A few years ago the Government of the Republic of Cyprus declared an amnesty for planning control violations going back some years.

It now looks like the Cyprus Government is going to tackle the problem again but this time by a Bill which should also deal with the more serious issue of mortgages taken out by developers that has already been sold.

Hopefully the many small planning infringements that are holding up the issue of long awaited title deeds will have been solved once and for all without waiting for years for the next periodic amnesty.

Following a campaign by The Cyprus Property Acion Group (CPAG) asking Cyprus property owners to write to MPs and MEP’s, Lord Jones of Cheltenham tabled two questions in the House of Lords a few weeks ago.

Citizens who have bought property in Cyprus but have not received their title deeds.

To ask Her Majesty’s Government whether they will make representations to the Government of Cyprus over the practice of allowing developers to use title deeds of completed houses as collateral for future loans, with reference to Article 23 of the Constitution of the Republic of Cyprus.

From BuySellCyprus.com

House prices across Cyprus during Q3 2008 rose by just 1.5% on the previous quarter, as economic conditions start to taketheir toll on the Cypriot property market, according to the BuySell Home Price Index released on 24th of October. The average property price in Cyprus now stands at €193,323.

 “House price sales around the world are leveling off, which has also affected the Cypriot market,” said Litsa Chrysostomou, marketing director for BuySell Cyprus. “We haven’t seen a serious slowdown however as there is still movement within thelocal Cyprus property market and from countries like Russia.

Editor’s Comment

At the Cyprus Informer we like to see both sides of a story……………… 

An employee of the company writes on a public bulletin board or forum “the Registration number is: 482 and the Authorisation number is 314….”.  What the heck is going on?

 The Mail On Sunday, Cyprus

Buyers at risk, Cypriot police claim

A court in Cyprus has seized 14 computers along with boxes of paperwork from one of the country’s biggest property firms and ordered it to close three offices in Larnaca.

Many people in the Coral Bay area wondered what the low flying helicopter was up to on Monday.

Here is the explanation and some photos of the daring aviator.   

Deposits of dust and electrically conducting particles form on the insulators of high-voltage power lines can compromise the insulating power of the ceramic material of insulators and trigger discharge arcs which damage the line and the pylons.

With house prices falling in U.K. We are wondering how much of a downturn ,if any, there is in the Cyprus property market.

If I was buying here I would offer 20k Euros less than the asking price.

The ‘former soviet union’ economy is booming, so I hear.

It is a trait of Cypriot business that when trade falls off they raise prices to overcome the shortfall, rather than the UK practice of reducing prices to stimulate sales.

Property has gone up 20% just with the poor exchange rate! That’s without any increase in house values!

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu

Cyprus Mail article

A FEMALE lawyer has been sentenced to 30 days in Cyprus state prison, after being found guilty of traffic violations by Paphos court on Tuesday.

The lawyer was found guilty of three traffic offences, and has a string of traffic convictions in her past.

Jittery Paphos lawyers, shocked that one of their own could be sentenced to serve a prison term, were disbelieving of the outcome.

“I shouldn’t be speaking to the press,” said one lawyer, “please don’t print my name. I can’t believe she is going to prison. It’s ridiculous, she is a lawyer,” he said.

      
The Cyprus Ministry of Commerce, Industry and Trade awarded the construction of the Paphos marina contract to the consortium made up of Cybarco, Francoudi & Stephanou, Leptos Group (via Pandora Investments PND.CY) and J&P Avax, J&P, Cads Holdings and Athena.

Under the terms of the agreement, the marina will be managed by the joint venture for a period of 90 years, with the annual lease reaching EUR 3.8mln (received by the State). The marina, which will be constructed at Kissonerga (Paphos district) is estimated to cost EUR 64mln (excluding other development projects nearby) and will be completed in 4 years.

The Editor saw this scenario and felt that it was the basis of a wider article explaining this particular issue and looking at the present mortgage position in Cyprus.

“We have contacted the developer and have been informed by Mr.  ***** that the mortgage is there, which is not due to anything outstanding to the bank but purely so that any buyers on the project can borrow from the bank without needing any extra security or any additional cost. This additional cost is usually 1.8% of the loan amount per annum.”

When Cyprus joined the EC there was an announcement that the requirement to obtain a Permission from the Cyprus Council of Ministers would be removed in 2009.

The idea was to protect the Cyprus Property Market and Cyprus Residents from non resident investors.  How the Cyprus Government might now wish that with the falling demand and the credit crunch that this decision had not been taken and that Cyprus Property Inc., had sold all it had when it had the chance.

The Cyprus Informer wonder if this requirement might be relaxed early to stimulate demand and sales?

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu