Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: September, 2014

Cyprus anti-corruption hotline

Transparency International, the global coalition against corruption, will introduce an anti-corruption hotline in Cyprus on 2nd October to guide and support those who encounter corruption.

Aristo detention order extended

The Paphos District Court renewed the detention order against four of the suspects in the Aristo Developer's fraud case yesterday after the trial judge accepted a request from the police.

A vicious circle of deceit

Unfortunately, our children will also have to pay for those who brought the country down by their lies and deceit. But rather than glorify them as eternal heroes, they will refer to them as vermin.

Aristo fraud suspects quizzed by police

One of the suspects in the Aristo fraud case has admitted forging a Land Registry document but claimed that he was under instructions by his superiors and that this was standard practice.

Crocodiles will not sink teeth into new home

The proposal to build a 1,000 crocodile theme park at Psematismenos in the Larnaca district by a consortium of Israeli and Cypriot businessmen has been rejected by the House environment committee.

Property scam shows ugly face of corruption

It has been a long common secret that if you want anything done with your property, then you need to know the right people, in the right place and have the right amount in your pocket.

Alpha Panareti slapped by CCPS over unfair contract

The CCPS has ruled that a contract to purchase an apartment between Alpha Panareti and a Scottish woman breaches the provisions of law 93(I)/1996 on unfair terms in consumer contracts.

Aristo investigation widens (Update)

The police investigation into the activities of Theodoros Aristodemou, the founder and managing director of Aristo Properties, has widened to probe other developments built by the company.

Aristo ruling expected today (Update)

The Paphos District Court is expected to rule today whether Theodoros Aristodemou and three others, including his wife Sotiroulla, should be remanded in Police custody for eight days.

Non-performing loans at €29 billion

Non-performing loans (NPLs) in the Cypriot banking system continued their upward trend in July reaching €28.88 billion; 47.17 per cent of the total amount of loans according to the island's Central Bank.

Large bank and Co-op loans probe

Loans given to former board members of the Bank of Cyprus and the now defunct Cyprus Popular Bank and other large loans are being investigated as part of the probe into the near collapse of the economy.

Aristo remand hearing adjourned

The court hearing to remand Theodoros Aristodimou, the founder and managing director of Aristo Developers had to be adjourned following his admittance to hospital with high blood pressure.

Aristo boss arrested

The police have placed Theodoros Aristodemou, the former Chairman of the Bank of Cyprus and founder and managing director of Aristo Developers, under arrest along with three other persons.

Numbnuts at Paphos Land Registry

Despite being put under pressure the Government reduce the backlog of Title Deeds, numbnuts at the Paphos Land Registry are refusing to accept current British passports as identification.

Supreme Court focuses on foreclosures

The Cyprus Supreme Court plenary will meet on Tuesday to examine whether four of the bills passed by MPs regarding foreclosures and repossession are in conflict with the island's Constitution.

Reckless banks lent millions

A report by the Cyprus Central Bank reveals how the island's banks lent millions of Euros recklessly without having properly examined the borrowers' ability to repay or the value of the loan collateral.

Next bailout tranche withheld

Cyprus will not receive the next tranche the €10 billion bailout from the troika of international lenders until it complies with the MoU regarding foreclosures and insolvency legislation.

Building permits up 11% in June

The number of building permits issued in in June increased 11 per cent compared with the corresponding month of last year, but their numbers have fallen 5 per cent during the first half of 2014.

EC rejects foreclosures laws

The foreclosures laws passed by the Cyprus parliament last Saturday are incompatible with the requirements of the Memorandum of Understanding (MoU), according to a European Commission spokesman.

Decision time in Aristo land deal probe

A decision on how to proceed in a case involving allegations that Aristo, in cahoots with persons inside the Paphos municipality, milked extra real estate from dodgy paperwork will be held today.

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.