Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Yearly Archives: 2014

Non-performing loans at 49 per cent

Non-performing loans (NPLs) in the Cypriot financial system stood at 49% of total loans at the end of October 2014, from 48.5% in the previous month, according to data released by the Central Bank of Cyprus.

Protection for crisis-stricken homeowners

Crisis-stricken homeowners will be offered protection against foreclosure under the provisions of the fourth bill of the 'insolvency framework', which has been handed to political parties for their views.

Who are MPs trying to protect?

While the bun fight over the foreclosures law between the political parties continues, you really have to wonder who opposition MPs are trying to protect by delaying its implementation.

It’s naïve to think politicians will get us out of this mess

As it was dishonourable and dishonest politicians who got us into this mess it's naïve to expect them to get us out of it; as they demonstrated when they voted to delay the foreclosures law.

Our top 10 stories from Cyprus in 2014

Since the start of 2014 Cyprus Property News has attracted more than a million visitors and here is our list of the Top 10 stories that have attracted the most interest from our readers.

IMF suspends Cyprus loan tranche

The International Monetary Fund (IMF) has suspended the release of rescue money for Cyprus as "critical requirements for the completion of the fifth program review are now no longer met".

Repossession legislation delayed

Finance Minister Harris Georgiades had some harsh words to say after opposition MPs forced a delay in the implementation of the repossession legislation at the plenary session of parliament today.

Three hundred thousand lost sheep

The Auditor General's report for 2013 states that more than three hundred thousand owners of property in Cyprus cannot be taxed on their property as the Land Registry has no way of knowing who they are.

Aristo Developers lays off workers

The dismissal of fifty workers from Aristo Developers Limited has been blamed mainly on the legal issues involving its boss, Theodoros Aristodemou, and partly on the economic crisis.

Immovable Property Tax highs & lows

A month before the deadline for paying Immovable Property Tax expired, the Cyprus government collected in excess of 100 million Euros. However a number of long-standing problems have been highlighted.

Savvas Vergas denies text charges

Four defendants, including former Paphos mayor Savvas Vergas, denied charges relating to threatening SMS text messages sent to a number of witnesses involved in the Aristo case.

Ministers approve insolvency bills

The Council of Ministers has approved two of the five bills relating to the insolvency framework, but they will almost certainly be contested by opposition parties when they are discussed.

Decline and fall of the demagogues

For a very long time Cyprus has suffered from 'sovereign corruption', but is the mould finally starting to crack as news of those once considered as demagogues are bought to justice.

Construction slowdown continues

The slowdown in the island's construction sector persists with the number of building permits issued in Cyprus continuing to fall in September, according to official statistics.

Capital restrictions eased

The Cypriot authorities have eased the restrictions on capital movement imposed in April 2013 following the bailout crisis; individuals may now transfer up to €10,000 a month out of the country.

November property sales fall

The number of property sales in Cyprus fell in November according to the Department of Lands and Surveys with sales declining in both the domestic and overseas markets compared to November last year.

Statute of Limitations Law extension

The transition period for the Statute of Limitations Law that Cyprus introduced in 2012 was extended until 31 December 2014 may be extended by a further 6 months or possibly 12 months.

Will Cyprus get next bailout tranche?

Although the foreclosures law has yet to be voted by parliament, the Cypriot authorities believe that the troika of international lenders will disburse the next tranche of the bailout on 15 December.

Repossessions bill delayed to clear troika funds

A vote on two bills to suspend the implementation of the repossessions legislation will probably take place after 15 December by which time Cyprus should have received the next bailout tranche.

Battle for consumer protection to Westminster

The Association of International Property Professionals (AIPP) took its battle to establish standards for the industry – and more safety for British consumers – to Westminster last week.

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.