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Archive for January, 2016

Cyprus real estate market 2016

In isolated cases, where the demand for residential real estate in Cyprus is low and distressed assets result in excess supply, further discounts of up to 40% of market value are possible.

Property prices rose in third quarter

Property prices in Cyprus rose 2.5 percent during the third quarter of 2015 compared with the corresponding period of the previous year according to figures published on Wednesday in a Eurostat news release.

No apologies for foreclosures

Bank of Cyprus CEO John Hourican made no apologies for foreclosures stressing that the bank will focus on uncooperative borrowers and will not foreclose on vulnerable groups that deserve the bank’s protection.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman’s office to make repayments on their housing loans.

Building permits October 2015

The number of building permits authorised in Cyprus during October 2015 increased compared to the number authorised during the same period in 2014, together with their total area and value.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Bank lending criteria to be relaxed

Under a new draft Cyprus Central Bank directive to be discussed between the Central Bank and financial institutions lending criteria will be reformed, including the procedures for financing real estate mortgages.

Cyprus bailout success likely

Cyprus is likely to successfully complete its bailout programme and receive the last tranche of international aid by the end of March, a senior euro zone official said on Wednesday.

Ayia Napa marina construction starting soon

The construction of the marina at Ayia Napa, which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

Memorandum of Understanding January 2016

A revised Memorandum of Understanding (MoU) between Cyprus and its troika of international lenders – European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – has been published.

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