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Non-performing loans at 47 per cent

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.

Larnaca marina and port proposals received

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.

MPs seek sewerage rate reduction

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.

Building permit regulations to be re-examined

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.

Concerns over massive Peyia project

A massive development proposed for a hillside above Peyia in Paphos will irreversibly devastate the natural environment, put pressure on infrastructure and create new homes where thousands remain empty, according to environmentalists, opposed to the project.

Cyprus has made limited progress

Cyprus has made limited progress with implementing the 2016 country-specific recommendations said the European Commission in its country report on Cyprus issued earlier today.

Banks would benefit from property price recovery

Moody’s expects that Cyprus property prices will broadly stabilise over the coming quarters and that demand for property will increase gradually from low levels; however household debt will constrain growth.

Property tax dodgers discovered

Thousands of properties in Cyprus that have not been declared to the property Tax Department have been discovered during a revaluation exercise by the Department of Lands and Surveys according to the island’s Interior Minister.

Citizenship for sale controversy

The Cyprus property market could be hit by a fall in property prices if investors granted a Cypriot passport under the citizenship-for-sale scheme decided to sell their property after three years.

Zyprus: Cyprus property portal

The Zyprus property portal, which enables those wishing to buy, sell or rent a property in Cyprus to make better-informed property decisions, is Cyprus’ answer to Zoopla in the UK and Zillow in the USA.

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