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Archive for November, 2009

Non-performing bank loan restructuring

Reports suggest that the Cyprus banks are restructuring unpaid loans to avoid them having to be classified as ‘non-performing’ as required under the Basel II Accord.

Illegal building in Cyprus must be stopped

In the Paphos district of Cyprus severe flooding has occurred in many homes built illegally on dry river and stream beds, ravines and rubble-filled gullies causing their owners major problems and heartache during the heavy winter rains.

Cyprus Minister confident about Title Deed changes

The Interior Minister of the Republic of Cyprus, Neoclis Sylikiotis, is confident that the proposed Title Deed changes will work according to an interview in today’s Sunday Mail with Charles Charalambous.

Orams ruling eagerly anticipated

In the on-going case against the Orams, who acquired a house built on land usurped from its Greek Cypriot owner in the Turkish occupied northern area of Cyprus, the ruling of the Court of Appeal of England and Wales is eagerly anticipated.

Cyprus economy contracts in third quarter

The contraction of the Cyprus economy during the third quarter of 2009 is mainly due to negative growth rates in construction, hotels and restaurants, and negative performance in manufacturing, trade and transport services according to the latest government estimates.

Twenty year wait for Cyprus Title Deeds

According to a recent on-line poll conducted by Cyprus Property News, one person out of every twenty-two who has bought property on the island has been waiting for their Title Deeds for more than 20 years.

Orams case back in UK court today

Following the European Court of Justice ruling that a judgement ordering the Orams to demolish their house must be recognized by EU countries, Melitis Apostolides begins his appeal against an earlier British High Court ruling today.

Fall in tax revenue attributed to Cyprus property market collapse

The drop in Cyprus tax revenue collections is entirely attributable to the collapse of the property market and it raises concerns that if foreign demand fails to recover, the government will lose a significant source of revenue permanently.

Working together for proper Title Deeds law

The Cyprus Ministry of the Interior has put serious efforts to bring about a drastic and definite solution on long existing problem of the issuing of Title Deeds. This is a good time for all to work together to resolve the situation.

Building permit numbers for residential property improve

Figures released yesterday by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 900 residential properties were authorised in August 2009; down just 3.3% on the 931 authorised in August last year.

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