Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020
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Property Scams

Chinese targeted by property scammers

Scammers in Paphos claiming to be middlemen of major developers have taken money from a Chinese woman who subsequently discovered that the land she had paid for did not belong to the seller.
Restaurant in Larnaca

Chinese buyers scammed

Several dozen Chinese families buying property Cyprus have reported being scammed by unlicensed real estate agents who take advantage of foreign buyers according to Marinos Kynegirou.
Immovable Property Tax Fraud

Fraudsters target property sellers

People selling property in Cyprus are being targeted by fraudsters claiming to be from a company called 'Prime Consortium' who are trying to obtain their bank account details in return for a 10 per cent deposit.

False Immovable Property Tax declarations

There is evidence that a property developer has made false Immovable Property Tax declarations to the authorities, which has resulted in his customers receiving IPT notices from the Inland Revenue.

Refunding developers’ Immovable Property Tax

Over the past few of weeks we have received literally dozens of emails from people who have received unreasonable demands for Immovable Property Tax (IPT) from their developers.

More arrests in property scam

Communist party AKEL has become embroiled in a property scam following the arrest of two members of its politburo alleged to have been involved the sale of Turkish Cypriot owned land.

Property scam leaves families with no home

A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.

Russians warned against buying property

A pamphlet in Russian entitled "?????????, ????!" (Beware of Cyprus!) is being handed out at the Sheremetyevo International Airport in Moscow warning Russians not to buy property on the island.

It is like getting blood from a stone

Seven months after selling their house in Cyprus, a British couple finally received the proceeds of the sale from their Paralimni-based lawyer after they engaged another lawyer to collect their money from him.

Cypriot developers find new ways to extort money

Nefarious property developers continue to exploit their customers by thinking up new ways of extorting money from them and using the threat of withholding Title Deeds to elicit payment.

Developers continue Immovable Property Tax scams

We have received further reports of property developers in Cyprus continuing to extort money from buyers by using the threat of withholding Title Deeds to elicit payment of highly inflated amounts of Immovable Property Tax.

State-sponsored fleecing is island-wide

Abuse by the Land Registry Offices brings the whole system into disrepute and fosters cynicism and distrust of the Cyprus government's regulations and practices.

Fighting a state-sponsored fleecing

Further instances of over zealous charging by Land Registries have been reported in what are believed to be efforts to boost the state's ailing coffers by maximising the amount of transfer tax they collect.

Cyprus companies linked to Greek property scam

Authorities in Greece and Cyrus are investigating a massive property scam ring that has been operating undetected for the past five years.

Yet another Immovable Property Tax scam

Just when we thought we had reported all of the Cyprus Immovable Property Tax scams, yet another one rears its ugly head; this time by a well-known Paphos-based developer.

Cyprus property market speculators lose out

Foreigners who invested in property on the divided island of Cyprus have found their houses were in many cases built by debt strapped developers.

Desperate developers fall prey to funding fraud

Developers in Cyprus may have fallen for an alleged £12 million fraudulent loan scheme in the UK according to a report from the Overseas Property Professional (OPP), highlighting their vulnerability at a time when commercial funding is much harder to source.

Cyprus real estate agents – how to avoid the cowboys

A law passed in 2004 and subsequently amended in 2007 was designed to rid Cyprus of the numerous cowboy real estate agents. But unfortunately, in all of the property hot-spots, you will still find many individuals and companies trading in property illegally.

British police probe Cyprus villas scam

British police are investigating an Internet scam in which Britons paid morairaway.com and sister websites for non-existent Cyprus holiday villas after adverts appeared on villa rental sites Holiday-Rentals and Holidaylettings.co.uk

BuySell Cyprus sues Brit for selling his own house

BuySell Cyprus Real Estate is suing a UK-based Briton for commission on the sale of his three bedroom house in Peyia even though he managed to sell it to a Greek Cypriot through his own efforts.

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Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.

You have insurance but are you insured?

The heavy winter rains have resulted in many insurance claims but as many have found to their horror, although their insurance premium has been paid, they discover that they're not insured when they make a claim.