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Cyprus property market enters recession

In a recent interview with StockWatch the Land Registry manager, Andreas Christodoulou, advised Cyprus property investors to expect a lower return on their investments as the market has entered a period of recession. In his interview, he said that property prices will stabilize in the next four years – then they will recover but at […]

Cyprus Title Deed scandal reported by Overseas Property Professional

In its latest issue, the Overseas Property Professional (OPP) magazine published an article about the Title Deed scandals experienced by thousands of people who have bought property in Cyprus. (The OPP is a very well respected international trade magazine published for overseas property agents, developers and associated professionals). “OPP has learnt that disgruntled expat buyers […]

Police raid BuySell Larnaca offices

POLICE have raided the BuySell offices in Larnaca. The company, which is the largest advertiser of property in Cyprus, is scheduled to appear in court on Wednesday. In the meantime, it has been ordered to suspend operations pending the court’s decision. On Monday, the Larnaca District Court ordered the company to close its three local […]

Real estate agents concerned over Cyprus property prices

According to the Pancyprian Association of Real Estate Agents the slump in Cyprus property prices has now spread from Paphos to other parts of the island. Interest rate increases, inflation and other factors have pushed demand from the domestic and foreign markets down resulting in severe problems across the island. Chairman of the Pancyprian Association […]

MRI Overseas Property withdraws from NAEA

MRI Overseas Property, which has its Cyprus offices in Paphos & Larnaca, issued the following press release issued on 21 August: Leading Real Estate Company Withdraws from UK Trade Body over Impartiality Concerns A leading real estate company has withdrawn its membership of the UK’s National Association of Estate Agents (NAEA), due to concerns that […]

Free Title Deeds

THOSE buying property in Cyprus often encounter delays and problems when trying to obtain their all important Title Deeds. In one case I know of personally, an elderly widow has been waiting for the Title Deeds for the property that she and her late husband purchased back in 1982! – and delays in excess of […]

Cyprus developers ‘strangled by red tape’

PAPHOS property developers are pleading with the government to cut through the tangle of red tape that they say is suffocating their business, causing delays in the issue of building permits and title deeds, in some cases for years. The president of the Paphos developers, George Mais, was speaking yesterday following a meeting with Interior […]

Larnaca marina coming soon

According to the Cyprus’ Press and Information office, the construction of the Larnaca marina and port will be undertaken by the Zenon Consortium. The development project is expected to start by the end of 2009, with the marina being finished within two years; it will take between six and seven years for the construction of […]

Sleeping rough for justice

TWICE physically assaulted and hospitalised for 6 days at the hands of Cypriot property developers Christoforos Karayiannas & Son Ltd a British property buyer, Cornelius (Conor) O’Dwyer, is stepping up the pressure on the Cypriot authorities to act. In an an open letter to President of the Republic of Cyprus, Demetrias Christofias, Mr O’Dwyer announces […]

Bank tightens credit risk rules

Later this month, it is anticipated that the Central Bank of Cyprus will issue ‘guidelines’ requiring the commercial banks to better manage credit risk. (In an earlier article, “The Property Bubble“, Dr Alan Waring reported that the executives of one bank had been summoned to a ‘crisis meeting’ to discuss plans to deal with a […]

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