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Monthly Archives: November, 2016

Fundamental planning reforms

Fundamental reforms are underway to rationalise, accelerate and simplify the time consuming and complex procedures involved with the licensing and control of building development in Cyprus.

Alpha Bank Cyprus fined (update)

Alpha Bank Cyprus has been fined a quarter of a million Euros by the Office of Competition and Consumer Protection (CCPS) following its investigation into the company's business practices.

Falling home prices

The Cyprus Central Bank has reported that home prices continued to fall during the second quarter of 2016 by an average of 0.6 per cent for houses and 0.2 per cent for apartments.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Non-performing loans will take time to resolve

The problem of non-performing loans will take some time to resolve due to the complexity of the problem said the Cyprus Central Bank's Governor speaking before a parliamentary Committee.

Strong growth in building permits

The number of building permits authorised by the municipal authorities and the district administration offices during August 2016 stood at 381 according to the Cyprus Statistical Service.

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