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New EU rules agreed for timeshare property

THE timeshare holiday rights of some 1.5 million European families will soon be better protected, as MEPs in Strasbourg are expected to endorse a compromise reached between Parliament and Council on the new Timeshare Directive. The directive seeks to enhance consumer confidence and legal clarity, which are essential to the growth of this sector, via […]

VAT on building plots from January 2009

We have just learnt that the EU does not intend to grant Cyprus a further postponement regarding the introduction of VAT on land sales. As a consequence, the purchase of plots will be subject to 15% VAT from 1st January 2009. The news comes as a blow to the economy and the Cyprus property market, […]

EU calls for halt to sales of Greek Cypriot property in the north

In Resolution 1628, the Parliamentary Assembly Council of Europe (PACE) has called on the authorities of the Turkish Cypriot community to “put an end to the sales of, and construction on, Greek Cypriot properties in the northern part of Cyprus“. PACE also called on the Turkish Cypriot community to: “confirm their commitment to reunifying Cyprus, […]

Golf properties at Tersefanou

ACCORDING to Overseas Property Professional, a consortium of Cypriot developers known as the Med Group is expecting to receive the go ahead for a €300 million golf resort project at Tersefanou within the next few months. Known as the Larnaca Golf and Country Club, the development will comprise an 18-hole golf course, with more than […]

Title Deed delays affect 30,000 non-Cypriots

During the last three and a half years, 4,400 properties have been transferred to non-Cypriots while the transfers of a further 29,949 are still in the pipeline according to figures published by the Department of Lands and Surveys.

Cyprus property loans surge

ACCORDING to figures released on Tuesday, property loans have surged by 33%. The loan portfolios of the Cyprus banks grew by 34.86% in August compared with 35.24% in July and 21.9% in August 2007. Loans totalling €49.8 billon were granted compared with €36.9 billion in August 2007. Consumer loans grew by 38% while business loans, […]

Cyprus property market: crisis expands

A new StockWatch survey among twenty developers and real estate agents carried out last week shows that the crisis in the Cyprus property market has expanded. It has started to affect the value of shops and offices as well as plot prices. The crisis is exceptionally intense on housing properties, where prices have declined up […]

Cyprus property price correction

THE Finance Minister, Charilaos Stavrakis, is reported as saying that Cyprus property prices will go through a phase of correction, boosting beliefs that the sector is facing a crisis. “Normally, property prices will be corrected. Although the downturn in the market is expected to affect the public revenues, the government has taken into account this […]

Cyprus banks impose stricter borrowing measures

RISKS lurking in the Cyprus property market are forcing domestic banks to take stricter borrowing measures to limit their exposure. The measures include increased collateral, fewer grace periods and changes in loan payment terms. The banks already screen property investors, developers and non-Cypriots who want to invest in Cyprus. But things are now much tighter […]

Details of new Title Deed law emerge

DETAILS of the proposed legislation concerning Title Deeds and designed to protect property buyers in Cyprus have recently emerged in the local news. The Interior Minister, Mr Neocles Sylikiotis, admits that the problems concern both foreign and Cypriot buyers and confirms that the new legislation will be ready by the end of the year. Speaking […]

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