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Archive for January, 2015

Mortgage regulation tightened

The Mortgage Credit Directive 2014/17/EU aims to enhance consumer protection for those buying residential property and should end devious banking practices in Cyprus and other EU member states.

Foreclosures bill suspension extended

At a plenary meeting of the Cyprus parliament earlier this afternoon, opposition party MPs voted to extend the suspension of the hotly debated foreclosures bill until later this year.

Cyprus real estate insight (apartments)

During the first three quarters of 2014 more than 3,200 residential property transactions took place across Cyprus according to figures released by Cyprus Economic Intelligence (CEI).

Aristo trial gets underway

The trial of Theodoros Aristodemou, the head of Aristo Developers Limited and former Chairman of the Board of Directors of the Bank of Cyprus, and three others resumed today at the Paphos Assizes.

Ayia Napa marina investment

Naguib Sawiris, billionaire businessman and founding member of the Al Masreyeen Al Ahrrar political party, plans to invest around €220 million in the construction of the Ayia Napa marina.

The major problem of non-performing loans

Banks in Cyprus could secure the collection of significant parts of loans that are currently not being serviced by managing their non-performing loans more efficiently as Dr George Mountis explains.

US group plans expansion to Cyprus

Realty Group International, Inc. (RGI), headquartered in Beverly Hills, with offices in London, Paris, Rome, Barcelona and Rio de Janeiro has announced plans to expand into Cyprus.

Residential property prices fall 1.7 per cent

Residential property prices in Cyprus continued to fall in the third quarter of 2014, according to a Eurostat newsrelease published today, falling 1.7% compared to the third quarter of 2013.

Land Registry corruption investigation

A number of land registry officials were taking bribes according to an internal audit and are under investigation for corruption; warrants have been issued to locate the money they took.

Collateral gap at €15 billion

Figures presented to parliament today by the Governor of the Central Bank of Cyprus reveal that there is a shortfall of almost €15 billion in the value of collateral offered to secure loans.

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