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Cyprus Property News

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We give sharp, insightful comments on issues affecting the Cypriot property market. No nonsense reflection of current events and market trends as well as news on property tax and general legalization changes in Cyprus.

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Cyprus Property News

Capital Controls in Cyprus are lifted on Monday 6th April 2015.

Date: 06/04/15

Over 2 years after being introduced the last of the capital controls imposed by the Central Bank of Cyprus are lifted today on Monday 6th.

While those who have lost money in the banking crisis that engulfed Cyprus in 2013 will never forget such experience, the lifting of capital controls on money moving out of Cyprus is welcome good news.  It clearly shows that the financial sector is well on its way to recovery.

From a Cyprus property point of view gone will be the two values of Euro deposits in Cyprus. For the past years “Fresh Funds”, i.e. Euros “freshly” transferred from abroad, held a considerable advantage with sellers over “Old Funds” or Euros that where subject to capital controls. As monetary transactions are becoming much easier and more transparent the local buyers are now able to purse properties on an equal footing with foreign buyers. This in turn creates even more completion for great value resale properties with title deeds.
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