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29th March 2024
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Call to reform the property tax system

George Strovolides, president of the Cyprus Property Owners' Association , urged the government to reform the property tax system tax during the association’s annual general meeting.

Banks face more serious risks says CPAG

According to CPAG the banks in Cyprus are facing more serious risks than those reported last week by the rating agency Moody’s.

Title Deed solution soon?

Yesterday, the Cyprus parliament began discussions on the bills that aim to put an end to the difficulties faced by Cypriot and foreign property buyers in acquiring their Title Deeds.

Cyprus property market shows weak signs of growth

The Cyprus property market is depressed and shows weak signs of growth according to the latest RICS (Royal Institution of Chartered Surveyors) European Housing Review.

Tax revenues slump, deficit increases

According to reports, Cyprus tax revenues slumped during January - November 2009 and the fiscal deficit increased to more than 3% of the island's Gross Domestic Product, which means total losses during the period exceed €500 million.

Property sales to non-Cypriots improve slightly

Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.

Fall in tax revenue attributed to Cyprus property market collapse

The drop in Cyprus tax revenue collections is entirely attributable to the collapse of the property market and it raises concerns that if foreign demand fails to recover, the government will lose a significant source of revenue permanently.

Cypriot developers must address issues to compete internationally

To compete in the international property market, Cypriot developers must address issues such as escrow deposits, Title Deeds, planning and bank guarantees.

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