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Slump in Brits buying homes in Europe

Britons buying homes abroad have fallen by a quarter compared to a year ago since the EU referendum said Moneycorp’s chief executive Mark Horgan in an interview with Reuters news agency.

Fitch upgrades Cyprus to ‘BB-‘

Fitch Ratings has upgraded Cyprus by one notch from ‘B+’ to ‘BB-’ with a positive outlook on continuing strong progress in its adjustment following the 2013 banking crisis but warns that banks remain weak due to the high level of NPLs.

NPLs at post December 2014 low

Non-performing loans (NPLs) in the Cypriot banking system fell to a post December 2014 low in August according to statistics released by the Central Bank of Cyprus to stand at €24.55 billion.

First casino resort for Cyprus

The race to build and operate the first casino resort in Cyprus is now down to one candidate in a group led by Melco International Development Ltd following the decision of NagaCorp Ltd to pull out of the bidding process.

Chinese investor interest grows

Chinese investors are attracted to Cyprus due to the offer of passports and a recovering economy and are catching up with Russian investors when it comes to Cypriot passports.

Foreign buyers driving property recovery

The recovery in the Cyprus property market is being driven by foreign purchasers and is expected to gradually push up prices according to the Chairman of the Cyprus Real Estate Agents Association.

Renewed interest in Larnaca airport

There is renewed interest in the old Larnaca airport by a Chinese consortium that plans to use the site as a wholesale commercial park and re-export products to the Middle East and EU member states.

Revised citizenship scheme approved

The Cyprus government has approved a revised citizenship-by-investment scheme designed to further encourage investments in the island’s economy by non-Cypriot businessmen and investors.

Work to start on Ayia Napa marina

The first phase of construction work on the Ayia Napa marina is scheduled to get underway on 30 September following the signing of an agreement between Makronisos Marina Ltd and Greece’s Terna A.E.

Cyprus interest rates fall

Interest rates in Cyprus for consumer credit fell to 4.01 per cent and loans for house purchases fell to 2.94 per cent in July according to official figures from the Statistical Service of Cyprus.

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