Real property law

The government is about to initiate changes in the legal framework and possibly taxation for some 145,000 residences in Greece.

A significant mobilization by the Cypriot government and the Central Bank of Cyprus this week regarding the framework of foreclosures bore fruit. It primarily aimed to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy.

Thousands of businesses that increased their staff in 2022 will be exempt from the fee for practicing a profession (known as "telos epitidevmatos"), saving between 400 and 1,000 euros, depending on the form of the company and its location.

Property owners are increasingly turning to short-term leasing as a result of the recent extension of the annual rent increase cap, as the figures fall far below market value.

Cyprus is heading toward suspending first-residence property foreclosures up to 350,000 euros by end-October.

This intermediate solution is seen as a compromise, allowing either the government, the Central Bank of Cyprus, or both to come up with proposals that will effectively address the issue of nonperforming loans.

Following the extension of a 25 percent cap on rent hikes to another year, courts are struggling to handle the huge influx of lawsuits arising from disputes between landlords and tenants over rent increases and eviction.

In the next month the new government will submit an omnibus bill to Parliament including tax breaks and benefits for families, young people, professionals, property owners and businesses.

The number of people looking for a rental house surpassed those who look for a house to buy, according to recently published data.

Figures provided by the real estate platform Emlakjet showed that in May 52 percent of those out in the real estate market are looking for a house to rent. In April, this was 50 percent.

The Hellenic Cadaster is now entering the digital era after 15 years of efforts to this end, starting with the municipalities of Athens, Galatsi and Moschato. The Cadaster Office will close on Thursday and Friday to complete the changeover and reopen on July 3.

The groundwork for the establishment of a specialized jurisdiction court in Cyprus, which will exclusively handle issues related to primary residence foreclosures, will be laid on Thursday.