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Archive for July, 2018

Is the Cyprus construction boom sustainable?

Questions raised about the latest Cyprus construction boom and whether there is a sustainable demand for new homes or is it just the result of the ‘passports for cash’ scheme?

Cyprus construction industry enjoying a revival

Cyprus’ construction industry seems to be regaining confidence over the past year, as developers encouraged by an increase of activity, feel that the barren years of the real estate crisis are behind them.

Cyprus consumer protection decisions

The Cyprus Consumer Protection Service has recently issued decisions against Alpha Bank Cyprus (former Emporiki Bank) and two property development companies Geormaride Ltd and VM Development Ltd.

Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.

Funds eyeing Bank of Cyprus bad loans

A number of funds are reported to be interested in buying some of the Bank of Cyprus’ non-performing loan portfolio, which is valued at as much as €5 billion, according to Bloomberg.

Non-performing loans highest in Europe

Non-performing loans (NPLs) in the Cypriot construction and real estate sectors are amongst the highest in Europe with construction NPLs standing at 75 per cent and real estate NPLs standing at 39 per cent at the end of March.

Doubts over new moves on Title Deeds

Questions remain over how the gentlemen’s agreement enabling ‘trapped buyers’ to get the Title Deeds to properties they purchased and paid for in good faith will work in practice; the Association of Cyprus Banks has yet to respond.

Larnaca Tower plans progressing

It looks as if a high-rise development ‘Larnaca Tower’ will soon get underway in the seafront area of Phinikoudes if the paperwork submitted by the Russian investor Nikolai Potapenko is approved by the authorities

No tax on mortgaged property sales

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees.

Cyprus house prices fall 1.8 per cent

The Cyprus house price index (HPI) fell by 1.8 per cent in the first quarter of 2018 but rose 3.7 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

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