News

The Ipatia Initiative group is taking court action to prevent the construction of the NEO high rise project in Limassol following an independent evaluation of the buildings on their quality of life and the project’s environmental impact. >>

JUNE seems to be the month of auctions in Cyprus with numerous flats, plots of land and industrial-use buildings set to come under the hammer despite the poor sales recorded so far. >>

THE LIMASSOL Chamber of Commerce and Industry (Keve) warned this week that rents in the city will continue to spiral, ironically because of the thousands of construction workers needed to complete the many development projects underway, and all requiring housing in or near the city. >>

THE EUROPEAN COMMISSION will warn that schemes in EU states to sell citizenship or residence to wealthy individuals could help foreign organised crime groups infiltrate the bloc and increase the risk of money laundering, corruption and tax evasion. >>

THE GOVERNMENT is preparing a bill exempting from payment of the full 19 per cent VAT, purchases of undeveloped land for the purpose of building on it an owner-occupied primary dwelling. >>

THE FEDERATION of the Building Constructors Associations of Cyprus (OSEOK) says things are looking as developers see a bright future as big projects are in the pipeline, while others are expected to be announced. >>