Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020
Home News Government measures will push mortgage rates down

Government measures will push mortgage rates down

Cyprus has the highest mortgage interest rates in the euro area and the government is not satisfied with the situation. Earlier today the Finance Minister, Charilaos Stavrakis, said that he was confident that the government’s latest measures to support the island’s economy will push interest rates down.

The high rates must not be connected with the liquidity or not in the banking system. The banks’ liquidity has been strengthened since the latest measures for the support of the island’s economy. The government has secured a rate below 2% for the sum of €50 million in a closed auction. This shows that liquidity is at very good levels“, the Minister said, stressing that the deposits of the state exceed €1.1 billion.

The pound’s slide has stretched the finances of many British property buyers. And this, together with the high mortgage interest rates in Cyprus, means that some of them are struggling to keep up their mortgage repayments.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1175
RUB
0.0125
CNY
0.1264
CHF
0.9407

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.