Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: February, 2014

How many properties without Title Deeds?

Although a figure of 130,000 has often been quoted for the number of properties waiting to be issued with Title Deeds, this was based on statistics published by the Department of Lands and Surveys in 2008.

Cyprus slips out of the top 10

Cyprus has slipped out of the top 10 in the Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

Property Developers: Run Forrest! Run!

If property developers fail to repay their bank loans, then the banks may not have sufficient funds to repay us the money that we deposited with them that they used to finance these loans.

Fugitive lawyer sentenced

Marios Shiaeles, a lawyer who was believed to have fled Cyprus with his wife in 2006 allegedly taking with him client funds estimated to be more than three million Cyprus Pounds, has been sentenced.

Capital controls eased further

Before the capital controls involving money transfers abroad are scrapped, enabling those who have sold their homes to repatriate the proceeds more easily, domestic controls will be fully eased first.

Dramatic drop in building permits

The dramatic decline in the Cyprus construction sector continued in December with the number of building permits authorised during the month falling once again compared to the same period in the previous year.

Troika back-tracks on Title Deed backlog

The Troika has dashed the hopes of those waiting for Title Deeds to be issued for the reported backlog of 130,000 'deed-less' properties as it has changed the scope and definition of 'the backlog'.

Property sales going from bad to worse (updated)

Update - 17 February. The Cyprus real estate market continues to decline with property sales in January falling 22 per cent compared to January 2013 according to the latest statistics issued by the Department of Lands and Surveys.

Courts can amend foreign currency loans

Advocate General Niels Wahl of the EU Court of Justice has advised that national courts can force banks to replace unfair contract terms for customers holding foreign-currency loans.

Capital controls could be lifted by year-end

The capital controls that currently hinder the repatriation of proceeds from the sale of property in Cyprus could be lifted by the end of the year if substantive progress is made on the economic adjustment programme.

Stemming the rise of non-performing loans

If the rise in non-performing loans is to be stopped, the Cypriot banks need to start thinking 'out of the box' and employ innovative approaches that can provide short and long-term solutions to the problem.

Cyprus Title Deeds bank extortion (updated)

Update - 13 February. Receivers acting for the Alpha Bank are threatening to sell the homes of people who purchased property from defunct developer unless those people pay off the developer's defaulted mortgages, their taxes and other creditors.

Cyprus program remains on track says Troika

On its completion of its third assessment of the Cyprus Economic Adjustment Program, the Troika has issued the following statement noting that although the program remains on-track, Cyprus still faces significant risks.

Business development stifled by bureaucracy

The 11th edition of the Doing Business 2014 – Understanding Regulations for Small and Medium-Sized Enterprises report highlights some of the bureaucratic problems that hamper Cyprus' ability to attract investment.

NPLs reached €26.25 billion in November 2013

Figures released by the Cyprus Central Bank reveal a worrying increase in non-performing loans with bad loans accounting for 35.2 percent of the €7.25 billion credit facilities granted to the construction sector.

New High Court action: all currencies, all banks

New action group launched to pursue action against unfair bank loans at the English High Court and the European Court of Justice by the Anglo-Hellenic & Cypriot Law Association; deadline to join group extended until 10 March 2014.

Delinquent loans remain an issue for troika

Although the troika's third assessment of the Cyprus economic adjustment programme is expected to be positive, delinquent loans remain a permanent danger looming over the banks.

Troika discussing title deeds delay

The Troika delegation is continuing its meetings in Cyprus and will be discussing the delays in issuing title deeds today as part of its third review of the economic adjustment programme.

No Title Deeds unless you pay developer’s debts (update)

UPDATE 7/2/2013 - MEP Sir Graham Watson has asked the Commission if it is aware that Cypriot banks are telling property buyers they will not receive title deeds unless they contribute thousands of Euros to their developer's outstanding debts.

Housing loan rates down, business loan rates up

Although housing loan interest rates continued to fall in December, business loan rates increased reversing an earlier downward trend according to the latest statistics from the Cyprus Central Bank.

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.