property News magazine for overseas buyers & real estate investors

Monday, May 25, 2020

Stefanos Evripidou

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Non-performing loans at €29 billion

Non-performing loans (NPLs) in the Cypriot banking system continued their upward trend in July reaching €28.88 billion; 47.17 per cent of the total amount of loans according to the island's Central Bank.

Cyprus needs to earn trust of Chinese investors

A conference in Nicosia has heard that Chinese property buyers are slowly returning to Cyprus, but that the country needs to earn their trust if it wants them to make further investments.

Constructive work on title deeds issue

David Lidington the UK Minister for Europe has completed a two-day working visit to Cyprus during which was received by President Anastasiades and met with Ioannis Kasoulides, the Minister of Foreign Affairs.

‘Rents in free-fall’ say property owners

George Stovolides, the president of the Land and Property Owners Organization (KSIA) said it strongly opposes rent control legislation warning that it will create new distortions in the market.

When will they ever learn?

The emerging Chinese market is being put under threat from the "appalling practices" of those in the real-estate sector according to the general secretary of the Chamber of Commerce and Industry.

Home buyers may pay IPT before getting Title Deeds

A Cypriot MP has tabled a bill for discussion at the House Finance Committee requiring property buyers to pay Immovable Property Tax even though they do not have the Title Deeds to the property they have purchased.

Criminal investigation into land registry officials

Disciplinary and criminal investigations are underway into a number of land registry officials relating to allegations of corruption, bribery, embroilment, violation of personal data laws and depriving the state of revenue.

Be honest and get on with it

What can Cyprus learn from Ireland's bailout experience? "To get on with it, to be resolute and to be honest about the scale of the crisis" according to the Irish Minister of State for European Affairs.

Government approves first ever land swap deal

An unprecedented land swap deal involving the exchange of property between Greek Cypriot and Turkish Cypriot owners of land in the north and south of the island has been approved by the government.

Development of Larnaca airport hits problems

A meeting will take place today to view a number of snags relating to the plan to transform the old Larnaca airport into a commercial centre by the Chinese company Far Eastern Phoenix.

Building industry warns of action over new VAT law

The island's Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking "dynamic measures"

Central bank reports property price falls intensifying

The fall in the prices of houses and apartments across Cyprus intensified during the final quarter of last year according the latest statistics published by the Central Bank on Monday.

Comments on property issues provoke sharp reaction

Observations made UK Minster for Europe David Lidington about the Title Deed 'problems' in the north and south of the Island provoked a sharp reaction from the Cyprus government.

Cabinet approves Qatar real estate deal

Cabinet has approved the multimillion Euro deal with Qatar to develop prime real estate in the capital, opening the way for the joint venture to be realised.

Cyprus Bar to advise lawyers after landmark ruling

Following a landmark ruling by the Supreme Court of Cyprus which found a Cypriot lawyer professionally negligent, the Cyprus Bar Association has determined to advise its members accordingly.

Eleven year pursuit of justice takes heavy toll

Following the landmark ruling by the by the Cyprus Supreme Court, Muriel Beaumont gives her account of the couple’s long road to justice in the Cyprus Mail.

Landmark ruling by the Supreme Court

In a landmark ruling, the three-judge panel of the Supreme Court of Cyprus has found a Cypriot lawyer to be professionally negligent and liable to compensate a British couple for money they lost as a result.

Cyprus lawyers refuse cases if suing other lawyers

The problem with lawyers in Cyprus refusing to sue their colleagues in the legal profession is a particular issue for property buyers who have fallen into the trap of using a lawyer recommended or introduced to them by a property developer.

Larnaca marina project will boost construction sector

One of the largest infrastructure projects ever undertaken in Cyprus, the marina project involves the construction of a port, 1,000-berth marina, hotels and houses and is expected to inject up to one billion Euros into the Cypriot construction industry.

Proposals to untie the Gordian knot

Proposed changes to Cyprus’ antiquated property laws may help existing buyers obtain Title Deeds to properties that have been built illegally But they contain nothing to help those who have been duped into buying mortgaged property and those whose Title Deeds are being held to ransom by unscrupulous property developers.

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