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Archive for 2015

Hidden mortgage bill passed

At today’s plenary session of the Cyprus parliament MPs approved the hidden mortgage bill designed to resolve the issue of ‘trapped’ property buyers who are unable to obtain Title Deeds due to their developer’s debts.

Hidden mortgage bill expected to pass

The hidden mortgage bill, designed to assist trapped home buyers who were duped into buying property built on land that nefarious developers had earlier mortgaged to the bank, is expected to pass at tomorrow’s plenary.

Hole in hidden mortgage bill plugged

The hole in the hidden mortgage bill, designed to protect those who were duped into buying property built on land that nefarious developers had earlier mortgaged to the bank has been plugged.

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.

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