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Falling Cyprus property sales

Alan Lawton
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ACCORDING to reports in the Phileleftheros and Cyprus Mail newspapers, Capital Gains Tax receipts resulting from the sale of property in Cyprus during the first quarter of 2008 have dropped by more than 5 million Euro.

The reports states that receipts in the first quarter of 2008 fell to €90.86 million compared with €96 million in the corresponding period of 2007 (-5%).

The Cyprus Mail goes on to say that Immovable Property Tax receipts have also fallen by 22% to just €1.22 million.

In another newspaper, it’s reported that a Paralimni developer sold 10 properties during the first quarter of 2008, compared to 52 during the same period in 2007.

Backlash from Cyprus property developers

Leo Leonidou
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THE GOVERNMENT is facing a backlash from Cyprus property developers and estate agents over plans to introduce a 15% VAT charge on land purchases from July 1, with many saying the regulations are not clear.

One estate agent said local buyers may now be priced

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Gloomy Cyprus property figures and economic outlook

David Crowther
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THE number of building permits issued for the construction of property in Cyprus continues to decline, reinforcing the IMFs gloomy economic outlook for the island.

According to the Cyprus Statistical Service, CYSTAT, the number of permits authorised during January 2008 stood at 687 compared to 738 in January 2007. These building permits provide for the construction of 1,229 dwelling units compared to 1,547 in the same period last year.

Meanwhile, the International Monetary Fund expects that the Cypriot economy will register its worst performance for the past five years. It predicts that Cyprus’ GDP growth will drop by one percentage point in 2008, while domestic inflation will climb higher, putting significant pressures on consumption and services.

The IMF forecasts on the domestic economy are included in its latest report for the course of the world economy. (Click here to view/download the IMF world economic outlook report – 6 Mb pdf file).

Cyprus property price index reaches 173.6

David Crowther
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FIGURES just released by CySTAT indicate that the price index of new properties in Cyprus has reached 173.6.

Cyprus Statistical Service’s (CySTAT) quarterly index measures the changes in unit prices charged to clients for the construction of buildings. It includes the costs of materials used in the construction of property, labour, energy, transport, etc, as well as the contactors’ profit.

The base year for the index is 2000, which means that it shows the price changes relative to their average values in the year 2000. In 2000, the average of the output price index was set at 100. So an index of 173.6 implies that prices have increased by 73.36% since that time.

You can find further information on the price of properties in Cyprus by visiting the Cyprus Statistical Service website.

Cyprus property scam reported on ITV

David Crowther
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Scam IconMany people will have read about the £3 million Cyprus property scam in Paphos involving J&I Estates, and their sole agent in Cyprus Peter Stephenson Properties.

Ian Beaumont, the director, of J&I Estates was locked away for a £450,000 fraud in Kuwait. His “partner in crime”, Andrew Nolan of Peter Stephenson properties has twice been banned from serving as a company director in the UK. On the second occasion, the judge branded Nolan a “complete fraudster” after his insurance company One Call Insure Direct went bust with debts of £2.3m.

On Thursday 3rd April, in its series “Holiday Homes from Hell”, ITV screened a 7 minute item about the scam, including interviews with a number of those who have been conned.

[youtube=http://www.youtube.com/watch?v=nPwfOuytaeU&w=470&rel=0]

Sylikiotis wants to halt Cyprus house price increases

Katerina Nicolaou
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THE election campaign slogan of newly elected President Demitris Christofias for a “just society” passes mainly through his Ministry, given the fact that the majority of the laws which regulate internal administration has to do with issues the Minister of Interior deals with.

Neoklis Sylikiotis returns to the “Ministry of the Citizen”, as he calls the

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