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Archive for July, 2012

Cyprus Property Action Group and the EU

The Cyprus Property Action Group has released a comprehensive update of the progress it is making with the European Union in its efforts to resolve the problems associated with buying property on the island.

Overseas property sales hopes helped by Chinese

The Cyprus overseas property market is reported to be getting a boost from the Far East as interest from Chinese buyers looking to purchase top end luxury properties in Paphos is increasing.

Nightmare scenarios for sweeping cuts

Cyprus will need to take painful measures to tackle problems in its banking system and state finances according to local media reports following the conclusion of the troika’s second visit to the island.

The ballooning Cyprus fiasco

Troika inspectors are swarming over Cyprus to find out how much money the banks would need to deal with their putrefying balance sheets, and how much the government would need to stay afloat.

With our pants down

Turbulence brings change and with that change come opportunities to improve the Cyprus banking system and the Island’s economy. But is society ready for the difficult road ahead and is its leadership up to the required standard?

Bad loans are key to assessing EU bailout

The size of the EU bailout will be determined by the methodology employed by troika to assess bad loans as Cypriot banks do not count fully secured loans as nonperforming even though they have not been serviced in 90 days.

State is way behind on building payments

Contractors have accused the Cyprus government of deliberately delaying inspections of works to delay payments; some of them have been owed money since 2008 and the amounts are very high.

British High Commission advises extreme caution

The British High Commission advises that the process of buying property in Cyprus has many potential pitfalls and strongly recommends that purchasers seek their own independent legal advice.

Cyprus has a growing housing stock overhang

If you are wondering why the Island’s real estate market has been doing so badly lately, the recently released data on dwellings from the October 2011 census provide a good clue.

Cyprus Bar Association fails to deliver justice

Although the Bar Association’s Disciplinary Board ordered a Paphos-based lawyer to repay her client €7,500, it appears that the Board is either unable or unwilling to enforce the order.

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