All reports tagged with: "real estate"
Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island’s bailout agreement.
Key findings form a real estate conference to discuss the state of the Cyprus property market recently hosted by RICS (Cyprus) at which the management of REOs and NPLs were also discussed.
The Bank of Cyprus’ Real Estate Management Unit (REMU) is currently managing assets valued at €1.1 billion sold properties valued at €92 million during the first half of 2016 and is presently in negotiations to sell additional assets.
A recent seminar in Nicosia focused on the options open to banks in dealing with non-performing loans (NPLs) in Cyprus. Financial expert Erol Riza sums up the advice from key international financial institutions.
Nobody really understands what property valuers do, they don’t make ‘big bucks’ like Chartered Accountants and everyone is usually shouting at them to ‘produce’ the value that they want.
The number of properties sold in Cyprus during June increased compared with the same month last year according to official statistics published by the Department of Lands & Surveys.
The Greek language newspaper Politis has published the names of thirty companies who together owe the more than €100 million in VAT most of whom have challenged all or part of the debt.
Cyprus is at the end of a creative destruction cycle and it’s time for businesses and individuals to reinvent themselves, looking at the opportunities that lay ahead rather than reminiscing about how things were.
A conference in Nicosia has heard that Chinese property buyers are slowly returning to Cyprus, but that the country needs to earn their trust if it wants them to make further investments.
Rather than establishing a separate Asset Management Company, it’s likely that the Bank of Cyprus will set up a separate internal non-performing loan unit to pro-actively manage problematic loans.