How Has The Reputation of the Cyprus Property Market Been Faring?

Whilst it would appear that Cyprus Property Market issues have become inordinately quiet that is not how things really are Statistics reveal that the Cyprus Property Market might be picking up.

But has how has the reputation of the Cyprus Property Market been faring?

April and May saw dramatic issues played out in the Cyprus Courts with The Cyprus Property Action Group being ordered to close down its web site with many Cyprus forums resorted to discussing the actions of a 5 star developer !! (denoted in posts as ******) for fear from web site owners that if the name were disclosed then other web sites might suffer the same fate.

The CPAG site was re-incarnated briefly with an unauthorised cache downloaded from the internet and this was in some reports put down to mischief from interests in North Cyprus seeking to cause problems in The Republic of Cyprus (South). This was removed after just a few days.

The owner of the CPAG site appeared in Court on and the case was withdrawn but no real details have been revealed just speculation on the Cyprus forums.

Having said that the CPAG web site has not re-appeared.  During the crisis there was speculation that CPAG might be incorporated as a limited company outside of Cyprus and with internet hosting that would not be subject to legal actions from Cyprus.

In the meantime many cyprus property buyers have joined campaigns to draw attention to the difficulties of the Cyprus Property system to the notice of MEP’s.  Some MEP’s are now asking questions.

But I am not sure how far this can really go because the EU Commission has already said that the Government of the Republic of Cyprus is taking action to revise and introduce new legisalation to solve problems. It is also suggested that such matters are outside of EU jurisdiction and remain the sole responsibility of the EU State in question.

Having said that the reforms have been halted during their passage into law because Deputies have claimed that the consultations are incomplete or certain objections have not been reviewed.

So is Cyprus doing something or not.  Well may be, but actually not.

The proposal to increase Cyprus Property Taxes remains unresolved but pundits attach themselves to the last known statements by Ministers as what will happen and it won’t be that bad.  Don’t hold your breath pundits there is much more to run in this one !!

So the judgement on the well known problems property problems in Cyprus  remain with the property market where the verdict is don’t buy unless you can get deeds in your name right away.

The only real impetus on the Government of Cyprus will be when it encounters another set of big economic problems.  Coming soon probably after the July and August Summer shut down.

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