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News

Cyprus increasingly Popular with foreign Buyers

Spain may still be the preferred location for Brits to look for a holiday home, but Cyprus is catching up nicely in the affection of foreign buyers, and not just for holiday properties either. Increasingly, places like Cyprus and Malta are seeing foreign investment and new business arrive at their shores. Blessed …

Cypriot Property Prices on the Rebound

As Cyprus heads out of its bailout programme the fall in property prices is bottoming out according to data from the Central Bank of Cyprus residential property prices index (RPPI) . The RPPI recorded a decrease of only 0.3% compared with the previous period in the third quarter of 2015. Two districts have seen the …

Cyprus Remains Destination of Choice for Chinese Investors

According to the Chinese property portal Juwai.com, the most property searches among Chinese buyers overseas were focused on the island of Cyprus during the second half of 2015. The Juwaui.com Purchasing Intent Index showed that potential property buyers from China were principally looking for real estate in Cyprus …

Cypriot Property Tops Popularity Charts for Chinese Investors

According to the Chinese property portal Juwai.com, the most property searches among Chinese buyers overseas were focused on the island of Cyprus during the second quarter of 2015. The Juwaui.com Purchasing Intent Index showed that potential property buyers from China were principally looking for real estate in …

Cyprus to Resolve Title Deed Fiasco or No Further Bailout

The European Union, European Central Bank and International Monetary Fund have combined forces to place pressure on Cyprus to immediately implement laws ensuring title deeds are passed directly to property buyers after purchase. For decades, Cyprus' deeds fiasco has left owners of newly developed property without title …

Cyprus' Investment for Citizenship Programme Attracts €2bn

Cyprus received more than €2bn over the past two years from the property-for-residency scheme according to Interior Minister Socrates Hasikos. The scheme allows third country nations to obtain permanent resident in Cyprus if they buy property costing at least €300,000. " This plan amongst others has …

Cypriot Property Prices Down, Sales Up

Prices for residential real estate in Cyprus continued to fall in the final quarter of 2014, spurring buyer interest and boosting transaction volume. According to the latest house price index from the Royal Institute of Chartered Surveyors (RICS), average house prices in Cyprus declined 1.1% and apartments 0.7% in …

Cyprus Property to Boom in 2015

Property sales in Cyprus exceeded all estimates in 2014, recording the first year-on-year increase in transactions since 2010. According to statistics published by the Department of Lands and Surveys, property transactions in 2014 grew by 20% to reach 4,527 compared with 3,767 the previous year. Cyprus has recovered …

Cypriot Property Shows First Signs of Stabilising

After four and a half years of declining prices, property across Cyprus has recorded the smallest quarterly fall since March 2013, indicating improved stability. The recent Cyprus Central Bank Property Price Index showed that in Q2 2014, apartment prices fell by an average of 2.1% while house prices fell by an …

Cyprus Acts to Unlock Further €350m Troika Bailout

Cyprus has passed a new law to streamline the foreclosure process which had previously prevented banks from repossessing more than 200,000 properties on the island. The change in legislation comes as part of a condition set by the Troika (trio) of lenders including; The European Commission , The European …

Property Investor Confidence Returning

Cyprus was one of the countries hardest hit by the financial downturn with the property market struggling as banks slid into crisis, eventually forcing the country to seek help from the EU and IMF in March 2013. The €10bn bailout also required Cyprus to wind down an insolvent bank and confiscate a slice of big …

Cypriot property market 'stabilising at last'

The market for property in Cyprus has gone through a torrid time in recent years, but if new reports are to be believed, it seems that the sector is about to return to a state of health in the next few years. Cyprus was one of the nations hit hardest by the eurozone crisis, with many of its residents unable to afford …

Cypriot Developers Call for Changes to Taxation on Properties

Developers in Cyprus have called on official bodies to change the way that properties in the nation are taxed in order to avoid the sorts of 'injustices' that have been seen in recent years. Organisations teamed together to send an open letter to the government that asked for changes to be implemented to the way that …

Concerns Raised in Cyprus Over Tax and Property Ruling

Concerns have been aired in Cyprus about the legitimacy of a new rule that could hamper property sales in the future, with critics questioning whether the new moves are even legal. Under the new proposals, the tax man in the nation would have the ability to stop the transfer of ownership of the last property owned by …

Cypriot Government Appoints PwC as Property Tax Advisor

Professional services firm PricewaterhouseCoopers (PwC) has been appointed to an advisory role over the creation of a singular tax policy for property in Cyprus, the government has said. Local media, reports Cyprus Property News, has said that the government wants to create a clear and easy to understand framework for …

Foreign investment in Cyprus driven by property

Overseas investors in property in Cyprus were a main driver of the hundreds of millions of euros the country managed to bring in during the final two thirds of 2013. According to the latest figures, in the eight months to the end of the year, Cyprus saw €500 million (£413 million) of investment in the …

Cyprus government extends misselling deadline

The Cypriot government has extended the deadline to launch legal proceedings for those caught up in the mis-selling scandal . The 15,000 Britons that were mis-sold property now have until December 31st 2014 to lodge a claim against lenders and Cypriot property developers. This is 12 months longer than the initial …

Cyprus govt to launch mortgage rescue scheme

The Cypriot government is looking to launch a rescue scheme that will help homeowners who are unable to maintain their mortgage repayments. A Ministry of Finance official told the House Human Rights Committee that those who are unable to repay their mortgages to commercial banks could receive support under a plan …

Controversial Cypriot rent bill scrapped

A controversial bill to regulate rents in Cyprus has been scrapped. Parliament decided against the legislation, penned by opposition party AKEL, on the grounds that it went against the principles of the free market, Cyprus Property News reported. The rental of Cypriot property will continue to be agreed between …

Cypriot construction activity declining - a problem for buyers?

When a country finds itself in financial difficulty, construction is one of the first industries to slow down - if not all but halt. It should be unsurprising then that the Cypriot property market is witnessing declining house building. However, the drop off in construction does have ramifications for …