Buyers can challenge purchases affected by developers' mortgages. Once a complaint has been lodged, the Competition & Consumer Protection Service of the Cyprus Commerce Ministry is obliged to investigate.
The deal signed by the Cyprus government and Qatari Diar Real Estate Investment Company to build a luxury hotel, commercial, residential and leisure complex in Nicosia is still in the balance.
Kuwait and China have shown interest in investing in Cyprus tourism, real estate, container management and energy sectors according to the Minister of Commerce, Industry and Tourism Antonis Paschalides.
The days of banks in Cyprus granting mortgages to home buyers without advising them that the land on which their property is built is already mortgaged may soon be over with the appointment of a financial ombudsman expected in the near future.
An in-depth article by Charles Charalambous in the Cyprus Mail looks at the property transfer tax system and the consequences for property buyers resulting from the Land Registry re-assessing the amount tax payable using its own historical data.
The Cyprus Interior Minister, Neoclis Sylikiotis, expects the new legislation designed to clear the Title Deed backlog to be tabled before parliament later this month.
Critics of one of Cyprus’ largest infrastructure schemes, the luxury marina project at Limassol, have concerns over its financial and environmental impact and fear that it will throw the harbour’s little guys overboard.
The Cyprus Interior Minister, Neoclis Sylikiotis, has asserted once again that the draft legislation currently under discussion is designed to strengthen the rights of property buyers and will create healthier conditions in the Island's real estate market.
Property groups in Cyprus remain sceptical of the effectiveness of the Title Deed legislation being proposed by the Interior Minister Neoclis Sylikiotis following his briefing to them last evening.
