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Archive for August, 2015

Some relief for trapped buyers

Although the ‘hidden mortgages’ bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.

Banks to recoup loans by ‘hook or crook’

Banks must find a way to recoup loans granted to insolvent developers once ‘trapped’ properties are released to home buyers, Interior Minister Socrates Hasikos said following a joint session of the House interior and finance committees.

NPLs long road ahead

New figures published by the Cyprus Central Bank show that the banks still have a long way to go in reducing NPLs, which increased by €68.2 million at the end of June 2015 to stand at €27.04 billion.

Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.

Property sector challenges remain

Ernst & Young Cyprus Ltd (EY) has published the second edition of its Real Estate Dynamics Report, which contains an analysis of recent developments in the Cyprus construction and property sectors.

Insolvency service ‘inundated’

The newly established Insolvency Service, which was set up by the Cyprus government as part of the insolvency framework agreed with the troika, has been inundated with requests for information.

July property sales up 22 per cent

The number of property sales in Cyprus during July rose 22 per cent compared to the numbers sold in July 2014 according to official statistics from the Department of Lands and Surveys.

Building permits May 2015

Although the number of building permits authorised in May 2015 fell compared to the number authorised during the same period last year, their total area went up by more than a third and their value almost doubled.

Guidelines on restructuring loans

The Cyprus Debtors Association has published detailed step-by-step list of guidelines on how borrowers may restructure their loans and advising them of their rights if they are being pressed by banks.

Aristo acquittal appealed

An appeal against the court decision to clear Theodoros Aristodemou, the founder of Aristo Developers and former chairman of the Bank of Cyprus, has been filed at the Supreme Court by the state.

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