Real Estate & Legal News in Cyprus from Propertyshowrooms.com

Cyprus to discuss property market measures

Tue, 24 Apr 2012 00:00:00 GMT

Issues affecting the Cypriot property market and suggestions of measures to solve these problems are expected to be discussed at a meeting today (April 23rd).

The Cyprus Land & Building Developers Association will be holding its annual general meeting at 12:30 local time in Nicosia, Cyprus Property News reported.

Minister of the interior Eleni Mavrou will be present, with difficulties such as low demand for real estate, falling property prices and high unemployment on the meeting's agenda.

According to the news provider, the president of the association Lakis Tofarides will make a series of suggestions about how to kick-start the country's real estate sector, as well as detail proposals to boost government funding in the industry and create new jobs.

Earlier this month, the publication highlighted a report by Leaf Research into the state of Larnaca's property market, which revealed the number of apartment sales in the city fell by 86 per cent between 2007 and 2011, while transactions involving other types of residential real estate slid by around 60 per cent.

In addition, the value of apartments and houses declined by 20 per cent and 11 per cent respectively since their peak in 2008.

Cyprus property sales fall again

Fri, 7 Oct 2011 00:00:00 GMT

The rate of sales of property in Cyprus has dropped for the 15th consecutive month, the latest figures from the country's Department of Land and Surveys show.

Reporting on the data, Cyprus Property News noted that this now puts the number of transactions below the level seen when the market crashed in 2009.

In September, the number of purchases fell by 11.5 per cent compared to the same month a year earlier, although some regions of the island performed better than others.

The publication cited Famagusta and Limassol as two locations that saw the rate of sales increase last month, with a 43.1 per cent rise recorded in Famagusta.

However, Nicosia, Larnaca and Paphos all recorded further declines in their property markets.

The news provider highlighted the falling level of overseas buyers in the Cypriot real estate sector, pointing out that transactions among this demographic have decreased by 37.2 per cent year-on-year.

Last month, the United Nations hosted a series of talks between Greek and Turkish leaders of the island country, with the aim of making progress towards the creation of a unified federal government.

Cyprus sees increase in foreign property buyers

Wed, 18 May 2011 00:00:00 GMT

Some 151 separate contracts were processed at the Cypriot Department of Land and Surveys by overseas buyers during April, it has been revealed.

The figure is up by 19 per cent on the same period last year and suggests that foreign investors are beginning to return to the once hard-hit Cypriot property market.

Indeed, the trend is not limited to a monthly increase. During the first quarter of 2011, total sales to overseas buyers increased by more than 16 per cent year-on-year.

Larnaca leads the way with sales up 43 per cent, followed by Nicosia at 21 per cent, Paphos with 12 per cent, Famagusta at ten per cent and finally Limassol with a four per cent increase.

Speaking to Overseas Property Professional, Imperio Properties boss Yiannis Misirlis said that the island has seen an increase in the number of nationalities active in the market.

"There has been a noticeable percentage increase in business from Russia and China," he added.

Mr Misirlis noted that the country's guidelines and rules regulating overseas property buyers have helped to make Cyprus an attractive investment destination.

Cyprus 'ready' for property investors

Fri, 8 Oct 2010 00:00:00 GMT

Cyprus is fully prepared for any Brits wanting to purchase real estate in the country, those looking to find a home in Paphos or buy property in Famagusta will be pleased to know.

According to Pafilia Property, the infrastructure and community feel on offer make it the ideal destination to buy a home.

"It attracts everybody from the holiday home crowd to the retirees because it has the infrastructure," Maria McLaren, spokesperson for the company, said.

"Everything is geared up for anybody who wants to go to Cyprus and live there very happily. If you buy something near a village then you become a part of the local community

Ms McLaren added that developers have dropped their property prices by between ten and 20 per cent on the island due to oversupply.

And British buyers who act soon will be able to take advantage of the recent strengthening of sterling against the euro, with figures from the International Currency Exchange showing that pound has increased by four per cent in the past year.

Brits urged to seek legal advice when buying in Cyprus

Thu, 7 Oct 2010 00:00:00 GMT

Brits looking to buy property in Cyprus have been told to seek independent legal advice to help the process run smoothly.

According to law firm Michael Kyprianou and Co, employing the help of an expert will mean that those purchasing real estate in the country will avoid any unwanted problems.

"Like everywhere else in the world, the most important thing is to get good legal advice," Savvas Savvides, partner at the firm, said. "Get independent legal advice; everything else will be fine."

"In Cyprus, there are long discussions about title deeds, [but] the thing is, when you buy wisely, I don't see any problems."

Mr Savvides added that buyers always attempted to negotiate a contract that worked out in their favour, rather than the favour of the developer.

The latest buying statistics from the Royal Institution of Chartered Surveyors shows that residential prices on average fell by 2.5 per cent during the second quarter.

Cyprus title deed fiasco 'still ongoing'

Mon, 12 Jul 2010 00:00:00 GMT

Individuals who are looking for or own property in Cyprus may be interested to hear about the latest development in the country's long-running title deed dispute.

The Cypriot government has so far unsuccessfully attempted to introduce no fewer than five bills to speed the process up, but any further progress will now have to wait until parliament re-opens after the summer break.

According to Yiannos Lamaris, the house interior committee chairman, the bill is unlikely to go before parliament again until October at the earliest.

Estimates have suggested that approximately 130,000 properties are without title deeds because they have been built illegally.

Meanwhile, investors who are looking to find a home in Nicosia may be interested to learn that sales in the region are still rising, despite the crisis.

Earlier this year, it was revealed that the Cypriot government was planning to increase property tax to combat the recession.

The Cyprus Property News website claims the move will allow an additional EUR10 to EUR20 million in fees.

Cyprus property talks hailed as "substantive"

Tue, 10 Feb 2009 00:00:00 GMT

Talks taking place in Cyprus regarding property rights on the island have been described as "substantive" by the United Nations (UN).

The discussions are being held by Greek Cypriot leader Demetris Christofias and his Turkish Cypriot compatriot Mehmet Ali Talat in an effort to reunify the island.

And special representative to secretary-general Ban Ki-Moon Taye-Brook Zerihoun explained that outcome had been positive.

"They had a good round of substantive discussions on this issue and they have agreed to continue these discussions next week," he stated.

The talks are part of a larger drive by the UN to give the island a single national identity following years of disagreements between the two parties.

Should the attempts be successful, further opportunities for property investors wanting to make a purchase on the island could become available.

Property expert Dave Bexon recently stated that Cyprus is one of the leading countries for investors looking to make purchases.

Northern Cyprus boom tipped

Mon, 15 Sep 2008 00:00:00 GMT

Northern Cyprus is tipped to enjoy a boom as the island moves nearer to possible reunification.

Talks between the leaders of the Greek Cypriot south and Turkish Cypriot north commenced this month and according to Blue C developments, progress in this process will run in parallel with a boom in prices on the northern part of the island.

However, those who do seek to invest in any property in the north may be wise to carry out checks on its status as it has been widely reported that property rights issues will be a major matter in the talks, particularly for those who had to move from the part of the island where they were an ethnic minority.

These people may wish to claim back old property, raising possible problems should that be sold on.

However, Blue C noted that prices in the north are a third of those in the south, meaning there could be many bargains and possibly substantial growth in value subsequently.

Cyprus was divided in 1974 when Turkey invaded and occupied the north.