Home Blog Page 618

Will Ryanair fly to Cyprus this year?

Editorial
-
0

Ryanair has told Overseas Property Professional (OPP) it is not ruling out flying to Cyprus in 2009, but says it has not yet been officially approached by the country’s tourism authorities to make it a reality.

In 2008, Ryanair said it was unwilling to fly to the island until Cyprus’s relatively high landing charges were dropped, robbing it of over 60,000 tourists per year.

“We’re potentially interested in Cyprus but we have to be able to make money,” said Bernard Berger, the budget airline’s director of route development. “We are a business. You [Cyprus] need us to come here, we don’t need to come to Cyprus. We are doing very well thank you.”

Moving to address the situation amidst falling tourism revenue and visitor numbers, ministers announced that they would inject €300m into Cyprus’ struggling property sector, of which €51m will be put straight into the tourism industry for VAT reductions in hotel charges and the lowering of aircraft landing fees.

“We did not relax, but timely and effectively put together a fiscal programme to address the crisis we find ourselves in,” said Cyprus president Demetris Christofias. “We are always prepared to take additional measures to limit the visible consequences.”

Despite the move, Ryanair said that it has not yet been approached officially by the Cypriot government to move the idea forward.

“We [Ryanair] are continuing to negotiate with all airports around the world on a variety of issues and if an airport approaches us, then we would sit down and meet with it,” Steven McNamara, head of communications at Ryanair told OPP. In reference to Cyprus, the spokesperson added: “Ryanair does not ever confirm or deny reports until an official decision has been reached.”

Commenting on the possibility of the budget airline flying to Cyprus, Antonis Pisharas, overseas marketing manager (UK) for developer Aristo, said: “If the government can get a guarantee on the numbers Ryanair would bring in, then they should talk to them. They need something tangible to work with. However, if Ryanair believes it can bring these people in than it should do so anyway.”

Derek Hatton, director of Larnaca-based agency Morpheus Investments, added: “If a deal was confirmed it would be a big boost for both the tourism sector and have a natural knock-on effect for the property industry. With Larnaca opening its new airport in November this year to double capacity, low cost carriers are bound to be attracted and to have Ryanair on board would strengthen the island’s fundamentals.”

© www.opp.org.uk

Cyprus Title Deeds: Miliband waits for action

Nathan Morley
-
0

PROTECTING the rights of property buyers in Cyprus is being discussed by some of the most powerful names in UK politics, after a stream of disgruntled home owners have been forced to plead to British MPs for urgent assistance.

Most pleas come from residents that remain stuck in limbo with no end in sight to their title deed saga. A staggering 80 per cent to 90 per cent of all owners of properties still do not have their deeds.

In two letters seen by the Cyprus Mail, British Foreign Secretary David Miliband and Chancellor Alistair Darling have been in communication concerning the ongoing saga within the past ten days.

Darling, representing two of his constituents that are fighting for the deeds for a property they bought on the island, received a lengthy response from Miliband last week which stated:

“I understand the concern about the practice in Cyprus of title deeds not being supplied on completion of a property purchase. The practice of property developers not supplying title deeds to purchasers has the potential to affect a large number of British citizens as well as other foreign nationals living in Cyprus.”

In the letter Miliband also states that the British High Commissioner to Cyprus had “received assurances” from the Cypriot Interior Ministry that they would introduce a bill to address the situation soon.

L-R Cyprus Foreign Minister, Markos Kyprianou; Foreign Secretary, David Miliband; President of Cyprus Dimitris Christofias; Former Minister for Europe, Jim Murphy and Special Representative to Cyprus, Joan Ryan meeting in London, 5 June 2008.

Since Miliband’s arrival at the Foreign and Commonwealth Office two years ago, he has been seen to take a much more ‘hands on approach’ in comparison to his predecessors on matters large and small, and the Cyprus property issue is understood to be of ‘great interest’ to him.

A spokesman for the British authorities in Nicosia confirmed that a meeting between the High Commissioner and a high ranking official at the Cyprus Interior Ministry had taken place just before Christmas.

“The meeting was productive, we have been assured that a bill on the matter would be submitted to parliament,” the spokesman told the Cyprus Mail, “We have not heard anything since then,” he added.

The spokesman declined to comment further on the matter, or say if a timeframe for the bill had been given, only adding that they are “watching developments closely.”

Denis O’Hare of the Cyprus Property Action Group (CPAG) told the Cyprus Mail he had heard ‘absolutely nothing’ about any new bill being discussed by the government in Nicosia.

“If the government does have legislation planned to deal with this dire problem which affects over 100,000 properties, why don’t they just tell us? Would it not be a sensible action for them to be open and frank and stop letting so many people lose sleep at night,” he said.

Title Deeds, which are officially referred to as “Certificates of Registration of Immovable Property”, are the most important evidence of property ownership, but with so few people receiving the documents after paying hundreds of thousands of pounds for houses and apartments, confidence from potential buyers is at an all time low.

A well informed source at the Ministry of the Interior said he was unaware of any new legislation being drafted to tackle the title deed dilemma.

In his lengthy letter to Alistair Darling, the British Foreign Secretary also stated that he “will continue to take a close interest in developments and look forward to seeing the measures by which the Cypriot government will attempt to resolve this matter.”

More worrying for the battered image Cyprus property market, Miliband points to an updated warning on the Foreign Office Website which gives blunt advice for citizens thinking of buying property in Cyprus.

“We warn British citizens of the risks involved in purchasing property in Cyprus, and that many British citizens face problems, including as not having title deeds.“

The no-nonsense Foreign Office bulletin adds, “We also advise British citizens to proceed with caution and seek legal advice from a source that is independent from anyone else in the transaction.“

A well known property analyst told the Cyprus Mail that the government seem intent on letting the title deed problem continue to cause misery to thousands of people that had moved here for a ‘dream retirement’ in Cyprus.

“Sometimes I think the Cyprus government, not just this one, but the last one think the title deed issue will just disappear. It’s staggering to see such an urgent and important issue being totally and utterly ignored by the state.”

Miliband adds in his letter that the CPAG is in close contact with the High Commission and a reliable source for all property related information.

In a scathing letter sent to the Interior Minister Neoclis Sylikiotis late last year, Marios Matsakis MEP wrote that the title deed situation had, “reached the proportions of a scandal; and for which many people, both Cypriot nationals and foreigners, are totally unjustly losing or risk losing their homes. The matter is quite unacceptable by any standards of justice or fair play and it must come to a speedy and satisfactory conclusion soon.“

But the bad publicity in the European and Russian media about the situation is said to be doing ‘irreversible damage’ Cyprus property market.

Copyright © Cyprus Mail 2009

UK Govt taking keen interest in Cyprus property issues

Nigel Howarth
-
0

BRITAIN is taking a very close interest in the progress being made by the Cyprus government to resolve the “Title Deeds-cum-fraud mess”.

Seeking further clarification from the UK Government on how it intends to ensure that the Cyprus Government keeps its promise to resolve the long-standing Title Deed issues, Lord Jones of Cheltenham tabled three further questions in the UK House of Lords in January.

In written replies to those questions, Lord Davies of Oldham said: “We await the measures by which the Cypriot Government will address the issue of property developers retaining the deeds of properties which have been purchased outright. Our high commission will maintain contact with the Cypriot authorities and action groups formed by British citizens, such as the Cypriot Property Action Group, and will make representations to the Cypriot authorities as appropriate in the interests of British citizens“.

Lord Jones of Cheltenham continued: “Whether Her Majesty’s Government will discuss with and provide assistance to the Government of Cyprus to ensure legislation is introduced to protect the interests of British citizens who have bought property in Cyprus and who are unable to obtain the title deeds to the properties they have purchased because property developers who hold the deeds have mortgaged the land on which their properties are built“.

In a written reply, Lord Davies of Oldham said: “The Government, through their officials in their high commission in Cyprus, will continue to raise the issue of retained title deeds with the Cypriot authorities. However, it is not for the Government to intervene in the Cypriot legislative process“.

Lord Jones of Cheltenham continued: “Whether Her Majesty’s Government will have further discussions with the Government of Cyprus to ensure British citizens who have bought property in Cyprus receive their title deeds immediately after purchase has been completed“.

In a written reply, Lord Davies of Oldham said: “We will continue to raise the issue of retained property deeds in our high commission’s contacts with the Cypriot authorities“.

Lord Jones of Cheltenham continued: “Whether Her Majesty’s Government, in their discussions with the Government of Cyprus, they will seek to ensure that United Kingdom citizens who have already completed their purchase of property in Cyprus receive their title deeds at the earliest opportunity“.

In a written reply, Lord Davies of Oldham said: “While the Government cannot get involved in individual cases they will continue to raise the issue of retained title deeds, through regular contact between their high commission in Nicosia and officials of the Cypriot Government“.

From other news received today, the British Foreign Secretary David Miliband and Chancellor Alistair Darling are both taking a ‘great interest’ in the Cyprus property issue.

Property sales to foreign buyers in sharp decline

Nigel Howarth
-
0

Figures published recently by the Cyprus Land Registry reveal that the number of properties being sold to foreign buyers is in sharp decline. One report published earlier today was headlined ‘External demand for properties frozen’.

During 2008, 6,636 properties were sold to non-Cypriot buyers compared with the 11,281 sold in 2007. In this respect sales in 2008 were only marginally better than those achieved in 2005, when foreigners bought 6,485 properties.

Paphos is the worst hit area with property sales to foreigners falling to 2,273 in 2008 from 4,971 in 2007. The Famagusta area follows with sales declining to 1,285 from 2,480.

Other areas of the island also recorded falls. Sales to foreign buyers in Nicosia fell to 390 from 483 in 2007. In Larnaca they fell to 1,605 from 1,950 and in Limassol sales fell to 1,083 in 2008 compared to 1,397 in 2007.

Preliminary figures released for 2009 are even more alarming. With just 131 being sold to foreigners during the month of January, Cyprus property sales to non-Cypriots are down 72%.

Cyprus given wake up call by European Parliament

Nigel Howarth
-
0

THE Cypriot authorities have been given a wake up call by the European Parliament’s campaigning Petitions Committee. Last Wednesday the Committee approved a damning new report slamming planning loopholes in Spain which leave homeowners defenceless against developers seizing part or all of their property.

The European Commission has told MEPs previously that the EU has no “general powers” in regard to property: indeed, it said that its involvement in property laws is specifically excluded from the current EU treaties. However, in light of the recent signing of the EU Reform Treaty in Lisbon, the Commission has now expressed its hope that a more solid and clear legal basis exists for further work in this field to be undertaken.

The EU Reform Treaty embraces the Charter of Fundamental Rights and whose Article 17 requires “fair compensation being paid in good time for loss” of property. It is hoped that once the Treaty has been introduced it will ensure that those who have suffered a loss of property will be duly compensated under Article 17.

Spain was at the top of the European Parliament’s property agenda and this latest decision gives the Cyprus government fair warning of its future intentions.

Euro-MPs attack Spanish laws affecting expat homeowners

Members of the European Parliament on Wednesday launched a new offensive against notorious Spanish land laws that continue to wreck the holiday-home dreams of Britons in the Valencia region.

Thousands of properties in Spain have been demolished without compensation for their owners – many of whom are British expatriates. In some cases, the authorities have even charged the property owners for the installation of local services, even after they have lost their property.

About 15,000 foreign residents, mainly British, Belgian, German and French property owners, lodged a formal petition with MEPs three years ago to protest against a 1994 Valencia land and town planning law which triggered 20,000 compulsory purchases of land or property for “urban” development.

The original aim of the law was to ensure community development plans were not blocked by individual land-owners – a loophole meant unscrupulous developers could reclassify rural land as urban without the owners’ permission – effectively giving developers compulsory purchase rights on foreign-owned homes at a fraction of the market value.

The European Court of Justice has already ruled that the so-called “land-grab” law is illegal, but the European Commission says a replacement law – the Ley Urbanistica Valenciana – still breaches EU public procurement regulations and therefore failed to protect citizens’ rights.

Now the Petitions Committee – which has no direct power – has made a new call on the Madrid government to force revision of the regional law.

A replacement law – the Ley Urbanistica Valenciana – still breached EU public procurement regulations and therefore failed to protect citizens’ rights.

Sir Robert Atkins, a Tory MEP, said: “The scandalous behaviour of some developers, builders and local authorities resulting in people losing their homes has to stop now. The emotional and financial trauma suffered by so many legitimate home owners has to be rectified.

“The European Parliament has expressed a forceful condemnation of Spanish Land Law and its implementation and it is imperative that all political parties in Spain understand the anger of residents and act to change the law as soon as possible.”

His colleague Roger Helmer, also a Tory MEP, said: “The Petitions Committee has no power, but as it acts directly on citizens’ petitions for help, endorsement from the Committee adds hugely to the pressure on the European Commission to keep pursuing the issue“.

He said MEPs were now looking at ways of providing compensation for those who have already lost their homes or lost part of their land because of the law.

© Copyright of Telegraph Media Group Limited 2009

Cyprus apartments for 20 Euros

Nigel Howarth
-
0

DESPERATE times call for desperate measures – and faced with the slump in Cyprus property sales one company has come up with a novel idea. Earlier this month it announced a series of eighteen competitions in which each of the winners will receive a one-bedroom apartment at complexes in Peyia.

Each apartment has a double bedroom, a sitting room, a kitchen and a shower room and they will also have a small private garden or a balcony. Each complex also has off road private parking and a shared and fully serviced private pool.

There are 8,000 tickets for each of the eighteen competitions priced at €20. The competitions are running consecutively and when all 8,000 tickets for one competition have been sold, that competition will close and the next one will open.

Apartments will be handed over with all taxes and duties paid and fully equipped and furnished immediately after the draws are made.

Property lotteries and raffles are quite common in other countries such as Spain and Australia. I believe this is the first time such a competition has been attempted in Cyprus and it will be interesting to see how much interest it attracts.

1...617618619...693Page 618 of 693