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Archive for January, 2014

EU-wide mortgage credit rules adopted

The EU has adopted a new directive aimed at creating a single market for mortgage credits in the EU, with a high degree of consumer protection that will come into force in all Member States in two years.

Arrears and NPLs at unprecedented levels

For many years the banking sector in Cyprus adopted poor risk and credit management practices, dominated by asset based lending, and an overexpansion of the real estate market.

Call for BBC to investigate Cyprus property issues

A petition has been launched calling on BBC Panorama Current Affairs to investigate and report on the issues facing UK citizens who purchased off plan properties in the Republic of Cyprus.

Sovereign Base Areas development agreement in full

Full details of the arrangement between the government of Cyprus and the government of the United Kingdom relating to the regulation of development in the Sovereign Base Areas released.

Building permits slump 39 per cent

The decline in the island’s construction sector continued in October according to the latest figures released by the Cyprus Statistical Service with the number of building permits authorised during the month falling 39 percent.

House prices down by 1.3 per cent

House prices in the euro zone were down by 1.3% in the third quarter of 2013, according to new figures from Eurostat, the EU statistics agency, with Cyprus one of the countries with the largest falls.

Property tax review gets underway

The government has appointed the accounting firm of PricewaterhouseCoopers to advise on the administration and consolidation of the various property taxes; the work should be completed in 3 months.

Complimentary tickets to ‘A Place in the Sun Live’

Unlimited complimentary tickets are available for ‘A Place in the Sun Live’, the UK’s largest overseas property exhibition, which will be held at London’s Olympia between 28th to 30th March 2014.

British bases land development agreement

The UK Government has signed an arrangement with the Cyprus Government giving residents increased flexibility to develop private property within the British Sovereign Bases.

Pay up and shut up

Asked to comment on reports that thirty large borrowers were being put under pressure by the Bank of Cyprus to repay their debts, President Anastasiades said they have no option but to pay.

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