Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: December, 2013

Interview with Matthew Kidd, the High Commissioner

During our discussion we touched on many issues facing those who have bought property in Cyprus including the problems of hidden mortgages, Title Deeds and possible repossessions.

Open letter to John Hourican

In an open letter to John Hourican, the CEO of the Bank of Cyprus, a buyer from Scotland asks if the bank intends to call in the security it holds on homes to help repay developers' debts.

Offers to abandoned Tala development buyers

People who bought property on a development in Tala that is sliding down the hillside are to be offered alternative homes in Paphos of equal value and with Title Deeds by Tremetoushiotis developers.

Illegal use of state-owned land

Actions against the illegal use of state-owned land worth millions of Euros have not moved forward for years due to a lack of resources at the Lands Office, according to a report in today's 'incyprus'.

Significant risks for Cyprus remain

Although Cyprus is well on track with its economic adjustment program, the IMF has warned that significant risks remain pointing out that decisive action to deal with non-performing assets is essential.

The state of our economy

Let's engage in some self-criticism, recognize our mistakes, and try to overcome the impasses, shedding old habits; and this goes for businesses and banks alike. It's time for us to change.

NPLs of 22 developers highlighted by Troika

Troika calls for the non-performing loans of the top 22 corporates and real estate developers to be dealt with by "Special Projects Division" within the Bank of Cyprus to get them performing again – or seize collateral.

yoo to launch first project in Cyprus

yoo, the global design, development and branding firm is to launch a luxury coastline project in Cyprus under the 'yoo inspired by Starck' brand, headed by the one of the world's most revered designers Philippe Starck.

Special unit for tax dodgers

In the wake of yesterday's report about the thirty two property development companies that have yet to settle their large Immovable Property Tax bills, the government is planning a special unit to deal with tax dodgers.

Unpaid Immovable Property Tax from 32 developers

Politis, the Greek language newspaper, has listed the names of thirty two property developers who failed to pay their Immovable Property Tax to the Inland Revenue by the due date of 15th November.

Bank of Cyprus reports €1.94 billion 9 month net loss

The Bank of Cyprus Group Financial Results for the nine months ended 30 September 2013 published earlier today show a net loss of €1.947 billion net loss over the reporting period.

Banks and borrowers urged to cooperate

Central Bank of Cyprus has issued a Code of Conduct to indicate how banks should handle borrowers who are facing financial difficulties, in a bid to make loans more sustainable and avoid mass repossessions.

Oil found beneath gas deposits

Noble Energy surveys in the Eastern Mediterranean have revealed significant oil reserves in the Cyprus Block 12 beneath the natural gas deposits discovered two years ago; further exploration will follow.

Our top 10 stories from Cyprus in 2013

Since the start of the year Cyprus Property News has attracted more than 920,000 visitors and here is our list of the Top 10 stories that have attracted the most readers over the past 12 months.

Co-ordinated action at European Court of Justice

Action focussing on the systemic failings of banks in their mis-selling of Swiss Franc loans is being taken at the European Court of Justice to pursue a claim for damages against the responsible European authorities.

Swiss Franc loan time bomb defused

The transition period provided for in the Statute of Limitation law that Cyprus introduced in 2012 and which was extended by six months in May has now been extended by a further 12 months.

Cyprus to remain in recession until 2017

Against a backdrop of shattered consumer and investor confidence, soaring unemployment, and a credit crunch, the Cypriot economy will remain in recession until 2017.

Cyprus Property News review of 2013

With the year coming to an end, we look back at the most significant events that have taken place over the past twelve months that have helped shape the Cyprus property market.

Property prices continue to fall in most areas

The third quarter of 2013 saw property prices fall across most of Cyprus with apartment and house values in Famagusta increasing marginally over the quarter giving hope that prices there may be stabilising.

MEP questions compliance with MoU (update)

UPDATE 10/12/2013 - MEP Daniel Hannan has raised a question in the European Parliament asking the Commission what action it is taking to ensure that Cyprus complies with the requirements of the MoU as agreed with the troika.

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.