Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: November, 2013

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.

Standard & Poor’s raises Cyprus rating as risks recede

Ratings agency Standard & Poor's has provided a welcome boost to the island's economy by raising its credit rating for Cyprus to B-/B from CCC plus/C arguing that the immediate risks to Cyprus' austerity program had receded.

Title Deeds issued at last for Froiber Group buyers

Liquidators appointed to handle six of the eight companies comprising the Froiber Group has completed the work necessary to get Title Deeds issued for eight apartment buildings; efforts are concentrated on the rest.

Title Deeds, Mr Anastasiades

Nothing will happen to resolve the Title Deed fiasco unless President Anastasiades grasps the importance of this problem which, with the exception of various vacuous promised, his predecessors have ignored.

UK to assist Cyprus on title deed delays

The Cyprus government has accepted an offer by the UK to assist in efforts to resolve the title deed and numerous property issues faced by home buyers of all nationalities in Cyprus.

Developers listed on leaked memo of risky loans

A number of property developers, including the Leptos Group, the Dolphin Group and the Shacolas Group were amongst the companies listed in an alleged leaked memo from the BoC as having 'risky' loans.

Land Registry charges revised

Earlier this year the Department of Lands and Surveys revised the charges it levies for various services provided to the public, but these have yet to be published in its 'Citizens Charter'.

Developers seek support for large projects

Issues with getting major construction projects underway were discussed on Wednesday by President Anastasiades, ministers and officials and members of the association of major development projects.

The troika’s title deeds demands

The MoU agreed between the troika and the government of Cyprus requires that the backlog of Title Deeds waiting to be issued for more than one year is reduced to less than 2,000 by quarter 4 of 2014.

Property sales hampered by inertia and bureaucracy

The latest property sales figures published by the Department of Lands and Surveys paints a dismal picture of the island's property market, but as a registered agent has advised me, inertia and bureaucracy are not helping.

Court rules in favour of Swiss Franc loan victim

In a move that may help those who purchased homes in Cyprus with Swiss Francs loans, the Montenegrin appeal court has ruled that a bank cannot profit from interest charges AND exchange rate movements.

Downward trend in building permits continues

The contraction in the Cyprus construction activity continued in August with the very difficult economic conditions discouraging new investment as reflected in the latest building permit statistics from CySTAT.

IMF specialists to scrutinize Cyprus solvency laws

A reliable source has told CNA that a team from the IMF arrived in Cyprus yesterday and will meet all stakeholders in a bid to scrutinize the Cypriot solvency laws and provide recommendations for amendments.

Loan rate cuts are a step in the right direction – BUT

The recent announcement by the island's 'big three' banks to lower interest rates are a step in the right direction, but problems remain and these rate reductions are not enough as George Mountis explains.

Property sales crash 44 per cent

The number of properties sold during the first ten months of the year has fallen sharply, down 44 per cent on the numbers sold during the same period last year with no prospects of a recovery in the foreseeable future.

Revised Memorandum of Understanding (Updated)

Update 11 November. Updated MoU available. Earlier today the Finance Minister and the Troika agreed an updated MoU; discussions included the avoidance of mass and uncontrollable liquidations resulting from non-performing loans.

Controversial rent bill ditched by parliament

Parliament has accepted the President's decision to reject the law that would have imposed compulsory rent reductions on the grounds that it was unconstitutional and in conflict with EU.

Constructive work on title deeds issue

David Lidington the UK Minister for Europe has completed a two-day working visit to Cyprus during which was received by President Anastasiades and met with Ioannis Kasoulides, the Minister of Foreign Affairs.

Majority have paid their Immovable Property Tax

The Inland Revenue Department had collected around €93 million in Immovable Property Tax by lunchtime yesterday from some 207,000 registered property owners according to reports.

Big three banks announce loan rates cut

The Alpha Bank, Bank of Cyprus and the Hellenic Bank have announced plans to lower their interest rates on certain categories of loans including home loans, business loans and credit card loans.

Most Read

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.