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Our Top 10 stories from Cyprus in 2016

An opportunity to reflect on the news and events that helped to shape the Cyprus property market over the past year in our list of Top 10 stories that have attracted the most readers in 2016.

Cyprus urged to implement mortgage directive

The European Commission (EC) has given Cyprus and eight other EU member states two months to implement the regulations of the European Union on mortgages if they want to avoid going to the European Court of Justice.

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.

Legal limbo in Paradise

The Title Deed mess affected thousands of expat homeowners, but for those living on the Paradise Hills estate in Paphos it has been particularly brutal since their British developer went bust.

Taxed on olive tree he does not own

Olive trees have a special status in Cyprus because of their potential to bring in a significant income but here’s a bizarre story about a Cypriot man who was forced to pay property tax on an olive tree he doesn’t own.

Property sales up 44 per cent

The number of properties sold in Cyprus during September rose by 44 per cent compared to September 2015 according to the latest official figures published by the Department of Lands and Surveys.

Cyprus economy recovery fragile

Although the Cyprus economy is recovering it is still fragile and it needs to implement key reforms in order to unlock its potential, including the enforcement of property rights, European Commissioner Pierre Moscovici has said..

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.

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.

Slight fall in building permits

The number of building permits authorised by the municipal authorities and the district administration offices during June 2016 stood at 455 according to the Cyprus Statistical Service.

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