Cyprus-Forum.com

[cyprusgrump]

Erm ... I am having some indications that people are putting their money in property (since it's no longer safe in banks) and this is starting to cause another property price boom. My (foreign) friend has just informed me that 3 reasonable offers he put in for different properties have all been turned down.

What with Brits realizing the Euro is going up, and they can get more for their money by hanging on, and Russians/others burying cash in bricks/stone ... does this signal another property boom for the beleaguered nation of Cyprus?

(Doesn't affect me by the way; neither buying nor selling - but good luck to the RoC if it can outwit the troika and survive! )

I have to wonder how people are getting the cash out of the banks they are worried about....? Given the capital controls...?

Black Money economy? Tax Free money by cheating the system.

Well Cypriot Politicians have led by example when they evacuated their monies to Switzerland. Bless them.

If it was black money they wouldn't be worried about the banks would they...?

I'm sure we all remember the boom in houses and Mercedes when Cyprus changed to the €uro and all the black money had to be spent!

True! They would just keep it in their mattress and stuff their pillows.

So what is the point of this thread?

Maybe when buying properties they can pay via Bank Cheque. Does the limit still apply if that is the case or does it just apply when withdrawing cash from ATMs and from within a branch?

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

[Paphitis]

Oh well it looks like not many people will be able to buy property then.

So property sales are reliant on foreign investment until the controls are removed.

Hardly a property boom scenario.

Were they not planning to introduce an immovable property tax anyway?

[Paphitis]

Well at this point I am more interested in the opinions and hearsay of Svetlana's Gardener.

[danny1234]

Erm ... I am having some indications that people are putting their money in property (since it's no longer safe in banks) and this is starting to cause another property price boom. My (foreign) friend has just informed me that 3 reasonable offers he put in for different properties have all been turned down.

What with Brits realizing the Euro is going up, and they can get more for their money by hanging on, and Russians/others burying cash in bricks/stone ... does this signal another property boom for the beleaguered nation of Cyprus?

(Doesn't affect me by the way; neither buying nor selling - but good luck to the RoC if it can outwit the troika and survive! )

You are full of more shit than a constipated Elephant.

[cyprusgrump]

Oh well it looks like not many people will be able to buy property then.

So property sales are reliant on foreign investment until the controls are removed.

Hardly a property boom scenario.

Were they not planning to introduce an immovable property tax anyway?

I have some other friends that made an offer on an apartment that the bank owns - the bank turned them down...

The reason they gave was that the market was only temporarily depressed and would pick up again soon...

I can't see it myself...

[Paphitis]

Oh well it looks like not many people will be able to buy property then.

So property sales are reliant on foreign investment until the controls are removed.

Hardly a property boom scenario.

Were they not planning to introduce an immovable property tax anyway?

I have some other friends that made an offer on an apartment that the bank owns - the bank turned them down...

The reason they gave was that the market was only temporarily depressed and would pick up again soon...

I can't see it myself...

Well there will be a recovery but not in the short term that's for sure.

Maybe in a couple of years. Worst case, in 5 to 8 years when the Oil and Gas taps open.

[GreekIslandGirl]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

[cyprusgrump]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

[Paphitis]

However, in a sign that fears of a bank run were steadily receding, the finance ministry said it would allow businesses on the island to transfer up to €300,000 ($392,000) domestically without prior approval from monetary authorities. The previous limit had been €25,000.

http://online.wsj.com/article/SB1000142 ... 24018.html

Looks like personal transactions are still not permitted for another 7 days without approval.

Does not sound like it is an easy process to buy property at all right now until the controls are removed.

[GreekIslandGirl]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

"By any means" ? Well that's a quick answer - above you're not even sure if they had asked for cash or cheque.

Friends are not concerned transferring the money from the bank(s) to pay for the property will be an issue, certainly, by the time conveyancing is done if not already possible by electronic transfer. It's having an offer accepted atm.