Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: May, 2014

Revised Memorandum of Understanding full text

Available here - the revised Memorandum of Understanding (MoU) between Cyprus and its international lenders following the troika's fourth assessment of the island's adjustment programme.

Banks need tools to pressurise delinquent borrowers

The banks need the means to pressurize obstinate and viable borrowers into servicing their loans; average borrowers and homebuyers should not be their primary targets, says Cyprus Finance Minister.

Immovable Property Tax reform a priority

The government must bring before the Parliament a bill reforming Immovable Property Tax legislation and another one introducing the Guaranteed Minimum Income before the end of June.

Hourican calls for change in the law

John Hourican has called for a change in the law concerning the collection and recovery of non-performing loans to assist the bank and help it return to normal operations and profitability.

Immovable Property Tax will be less in 2014

Owners of property in Cyprus will be asked to pay less Immovable Property Tax this year as many more properties have been included the island's Interior Minister Socratis Hasikos has stated.

Fourth year in recession

The recession in the Cyprus construction sector continued for the fourth consecutive year in 2012 recording a provisional decrease of 19.5 per cent compared to the previous year according to the Cyprus Statistical Service.

Building permits & certificate issuance progress

The Cyprus Interior Ministry has recently published the statistics relating to the issuance of planning permits, building and division permits and certificates as required under section 5.3 of the MoU.

Bank of Cyprus furious over leaked debtors list

The publication of an internal report by the Corporate Banking Division of the Bank of Cyprus dated 14th June 2013 listing details of the bank's largest debtors has infuriated the bank.

Investment opportunities in Cyprus

In a question and answer session Dr George Mountis of Emergo Wealth discusses the opportunities for institutional investors who may be considering investing in the Cyprus real estate market.

Cyprus programme remains on track

Following their fourth review of the Cyprus economic adjustment programme the troika, comprising the European Commission, ECB and IMF, released an official statement on Saturday.

Non-performing loans key to economic recovery

Non-performing loans might represent the single impediment to the recovery of not just the Cyprus banking sector but the island's economy according to the CEO of the Bank of Cyprus.

Troika seeks to contain strategic defaults

In an effort to counter strategic defaulters the Troika is considering bringing forward the timeframe for the framework being developed concerning foreclosures and insolvency reports the Cyprus News Agency.

Can the overseas property market recover?

Although domestic sales of property in Cyprus improved in April compared to April 2013, overseas sales declined; what can be done to encourage overseas property sales and help the market recover?

Developers demand lifting of bank restrictions

The Land and Building Developers' Association has demanded that banking restrictions are lifted and has directed its members to perform on their loans according to a report from the CNA.

Nigel Howarth meets the Troika

I spent nearly four hours with nine delegates from the troika last Sunday evening discussing the many problems faced by those who have bought property in Cyprus and their possible solutions.

Decline in building permits continues

The number of building permits issued in February continued to fall compared with the corresponding month of last year according to the latest figures released by the Cyprus Statistical Service.

Does the Troika have the guts to push with NPLs

Does the troika delegation have the intestinal fortitude to deal with the non-performing loans issue while it's undertaking its fourth review of the Cyprus economic adjustment programme?

Troika hears construction sector concerns

The troika has returned to Cyprus for its fourth review of the island's economic adjustment programme and has spoken with the Federation of Building Contractors about the critical issues affecting the construction sector.

Property sales up for second consecutive month

Property sales in Cyprus improved for the second consecutive month in April with the total number of contracts of sale deposited at Land Registry offices up 9 percent compared to April 2013.

Armou family defy house ban order

A British family are the only permanent inhabitants living at the stricken development at Armou in defiance of an order banning them after their homes were declared unfit for habitation in November 2012.

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.