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Property news in brief

Over the past week a number of news reports concerning property in Cyprus have appeared in the local media about non-performing loans (NPLs), recent property deals and the bank of Cyprus.

High rents and homelessness

A rise in already high rents and an increase in the number of homeless people has led parliament to urgently call on the government to intervene and provide solutions to problems caused by high rents, especially in Limassol.

Owners of destroyed homes in Pissouri on BBC

Owners of devastated properties in the lakes (Limnes) area of Pissouri featured on the BBC One programme ‘Inside Out South’ broadcast on Monday 24th September 2018 at 19:30 (UK time)..

New repossession law hits brick wall

Legal hurdles to the new repossession law, which was introduced earlier this year, have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).

Glimmer of hope for Pissouri homeowners

There appears to be a glimmer of hope for homeowners affected by the devastating land slippage in the Limnes (lakes) area of Pissouri; they are hopeful that a solution may soon be found.

Non-performing loan laws inefficient

The legal frameworks introduced by Cyprus aimed at reducing non-performing loans (NPLs) are inefficient according to the European Stability Mechanism (ESM) in its annual report.

Management committees fall foul of law

A number of management committees, which manage and administer jointly-owned buildings in Cyprus, have recently found their bank accounts frozen due to a law introduced in 2017.

Passports scheme could bring Dutch disease

The Fiscal Council has warned that overreliance on the Passports for Cash Scheme aka Citizenship by Investment Scheme aka Golden Visa Program could bring ‘Dutch disease’ to Cyprus.

Pissouri homeowners running out of hope

Property owners in the devastated lakes (Limnes) area of Pissouri are still waiting for the government to fulfil its promise to pay for sorting out the mess caused by land slippage in the area.

Chinese ban no impact on property sales

The restrictions introduced by the Chinese government to reduce outbound investment in real estate have yet to impact property sales according to the Cyprus Chambers of Commerce and Industry (Keve).

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