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Archive for 2014

Troika anticipates property market recovery

The chairman of the Cyprus Land and Building Developers Association (LBDA) has reported that the Troika believes that there will be a recovery in the island’s property market in 2014.

Building sector ‘dictatorship’ says union

Building contractors are not paying their employees on time, cutting their wages and letting them go say the Pancyprian Federation of Labour (PEO) and the Cyprus Workers’ Confederation (SEC).

Concerns over taxman control in property transfers

Property transfers dependence on the payment of outstanding tax obligations are being discussed by lawmakers, with the chairman of the House Finance Committee expressing concern that it could be unconstitutional.

Evidence of improving banking sector stability

The Bank of Cyprus leadership believes there is evidence of improving stability in the Bank and generally in the banking sector and points out that it is fully committed to restoring the confidence of depositors and customers.

Qatar Investment Authority targets Limassol

The head of the Cyprus Investment Promotion Agency (CIPA) has said that the Qatar Investment Authority (QIA) has shown some interest in investing in property in the Limassol area.

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.

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