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Archive for 2017

Cyprus 7th in citizenship by investment

Cyprus has emerged as one of the most popular jurisdictions for EU and non-EU nationals in the Citizenship by Investment Index, published by Financial Times group’s Professional Wealth Management.

New homes construction surges

The number of new homes in Cyprus for which building permits have been issued surged by 52.5 per cent in May 2017 compared to the same period in the previous year according to the Cyprus Statistical Service.

Bank of Cyprus fined €170,000

The Bank of Cyprus has been hit with a €170,000 administrative fine by the Office of Competition and Consumer Protection (CCPS) following its investigation into the bank’s commercial practices relating to mortgage loans.

Cyprus property sales up 18% in July

Property sales in Cyprus rose 18 per cent in July compared with July 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.

Limassol rents skyrocket

Demand for rental properties in Limassol has grown in recent years as local buyers have difficulty in obtaining home loans due to the banks’ stringent loan conditions and because it attracts plenty of foreign businessmen.

Bank of Cyprus must sell NPLs

The Bank of Cyprus must include the sale of non-performing loans (NPLs) in its toolkit if it is to achieve its ambitious target to halve their ratio to 20 per cent by 2019 says Moody’s Rating Agency.

Local property tax set to change

Some will pay more and some will pay less local property taxes in Cyprus this year as charges will be assessed on 2013 property valuations rather than those of 1980 in efforts to provide a fairer taxation system.

Cyprus home prices fall 1.4 per cent

Although a quarterly fall of 1.4 per cent in Cyprus home prices was recorded during the first quarter of 2017, prices rose 4.1 per cent on an annual basis according to a press release from the Cyprus Statistical Service (CYSTAT)

Banks helped by increased building permits

Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would improve their asset quality says ratings agency Moody’s.

Cyprus real estate market review

PwC (Cyprus) has published “Cyprus Real Estate Market – 2016 Year in Review”, which provides a general overview of the Cyprus property sector based on authoritative market data.

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