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 …
The Cypriot government is being advised that it shouldn't meddle in the housing market. Ahead of a discussion yesterday (October 16th) among lawmakers over whether a bill to regulate rental prices should be introduced, the Cyprus Property Owners Association warned that it would take any available legal measure if the …
The start of 2013 brought with it a deluge of bad news for the Cypriot property market, but new figures suggest that overseas buyers have remained fairly constant. Data from the Department of Lands and Surveys showed sales to foreign investors remained the same in September from the year previous, with 77 homes …
The Town Planning Amnesty for Cypriot property has been extended until April 30th 2014. Now statements of intent can be submitted under the provisions for another seven months to legitimise minor planning infringements, Cyprus Property News reported. First introduced in March 2011, the amnesty is hoped to address …
Cypriot property sales have plummeted by almost 50 per cent in the first eight months of 2013. Research from the Department of Lands and Surveys showed that between January and the end of August, transactions dropped by 46 per cent compared to the same period of the previous year, the Famagusta Gazette reported. Just …
It's almost crunch time for Cypriot property owners mis-sold homes over the last ten years. It is believed 30,000 people, 10,000 of whom are UK residents, bought property outright without title deeds. This means a prior creditor could foreclose to recover the debts of the developer or vendor. According to Maxwell Alves …
Sales of Cypriot property dropped by half in June, according to new figures from the Department of Lands and Surveys. Over the year from June 2012 to the final month of Q2, sales fell by 51 per cent, thanks to continued economic instability, Cypriot Property News reported. A lack of liquidity, record unemployment and …
Land Registry employees have been racing to reassess the value of all Cypriot property before the June deadline. Staff have been putting in extra hours without pay to ensure real estate in the country meets the specifications given under the island bailout, Cyprus Property News reported. Until now, property in the …
Property sales have reached record lows in Cyprus, thanks to current economic conditions. Figures from the Department of Landlords and Surveys showed that just 285 contracts of sales were deposited at the Land Registry in April - the lowest figure on record, Cyprus Property News reported. Conversely, in April …
In the early hours of yesterday (March 25th) morning Cyprus agreed a bailout deal to prevent it becoming the first country to be forced out of the single currency, but what will this mean for the property market? After refusing the first deal that imposed a 7.75 per cent tax on all depositors, the country finally …
Cypriot property could be in for a tough time ahead, the Global Property Guide reported. Sources quoted by the Cyprus Broadcasting Service claim that the PIMCO Strategic Global Government Fund, Inc is to put in place a “worst case scenario” for the sector, downgrading property values by up the 65 per …
New figures from the Land Registry suggest that there may be trouble ahead for the Cypriot property market. While low real estate prices in the country are enabling a greater number of foreign investors to buy a home in Cyprus, transaction volumes are actually falling, Cyprus Property News reported. The Land Registry …
The Cypriot property market could be about to receive a boost from China, with developers from the country looking to Europe for investment. Christos Mavrellis, managing partner with Chrysses Demetriades & Co LLC, told the China Daily that Asian developers are planning to buy land in Cyprus or enter into joint …
Amendments to the law governing the number of dwellings a non-European Union (EU) resident can own is hoped to give a much needed boost to Cypriot property . With real estate prices in the country continuing to fall, the government is hoping to attract a new market of foreign investors with their latest …
Lawmakers are urging the Cypriot government to reconsider the bill that increases annual immovable property tax (IPT). They claim the document, which was part of the island's bailout, should be amended to increase fairness. Landowners, property developers and hoteliers have come out in objection of the tax hike, …
With Spain introducing a new residency scheme to encourage foreign investors to buy property in the nation, many in Cyprus will be wondering what this will mean for their own overseas market. Cyprus already offers a residency scheme for third country nations investing in property over €300,000 (£242,400 …
Those looking for property abroad could help to give a boost to the Cyprus market by investing in the country's real estate. October registered another decline in sales, with a total of 454 contracts submitted to Land Registries, Cyprus Property News reported. This is a drop from standard levels and a fall of 20 …
Cyprus is in the process of preparing a bill that will reform immovable property taxation, creating approximately €29 million extra for the government each year. The proposals have already been submitted to parliament and will lower the tax-free value of immovable property from €120,000 to …
The Cypriot parliament last week (October 26th) rushed through an amendment to the country's tax amnesty, extending the holiday by 14 months. Under the law, penalties and interest accrued on back taxes before December 31st 2008 can be written off over 5.0 per cent of the total amount due to Inland Revenue. This …
Prices for residential real estate in Cyprus fell by 5.9 per cent in the second quarter, the steepest decline in two years. Figures from Cyprus Central Bank show house prices declined by 5.9 per cent compared with the same period in 2011, while apartment values dropped by 5.1 per cent. Prices fell by 2.2 per cent …
