Latest Headlines

Developers demand lifting of bank restrictions

The Land and Building Developers’ Association has demanded that banking restrictions are lifted and has directed its members to perform on their loans according to a report from the CNA.

arrogant developersTHE CYPRUS Land and Building Developers Association has demanded the normalization of the situation in the banking financial system by lifting the restrictions in the transactions in order to facilitate the performing of the loans. At the same time, the Association has asked its members to perform their loans.

A delegation from the Land and Building Developers Association held a meeting on Monday in Nicosia with Troika representatives, during which they discussed the situation on the real estate sector.

Speaking after the meeting and called to comment on Troika’s demand on the non-performing loans, the President of the Association Pantelis Leptos stated that the situation with the banking sector should be first normalized.

“Today we still have restrictions on the export of currency and blocked deposits and if the right time will be given, all these loans will be performing”, he said.

He also pointed out that the directions of the Association towards their members is to perform their loans.

Leptos said that Troika is convinced that the real estate sector can make a big difference during the next three years.

“The next three years is the time during which we need new investments and the professionals of the sector have demonstrated in the past, that they can attract foreign investments”, he said from abroad and brought investments around 500 million euro in place. This dynamic Troika wants to build,” he said.

Leptos referred to the foreign investors who recognized the attractiveness of Cyprus and wants to invest. “There is a great interest for individual investments, as well as for big investments”, he pointed out.

Finally, he said that the prices are much higher than those referred to the stress tests, and this is a positive development.

Cyprus is currently implementing a 3-year fiscal adjustment program, following a bail-in deal, reached last year with its international lenders, known as the Troika (European Commission, ECB, IMF).

– Cyprus News Agency

Readers' comments

Comments on this article are no longer being accepted.

  • UBoat says:

    I agree with CPP and the other comments.

    If you Lift the restrictions to the Developers, their stashed money will disappear from Cyprus.

    This money they may still have? which should be being used to pay their loans etc and complete developments as per contracts,

    Thus allowing people to at least apply for their title deeds and then allowing the money in owed TAX’s to rightfully go to the government, hopefully to re invest in the Islands future. (then I woke up)

    Why does the government not insist the developers pay what they owe and complete their projects????
    We all know why…… !

    Have a nice Day.

  • jon frazer says:

    I have noticed that politicians, banksters, developers and their ilk are fond of euphemisms. This ridiculous term “non-performing loan” is starting to really grate.

    They are DEBTS!

  • Kurtz says:

    This is great news, at least it has been confirmed that they were informed.

    Also is it not the case that to qualify for a passport prospective clients must purchase a new build property over 300k ?

    This also needs looking at, if any chance of credibility is to be retained. They are being put at risk deliberately when most people are advised to buy second hand where titles have already been issued.

  • Dunn Good says:

    I believe CPP is right if the developers have the money to pay their NPL`s and are holding back, WHY, biding time so they can protect their ill gotten gains in another country. Probably so they can buy a few more `millyun` pound houses in Chelsea and push London prices even higher. When the Bank push up interest rates, and they will, to put the brake on, who suffers, the likes of folk in the poorer areas. The folk in the NE and SW are being pushed out of the market, ref. news BBC wed. 14/5/14 and rents are soaring. We have lost two properties in C.Y. to the Bank and developer.

  • Stuart says:

    This article does not merit the dignity of a response. Only an association of fraudsters would need to ask its members to start re-paying their non-performing loans.

  • stevie R says:

    If the restrictions are lifted watch how much of the developer funds fly out of Cyprus. They know more than anybody that the building trade is on its knees and it will take years, if not decades to recover

  • kufrahdog says:

    Journalistic short comings excepted, this is an example of an arrogant vested interest exercising its pathologically corrupt approach to doing business. One wonders what right they have to ‘demand’ anything of the Troika. With characterists and attitudes like this it is not surprising that Cyprus is in deep trouble. KD.

  • Costas Afortune says:

    The developers have worked hand in hand with the banks and lawyers to defraud innocent investors. Developers and banks are currently being taken to court by hundreds of duped innocent Brits. So be warned ” DO NOT BUY ON THIS ISLAND”! You are told the legal system is similar to the British , ” rubbish”. They say the bank will follow banking codes ” rubbish”. Do not live the nightmare that many are going through now!

  • CPP says:

    Why would all these “professional developers” need to have any restrictions lifted on the “export” of funds. Would it be so that they can move the rest of their money out of the country?

  • andyp says:

    Give Cyprus developers nothing. Do not encourage the frauds.

    Do not buy off plan property.

    You have been warned.

  • jon frazer says:

    Great picture!
    As for the arrant, arrogant nonsense spouted, it is not worthy of serious comment.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size

Back to top