The Bank of Cyprus is to offer a last chance to delinquent developers, including Leptos Estates, Aristo Developers, Pafilia Property Developers, to start repaying their debts or face the consequences.
Kypros Kyprianou and his company Famagusta Developers have been found guilty of double selling a property located near the Paralimni lake following an eight months court case.
Over the past few of weeks we have received literally dozens of emails from people who have received unreasonable demands for Immovable Property Tax (IPT) from their developers.
If property developers fail to repay their bank loans, then the banks may not have sufficient funds to repay us the money that we deposited with them that they used to finance these loans.
Property developers have attracted half a billion Euros to Cyprus and the sector is one of the main areas attracting foreign investors according to the Interior Minister, Socratis Hasikos.
Troika calls for the non-performing loans of the top 22 corporates and real estate developers to be dealt with by "Special Projects Division" within the Bank of Cyprus to get them performing again – or seize collateral.
Politis, the Greek language newspaper, has listed the names of thirty two property developers who failed to pay their Immovable Property Tax to the Inland Revenue by the due date of 15th November.
Many Chinese people who have bought properties in Cyprus have felt cheated and complained according to Huali Che, president of the Chinese friendship association in Cyprus.
Nefarious property developers continue to exploit their customers by thinking up new ways of extorting money from them and using the threat of withholding Title Deeds to elicit payment.
A Pegeia resident demonstrates how the provisions of the Town Planning Amnesty enable 'dishonest and devious developers' responsible for planning infringements to escape the consequences of their actions.
The days when greedy property developers could extort contract cancellation fees from purchasers who wished to sell a property in Cyprus before its Title Deed had been issued have come to an end.
We have received further reports of property developers in Cyprus continuing to extort money from buyers by using the threat of withholding Title Deeds to elicit payment of highly inflated amounts of Immovable Property Tax.
In this article from his Vanishing Cyprus series, Andreas Chrysafis deplores the environmental and social impact that property developers and government policies are having on the island and its people.
In her reply to a request to send a fact-finding mission to Cyprus to investigate the Title Deed problems, European Commission Vice-President Viviane Reding said that “the Commission can only intervene if an issue of European Union law is involved.”
The arrogance still being shown by developers towards foreign buyers on the Title Deeds issue is scandalous. They don't seem to be aware of just how much lasting damage they have done to the market and to Cyprus.
Developers in Cyprus may have fallen for an alleged £12 million fraudulent loan scheme in the UK according to a report from the Overseas Property Professional (OPP), highlighting their vulnerability at a time when commercial funding is much harder to source.
Property developers are optimistic that the real estate sector will recover from the economic crisis in 2010, provided the necessary measures are taken by the government.
Despite recent reports of funding problems, the Cypriot company set up to deliver the Limassol marina remains confident that everything will run smoothly.
