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Property sales hampered by inertia and bureaucracy

The latest property sales figures published by the Department of Lands and Surveys paints a dismal picture of the island's property market, but as a registered agent has advised me, inertia and bureaucracy are not helping.
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Transfer fee discount could be win-win for all

A generous discount on Property Transfer Fees would provide a serious incentive for both vendors and purchasers to complete transfers and bring millions of much needed revenues into state coffers.
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Multiple creditors & foreclosures in Cyprus

A new directive for handling customers' debts has been issued by the Central Bank; however foreclosing on non-performing real estate loans and evictions is not in anyone's interests.
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The importance of property rights

The lack of Title Deeds is important, as it means that property rights are not protected - both for the owner and the financial institution that has granted a loan using a property as collateral.
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Get a breakdown of your Immovable Property Tax bill

Following complaints from owners of multiple properties that they were not being issued with detailed statements of how their IPT has been calculated, the Cyprus Inland Revenue has acted to resolve the problem.
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A simple warning on loan restructuring

Loan restructuring is meant to preserve value and rescue good loans that are under temporary stress; they are not a 'trick' to rescue bad businesses that were unable to repay their loans in the time of plenty.
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Playing games with property taxes

When you consider that a single person who owns a property pays 50 per cent more Immovable Property Tax than a couple or twice as much as four joint owners of an identical property, doesn't it seem unfair?
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Housing market in Cyprus

An insight into the island's property sector and housing market are contained in 'The Economic Adjustment Programme for Cyprus', recently published by the European Commission.
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Law of supply and demand will take care of prices

The law of demand and supply will take care of rental and sale prices of property much better than politicians would ever do. The market will adjust to the new economic conditions.
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Playing the waiting game

She knew getting Title Deeds to a Cyprus home could take time, but little did Karen Guttridge know that it would take eight years, a sit-in and some shouting at the mayor before she would get them.
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How we could deal with the transfer of BoC assets

Depending on decisions taken for the future of the Bank of Cyprus, all collateral for problematic loans that have been granted in recent years will be transferred to the new entity, which will sell or rent the assets to repay the loan.
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The MoU and its impact on banking and real estate

As the Cyprus economy has been in a downward spiral for two to three years, it would be unfair to argue that the MoU with our international lenders is responsible for the fall in property values and demand.
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How long is the long-run?

How can the government carry out the necessary reforms if its coalition is weak and its main supporters are those who are most heavily indebted in a country that went bust because of too much debt?
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The sniffing has started

Despite pay cuts, rising unemployment, haircuts on bank deposits, the closure of the island's second largest bank, etc. there have been no demonstrations, strikes or union protests; Cyprus is a funny little place.
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Redefinition of non-performing loans

Changes to the definition of non-performing loans to comply with European and IFRS accounting standards are necessary to restore Cyprus' credibility as a regional financial hub.
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Property highlights all that is wrong

For years, our administration and banks have cleverly created a captive audience, holding householders to ransom by refusing to issue title deeds. Oh yes, there is method in this title deed madness!
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Valuing real estate in a mispriced market

In light of the current environment in Cyprus, valuers face difficulties and complications when valuing (mainly commercial) real estate due to the lack of sales data and other factors.
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Bank accounts for all EU citizens

Europeans will have the right to open a basic bank account in any country of the EU, to switch bank accounts and see what fees they are being charged under a new Directive proposed by the European Commission.
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Living in denial doesn’t mean forgetting to live

Cypriots are still going round drinking coffee, having dinner with friends, and booking holidays, having a hard time appreciating what has happened - and what will happen in the months ahead.
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Why have construction output prices not fallen?

Although output in the island's construction sector is around one quarter of it what it was twelve years ago, output prices have taken a long time to respond, falling by only 0.4 per cent in 2012.
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