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All reports tagged with: "Cyprus"

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.

Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.

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.

Doubts over new moves on Title Deeds

Questions remain over how the gentlemen’s agreement enabling ‘trapped buyers’ to get the Title Deeds to properties they purchased and paid for in good faith will work in practice; the Association of Cyprus Banks has yet to respond.

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).

What the new foreclosure bills mean

The new foreclosure bills passed by the Cyprus parliament expedites foreclosure proceedings, makes it easier for financial institutions to remove bad loans from their balance sheets, and increases the number of borrowers eligible for insolvency schemes.

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.

High-rise not needed in Paphos

Following last week’s news that applications had been received for ten high-rise developments in Paphos, a 500 strong ‘Movement to Save Paphos’ group says there is no need for such construction in the District.

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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