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Authorities failed to protect buyers and Cyprus’ reputation

LITTLE appears to have been achieved at yesterday’s meeting between finance minister Michalis Sarris and a delegation from the Cyprus Property Action Group. The group which had been set up earlier this year, to deal with the problems faced by expatriates buying property in Cyprus, wanted to brief the minister about the many complaints it […]

Distortions in Cyprus property sale contracts

THE LEGAL SERVICES AND CYPRUS LAND REGISTRY OFFICE are to prepare a bill that would improve procedures for land purchases in an effort to close numerous loopholes in the system that lead to price distortions and other manipulations. House Legal Affairs Committee Chairman Ionas Nicolaou of DISY said that maybe as many as 90 percent […]

Law reform hopes to clear up Cyprus property title deeds trap

NEW HOMEOWNERS IN CYPRUS will have greater property security if an amendment that allows their contract of sale priority over developers’ mortgages is approved. The issue was brought up for discussion at the House Legal Affairs Committee on Thursday and is backed by the Lands and Survey department. By law, in order for a person […]

Cyprus developers concerned over banks’ lending freeze

PROPERTY DEVELOPERS yesterday said they were worried about the Cyprus Central Bank’s new rules for mortgage financing, fearing serious damage to tourism and the economy. A statement from the Cyprus Land and Building Developers Association said the move to curb excessive lending in the real estate sector affected 129 developers, 1,453 building contractors and 14 […]

Cyprus Central Bank defends property margin action

THE GOVERNOR of the Cyprus Central Bank, Athanasios Orphanides, has defended the Central Bank’s decision to increase the margin requirement on loans for property purchases in Cyprus, which aims to improve the risk profile of the bank loan portfolios as well as curtail the rapid growth in property loans and prices. During the last two […]

Cyprus Pound locks with Euro

On Tuesday 10th July, the Cyprus Pound was locked with the Euro and will be worth 0.585274 pounds. The EU Ministers agreed that Cyprus and Malta should adopt the currency as expected on 1 January 2008. The EU Ministers of Finance (ECOFIN) gave Cyprus and Malta the go-ahead to adopt the European single currency at […]

Property Tax Here to Stay – Sarris

THE government turned down calls to slash property taxes amid findings that a staggering £241 m flowed into state coffers last year, a six-fold increase since 1998. “We say no to a review of our tax system on immovable property“, Finance Minister Michalis Sarris told reporters. Sarris said the 632% tax rise between 1998 and […]

Cyprus plot prices boom

The latest increase in property prices is beyond forecasts. According to the new study of the Cyprus Real Estate Agents Association to be published in the next few days, the increase in plot prices in the domestic market will exceed 20% in 2007. The study, which concerns the first half of 2007, shows a slowdown […]

Property boom fills state coffers

STATE revenue has shot up as a result of the property boom in the first four months of 2007, further smoothing Cyprus’ Euro aspirations. Figures released yesterday show revenue from capital gains tax has shot up to CYP 81.6m in the first four months of 2007 – a massive 206% jump (CYP 54.9m) over the […]

Minister acts to stop illegal dealing in Cyprus land

THE GOVERNMENT has been forced to take action against a businessman using insider information to buy vast amounts of land at low prices knowing that his purchases would soon double in value. On Friday, Interior Minister Neoclis Sylikiotis cancelled certain provisions that were announced last May regarding the upgrading of rural land to urban land […]

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