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Archive for 2016

Plans for luxury apartments in Larnaca

Lebanese investor Yussef Kanaan has announced plans to invest €15 million to build luxury apartments in Larnaca on land that he purchased for €3.5 million and expects to get a building permit within the week.

Bids submitted for Ayia Napa marina

More than 25 years after initial studies into five marina projects were undertaken, bids for the construction of the Ayia Napa marina have been submitted to the company in charge of the project M. M. Makronisos Marina Ltd.

Property sales continue to improve

Property sales in Cyprus increased in March 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 19 per cent.

Cyprus house prices fall

House prices in Cyprus fell marginally in the fourth quarter of 2015 compared with the fourth quarter of 2014, but by more than 4 per cent compared with the previous quarter according to a Eurostat news release.

50,000 housing units in Cyprus unsold

Up to 50,000 housing units in Cyprus have remained unsold for a considerable time based on the difference between the number of building permits authorised and contracts of sale deposited at Land Registry offices.

EC report highlights non-performing loans

Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.

Building permits fall in January

Although the number and value of building permits authorised in January fell compared to January 2015, the number of permits authorised for the construction of new homes rose according to the Cyprus Statistical Service.

Alpha Bank Cyprus in callous court action (Update)

Alpha Bank Cyprus is trying to prevent the transfer of properties on the Anarita Sunrise 1 development built by the bankrupt developer Yiannis Liasides, who borrowed in the region of €3.7 million that his company failed to repay.

Leptos Group loans restructured

The Bank of Cyprus has announced it has restructured the loans of one its largest debtors, the Leptos Group, in an agreement that involves the extension of loan maturities and a reorganisation of the Group.

Leasing alternative to mortgages

Cypriot MPs have concluded discussions that will enable those wishing to acquire a property to do so under a leasing agreement rather than purchasing it with the aid of a mortgage.

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