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Archive for March, 2018

Call to reduce non-performing loans

The International Monetary Fund (IMF) has called on the Cypriot authorities to amend the foreclosures and insolvency laws to tackle the very high level of non-performing loans (NPLs).

High-end Cyprus property sales boom

PwC Cyprus reports that 260 high-end properties in Cyprus (in excess of €1.5 million) were sold during 2017, which contributed to the wider recovery of the real estate industry and the rise in prices for the first time in several years.

Peyia sea caves media reports

The desecration of the sea caves area of Pegeia in Paphos on the west coast of Cyprus by the construction of so-called luxury properties, villas and a 168 room five-star hotel has been the subject of a number of media reports over the past week.

Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.

Call for efficient title deeds system

The European Commission and the European Central Bank has called on the Cypriot authorities to establish an efficient title deeds issuance and transfer system in a press release following the Troika’s mission to Cyprus.

Limassol in top 100 world cities

Limassol is amongst the top 100 cities of the world according in the ‘Quality of Living Index’ produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities.

Troika back in Cyprus

Representatives from the troika of Cyprus’ international lenders, the IMF, EC and the ECB, have been in Cyprus since Monday conducting a fourth post-programme review, which they are expected to complete next Friday.

Paphos marina decision soon

A decision on Paphos marina, which has been stalled by bureaucracy and delayed by legal battles since an initial study was carried out almost 30 years ago, is due to be made in the coming weeks by a new committee appointed by the Council of Ministers.

Tempers run high at sea caves meeting

Tempers ran high at a Peyia sea caves meeting with the mayor Marinos Lambrou telling Astra Radio that a war had been declared war against the Pegeia municipality and lies and misinformation are being spread in the media.

Measures to protect sea caves

The Cyprus Minister of Agriculture, Costas Kadis,will announce twenty measures to resolve an on-going debate over developments near the environmentally sensitive sea caves area in Pegeia.

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