Tagsproperty

Sharp fall in demand for property

17/05/13
THERE has been a sharp drop in the demand for property in all towns except Paphos it emerged yesterday.According to data released by the land registry, 285 sale deeds were filed in April compared to 461 filed in April 2012. This shows an annual decline of 38 per cent. Nicosia had the largest decrease at 65 per cent, with sales falling from 628 last year to 222 this year. Famagusta had the second largest decrease of 61 per cent, with sales reduced from 201 last year to 78 this year.Limassol had a 54 per cent decrease and Larnaca had a 42 per cent decrease.Paphos had an increase of six per cent in sales and reached 480 sales compared to 452 last year. This is due to Russian and Chinese investors, the registry said... 8 comments

Re-assessing house values

14/05/13
A CAMPAIGN by the land registry office began yesterday to revaluate properties. Officials from the office will visit tens of thousands of houses, one-by-one, which had not been fairly assessed for property tax and sewerage or municipal charges. Last Friday, officials from each district office who are taking part in the campaign, were trained and instructed on how to carry out their appraisals... 3 comments

Property valuers suspend work as price falls loom

By Tom Bill 27/03/13
PROPERTY valuers in Cyprus have suspended work as they come to terms with a financial bailout that is likely to deepen price falls of recent years, the chairman of the country's Property Valuers Association told Reuters.The association, which represents about 90 per cent of valuers in the country, advised its members last week not to carry out valuations for banks or individuals until the terms of a financial bailout become clear, Charalambos Petrides said.A €10-billion euro rescue deal was agreed between Cyprus and the European Union on Monday after the country's outsized financial sector ran into trouble with soured investments in neighbouring Greece... 1 comment
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