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Archive for November, 2013

Central Bank issues stark warning on foreclosures

The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.

Standard & Poor’s raises Cyprus rating as risks recede

Ratings agency Standard & Poor’s has provided a welcome boost to the island’s economy by raising its credit rating for Cyprus to B-/B from CCC plus/C arguing that the immediate risks to Cyprus’ austerity program had receded.

Title Deeds issued at last for Froiber Group buyers

Liquidators appointed to handle six of the eight companies comprising the Froiber Group has completed the work necessary to get Title Deeds issued for eight apartment buildings; efforts are concentrated on the rest.

Title Deeds, Mr Anastasiades

Nothing will happen to resolve the Title Deed fiasco unless President Anastasiades grasps the importance of this problem which, with the exception of various vacuous promised, his predecessors have ignored.

UK to assist Cyprus on title deed delays

The Cyprus government has accepted an offer by the UK to assist in efforts to resolve the title deed and numerous property issues faced by home buyers of all nationalities in Cyprus.

Developers listed on leaked memo of risky loans

A number of property developers, including the Leptos Group, the Dolphin Group and the Shacolas Group were amongst the companies listed in an alleged leaked memo from the BoC as having ‘risky’ loans.

Land Registry charges revised

Earlier this year the Department of Lands and Surveys revised the charges it levies for various services provided to the public, but these have yet to be published in its ‘Citizens Charter’.

Developers seek support for large projects

Issues with getting major construction projects underway were discussed on Wednesday by President Anastasiades, ministers and officials and members of the association of major development projects.

The troika’s title deeds demands

The MoU agreed between the troika and the government of Cyprus requires that the backlog of Title Deeds waiting to be issued for more than one year is reduced to less than 2,000 by quarter 4 of 2014.

Property sales hampered by inertia and bureaucracy

The latest property sales figures published by the Department of Lands and Surveys paints a dismal picture of the island’s property market, but as a registered agent has advised me, inertia and bureaucracy are not helping.

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