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Archive for October, 2013

Building permits fall 15 per cent in July

Construction activity continued to decline in July with the number of building permits authorized by the municipal authorities and district administration offices falling compared with the same period last year.

Cyprus slips in Top of the Props chart

Cyprus slipped two places last month in the Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

MEP questions permits for real estate investments

Timothy Kirkhope, MEP for Yorkshire and the Humber, has raised a question in the European Parliament concerning the issue of residence permits to third country nationals investing in real estate.

Bank of Cyprus reports €2.2 billion net loss in 2012

Bank of Cyprus has announced that it made a net loss of €2.2 billion in 2012, in addition to the €1.4 billion loss in the previous year, reflecting deterioration in its loan portfolio and declining collateral values.

‘Rents in free-fall’ say property owners

George Stovolides, the president of the Land and Property Owners Organization (KSIA) said it strongly opposes rent control legislation warning that it will create new distortions in the market.

Real estate roundup

New housing loans from the Bank of Cyprus, progress on Immovable Property Tax collection and a World Cup probe into a land deal involving a member of FIFA’s executive committee.

The importance of property rights

The lack of Title Deeds is important, as it means that property rights are not protected – both for the owner and the financial institution that has granted a loan using a property as collateral.

BBC Money Box: Cyprus property troubles

Earlier today, the BBC Radio 4 program ‘Money Box’ reported on the problems faced by many British people who purchased property in Cyprus with loans denominated in Swiss Francs.

Nightmare slump in sales continues

Less than three weeks after Cyprus was hailed as the world’s weakest housing market, the nightmare slump in property sales continues according to the latest figures from the Land Registry.

Banks may need a further 1.5 billion Euros

According to a report by Moody’s Investor Services, Cypriot banks and cooperatives may require some €1.5 billion on top of the €2.5 billion of EU support funds earmarked for the banking sector.

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