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Archive for 2017

Non-performing loans at 47 per cent

Non-performing loans in the Cypriot banking system stood at 47% of total loans at the end of December 2016; a fall of €3.7 billion in two years to €23.7 billion according to data released by the Central Bank of Cyprus.

Larnaca marina and port proposals received

Five proposals from various consortia have been received for the development of Larnaca marina and port following many years of delay and after the previous bidder Zenon Consortium failed to find the necessary funds.

Standard & Poor’s raises Cyprus rating

Ratings agency Standard & Poor’s has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to ‘BB+’ from ‘BB’ and has affirmed its ‘B’ foreign and local currency short-term sovereign credit ratings.

Key findings of Cyprus real estate conference

Key findings form a real estate conference to discuss the state of the Cyprus property market recently hosted by RICS (Cyprus) at which the management of REOs and NPLs were also discussed.

MPs seek sewerage rate reduction

Sewerage rates in Cyprus, which are based on a property’s value as determined by the Land Registry need to be revised following the property revaluation exercise carried out in 2013 to prevent astronomic rises.

Paphos marina faces further delays

The Paphos Grand Marina project, which has already been delayed by more than a decade, may face yet another delay following a decision by the authorities to refer the matter to the attorney-general.

Building permit regulations to be re-examined

The Interior Minister’s building permit decree designed to curb profiteering in non-residential areas by property developers has been criticised by Parliament; further consultations will be held.

Concerns over massive Peyia project

A massive development proposed for a hillside above Peyia in Paphos will irreversibly devastate the natural environment, put pressure on infrastructure and create new homes where thousands remain empty, according to environmentalists, opposed to the project.

Cyprus property sales falter in February

Having got off to a promising start to the New Year in January, property sales in Cyprus faltered in February with numbers falling in all five districts compared to the numbers sold in February 2016.

Cyprus real estate market report 2016

In its 2016 annual review Resolute Asset Management reports that the Cyprus real estate market is gradually becoming more active partly due to improving local and international economic conditions.

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