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All reports tagged with: "development"

Cyprus property output slows

ACCORDING to Eurostat data released on 12th March, construction output in Cyprus has slowed, boosting estimates that the island’s economy will grow slower in 2008. Specifically, construction output in the fourth quarter of 2007 grew by 3% compared to 9% in the third quarter of 2007, 7.5% in the second quarter of 2007 and 4.2% […]

Paphos property sold for 66 million

According to Stockwatch Ltd, KEO has sold its property at the Tombs of the Kings in Paphos to a joint venture of Athienitis and Aristo Developers for €66 million. According to newspaper “Politis”, the development will be uniform but the property will be separated in two parts, the commercial and the housing. Aristo will deal […]

Chasing out the Cowboys

Investing in property abroad? Good news – there’s a new watchdog protecting you from the market’s rip-off merchants. We can spend months planning our summer holiday abroad but, incredibly, few of us spend enough time doing our homework when we are shopping around for a foreign home. It’s a staggering fact that when we buy […]

The sky’s the limit

THE RISE in real estate prices, coupled with an unprecedented development boom, have been established as an entrenched reality in Cyprus over recent years. Limassol is currently host to numerous exclusive residential projects, including a project marketed as “the most exclusive in the Mediterranean”, offering accommodation for sale up to a staggering €12.5 million. The […]

Developers ‘scamming buyers’ over property tax

THE CYPRUS Property Action Group (CPAG) has obtained a legal opinion which concludes that developers are effectively scamming buyers by overcharging them for Immovable Property Tax (IPT) and pocketing the difference. “This is a massive fraud,” said the CPAG’s Denis O’Hare. “We want this money back and we want prosecutions“. The CPAG said property developers […]

Conor O’Dwyer stages UK protest

BRITISH home buyer Conor O’Dwyer will begin a three-day protest outside one Britain’s biggest property fairs in a move that could seriously damage the lucrative industry in Cyprus. O’Dwyer, 38, told the Cyprus Mail yesterday that he and his wife would protest outside The Homebuyer & Property Investor Show at ExCeL in London, which begins […]

Immovable Property Tax scam warning

THERE have been many reported scams where property developers demand ‘Immovable Property Tax’ from property buyers. But rather than being based on the assessed 1980 value of the property as prescribed by law, these property developers base their illegal calculations on the price the buyer has paid for a property (the contract sum) as shown […]

Cyprus rejects coastal building ban

SIGNATORIES to the Barcelona Convention, an international agreement to protect the sea, have agreed to ban development within 100 meters of the coastline. A total of 14 Mediterranean countries signed a protocol of agreement in Madrid, under which they undertake to stop all building less than 100 metres (about 328 feet) from the coast. However […]

Is your lawyer working for you?

People buying property in Cyprus often make the fundamental mistake of not taking independent legal advice. Many choose to use the ‘free’ legal services offered by the developer. Others use a lawyer who’s been introduced or recommended to them by the developer or the real estate agent acting on the developer’s behalf (unaware that estate […]

“Pump and Dump” Schemes

Traditionally, “pump and dump” schemes involve the promotion of company shares through false and misleading statements to the marketplace. After pumping the shares, fraudsters make huge profits by selling their cheap shares into the market. Often these fraudsters will claim to have “secret” or “insider” information about an impending development or to use an “infallible” […]

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