Latest Headlines

Archive for July, 2014

Building permits down 24% in April

The number of building permits issued in fell 24 per cent compared with the corresponding month of last year and their numbers have declined 14 per cent during the first four months of 2014.

Immovable Property Tax up in the air

Following the wrecking of the draft bill to change the Immovable Property Tax rates for 2014, the Inland Revenue Department has suggested that last year’s law be extended for a further year.

New Immovable Property Tax lies

The changes brought about by the new Immovable Property Tax shifts the burden of taxation onto the owners of medium value properties to the benefit of large owners such as property developers.

Fitch upgrades Bank of Cyprus and Hellenic Bank

Ratings agency Fitch has upgraded the Bank of Cyprus and the Hellenic Bank but warned that the island’s biggest lender still faces a high risk of capital erosion because of weakening asset quality and profitability.

Banks forced to compensate forex borrowers

On Friday the Hungarian parliament passed a law forcing banks to compensate borrowers for “unfair” conditions in mainly forex loans in the years leading up to the financial crisis.

Property tax bills hit obstacles

Concerns have been raised over the process by which property valuations have been assessed with the Land Registry providing “unconvincing explanations” on how these have been calculated.

Property prices at 2006 levels

Property prices in Cyprus have fallen back to levels last seen towards the end of 2006 according to the latest quarterly Residential Property Price Index released by the Central Bank of Cyprus.

Property Transfer Fees reduction

A temporary fifty percent reduction in Property Transfer Fees is being considered by the Cypriot government in an effort to help clear the backlog of around 28,000 Title Deed applications.

Immovable Property Tax reductions

Owners of property in Cyprus valued below €200,000 will be exempted from paying Immovable Property Tax under a bill approved by the Council of Ministers yesterday according to a government spokesman.

€12 billion non-performing loans restructured

Cypriot banks have restructured €12 billion of their non-performing loans as of April 2014, more than a quarter of their total loan portfolios of €44 billion, according to the Association of Cyprus Banks.

Back to top