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Archive for 2017

Small drop in non-performing loans

Although non-performing loans had fallen by €180 million at the end of January compared to the previous month, as a percentage of total loans the figure remained the same at 47.2 per cent.

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers’ association (OEV).

More new homes under construction

The number of new homes in Cyprus for which building permits have been issued rose by 22.8 per cent in February 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Slight fall in property sales (Update)

The number of property sales in Cyprus fell slightly in April compared to the numbers sold in April 2016 with increases in Nicosia, Limassol and Paphos wiped out by falls in Larnaca and Paphos.

Bank lending systems stymie Cypriot buyers

The Cyprus banks complicated lending procedures cause stagnation of property purchases by Cypriots according to the chairman of the Cyprus Real Estate Agents Association (SKEK).

Bank contracts for buying property

The Cyprus Parliament voted unanimously on Friday to adopt EU legislation on bank contracts for the purchase of property, which will provide consumers with a higher level of protection.

Zero rent increase – wrong decision

How will foreign investors invited to put money into the Cyprus property sector interpret the decision by the Government’s Council of Ministers that there will be no rent increases until 2019?

Commercial court in 2018

In efforts to modernise the Cyprus justice system, a new Commercial court will be set up in early 2018 to deal with claims arising from contracts, company disputes, the purchase or sale of goods, etc.

Limassol looks to Marseille for inspiration

Limassol is seeking to take a leaf out of Marseille’s book in an effort to inject new life into the Aktaia Street area of the city and looks set to adopt the Marseille Euroméditerranée project.

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