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Archive for 2016

Estate agents upbeat about property prospects

Estate agents who took part in a recent survey are upbeat about the prospects for the Cyprus residential property market and expect the best year since 2008 although their opinions vary on the speed of the recovery in prices.

Property sales surge (Update)

Property sales in Cyprus rose significantly during February 2016 compared to the same period last year according to official statistics published by the Department of Lands and Surveys earlier this month.

Central Bank hopeful on property prices

The Cyprus Central Bank considers that improvements in the local economy and financial conditions will have a positive effect on residential property prices according to its latest Residential Property Price Index.

Title Deed applications exceed 8,000

More than 8,000 trapped buyers of property in Cyprus have applied for their Title Deeds under the provisions of the ‘hidden mortgage’/’trapped buyers’ law that was introduced last September according to the Cypriot Interior Ministry.

Rooting out corruption in Paphos

Paphos mayor Phedonas Phedonos is investigating another case of possible corruption and although it appears that Paphos led the way, corruption had thrived in other towns for many years as well.

Bill to curb bank usury

A vote on a bill to abolish unfair bank charges, such as a fee to monitor loan transaction history, insurance, added interest rates and other hidden charges, will take place at a plenary session of the Cypriot parliament next week.

Cyprus exits economic adjustment programme

Eurogroup finance ministers have approved the Cyprus government’s decision to exit its Economic Adjustment Programme and commended the Cypriot authorities for the overall successful implementation of the programme.

BoC sets up bad real estate asset unit

The Bank of Cyprus has established a Real Estate Management Unit that aims to acquire real estate in a voluntary asset-to-debt swap of non performing delinquent borrowers that would otherwise follow the foreclosure process.

Green plan for Limni golf course

A new plan for a multimillion Euro golf course project at Limni is underway following the request by the European Commission for additional studies based on environmental concerns.

Action against crocodile park threatened

Residents living in Psematismenos and other areas close to the proposed crocodile park planned to close roads and take other measures to prevent the construction of the park at a meeting last Tuesday.

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