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All reports tagged with: "developer"

Developer fined for misleading home buyers

Pafilia Cyprus Property Developers has been fined €100,000 for mis-leading home buyers in a case that focused on the commercial practices that the company used in 2007 when selling apartments to them.

Banks to recoup loans by ‘hook or crook’

Banks must find a way to recoup loans granted to insolvent developers once ‘trapped’ properties are released to home buyers, Interior Minister Socrates Hasikos said following a joint session of the House interior and finance committees.

Shed a tear for the whinging banks

The Cypriot banks that failed to manage property developers’ loans are whinging that they cannot be held responsible for developers using the money they received from house sales for some other purpose.

The fly in the ointment

Parliament should go ahead and name-and-shame all those who have enjoyed privileged loans from the banks, some of which were for personal use and vast amounts were written off.

Refunding developers’ Immovable Property Tax

Over the past few of weeks we have received literally dozens of emails from people who have received unreasonable demands for Immovable Property Tax (IPT) from their developers.

Open letter to John Hourican

In an open letter to John Hourican, the CEO of the Bank of Cyprus, a buyer from Scotland asks if the bank intends to call in the security it holds on homes to help repay developers’ debts.

NPLs of 22 developers highlighted by Troika

Troika calls for the non-performing loans of the top 22 corporates and real estate developers to be dealt with by “Special Projects Division” within the Bank of Cyprus to get them performing again – or seize collateral.

Banks should offload distressed properties

The banks need to offload billions of Euros of property left on their books by bankrupt developers and offer 100 percent mortgages spread over 40 years, similar to those being offered in Spain.

Paying for my developer’s illegalities

A Pegeia resident demonstrates how the provisions of the Town Planning Amnesty enable ‘dishonest and devious developers’ responsible for planning infringements to escape the consequences of their actions.

Another Eurozone country bites the dust

What is unique about Cyprus’ collapsing housing bubble is a title deed scandal of unimaginable proportions. But now this nightmare is unravelling the finances of home buyers, developers, banks, and the government.

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