Latest Headlines

Reports written by Nigel Howarth

Final solution for trapped buyers?

The Finance Ministry is seeking a final solution that will enable trapped buyers who were duped into buying property built on land that their property developer had previously mortgaged to the bank to get their Title Deeds.

Cyprus property sales up 21% in July

The number of property sales in Cyprus continued to rise in July with the number of sales contracts deposited at Land Registry Offices across the Republic up 21 per cent compared with July 2017.

541 new homes in May

The number of new homes in Cyprus for which building permits were issued in May 2018 rose 27.6 per cent compared to May 2017 providing for the construction of 541 new homes according to the Cyprus Statistical Service.

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.

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.

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

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).

Tougher insolvency & NPL laws

MPs approved tougher laws for dealing with non-performing loans (NPLs) and foreclosures that should also enable trapped buyers to get a Title Deed at a special plenary session of the Cyprus parliament yesterday.

Small rise in Cyprus property sales (Update)

Although the number of property sales in Cyprus continued to rise in June according to the number of sales contracts deposited at Land Registry Offices, only a marginal rise was reported compared with June 2017.

Permits for new homes up 44.6 per cent

The number of building permits for the construction of new homes in Cyprus rose 44.6 per cent in April 2018 compared to April 2017 providing for the construction of 418 new homes.

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