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Warnings of further rent rises in Limassol

Further rent rises in Limassol are expected as thousands of construction workers needed to complete numerous projects will require accommodation in or near the city pushing rents up even higher.

MPs warn banks over Swiss franc loans

MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.

EC report highlights non-performing loans

Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.

Moody’s warns of CHF moral hazard

Ratings agency Moody’s warned on Monday that the forced conversion of Swiss franc mortgages would cost the banks at least €250 million, create a ‘moral hazard’ and make the restructuring of NPLs more challenging.

Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any “moves that will only create a problem for us without any practical gains.”

Central Bank issues stark warning on foreclosures

The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.

Construction workers strike may spread

Striking construction workers received support from trade unions representing more than three quarters of workers who may call members out on a general strike if their dispute is not settled soon.

Now the storm has broken

Even now with irrefutable evidence that property prices are falling at a quickening pace across the island, one senses a sanguine mood that something will soon interrupt the decline.

Building industry warns of action over new VAT law

The island’s Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking “dynamic measures”

Efforts to combat illegal real estate agents stepped up

Court orders have been issued against a number of unregistered estate agents in Cyprus, some of whom appear to be British, to stop them from practising until a final adjudication of their cases has been made.

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