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Archive for August, 2014

New home construction slows

The number of new homes being built in Cyprus continued to decline in May with building permits issued allowing for the construction of 223 dwellings compared with 308 during May 2013.

No Property Transfer Fees reduction this year

Cyprus Interior Minister Socrates Hasikos has said that there will be no reduction in Property Transfer Fees this year but it will be considered as part of a wider reform of property taxation next year.

Property values call for transparency

The chairman of the Cyprus Technical Chamber (ETEK) has argued that the government should make public the methodology used to reappraise property values to 2013 prices for taxation purposes.

Moody’s: Cyprus banking sector risk ‘very high’

Moody’s Investor Services has warned about the dangers lurking in the Cyprus Banking system due to the high percentage of non-performing loans and considers the banking sector risk to be “Very High”.

Attorney-general to probe Aristo land deal

Having questioned staff at the Land Registry, the water department and the Paphos municipality, CID officers are expected to hand over a report into the Aristo land deal to the Attorney-general.

Foreclosures bill in the balance

The future of the foreclosures bill, which has to be passed before Cyprus receives the next tranche of the island’s bailout, hangs in the balance as ministers continue discussions with political parties.

Cyprus property sales faltering?

Although property sales in Cyprus increased for the fifth consecutive month in July, the rate of growth seem to be faltering with sales to the overseas market declining compared with the same period last year.

The recent property boom and bust cycle

The continuous increase in property prices created a false sense of security in Cypriot banks and led to further credit expansion and a real estate “bubble” which burst resulting in a large increase in non-performing loans.

Let’s have coffee, reminisce and moan

Cyprus is at the end of a creative destruction cycle and it’s time for businesses and individuals to reinvent themselves, looking at the opportunities that lay ahead rather than reminiscing about how things were.

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