Limassol is seeking to take a leaf out of Marseille’s book in an effort to inject new life into the Aktaia Street area of the city and looks set to adopt the Marseille Euroméditerranée project.
The Melco-Hard Rock consortium is expected to sign contracts for the construction of the multimillion euro casino project in Limassol later this month and should open temporary casinos later this year.
Just when we thought the construction of the Poseidon consortium’s Paphos marina was about to get underway, the consortium has failed to supply adequate evidence of its ability to finance the project.
Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island’s bailout agreement.
The European Commission has but the brakes on the controversial Limni golf project following a caution from the EU in 2015 and a request for a conservation study to be commissioned into the effects of the project and surrounding areas.
A delegation from the International Monetary Fund (IMF) will visit Cyprus next week for talks to evaluate the economy of the country following the island’s successful conclusion of its economic adjustment programme.
Non-performing loans in the Cypriot banking system stood at 47% of total loans at the end of December 2016; a fall of €3.7 billion in two years to €23.7 billion according to data released by the Central Bank of Cyprus.
Five proposals from various consortia have been received for the development of Larnaca marina and port following many years of delay and after the previous bidder Zenon Consortium failed to find the necessary funds.
Sewerage rates in Cyprus, which are based on a property’s value as determined by the Land Registry need to be revised following the property revaluation exercise carried out in 2013 to prevent astronomic rises.
The Interior Minister’s building permit decree designed to curb profiteering in non-residential areas by property developers has been criticised by Parliament; further consultations will be held.