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Archive for September, 2014

Property developer jailed

Property developer Kypros Kyprianou, owner of Famagusta Developers, has been sentenced to sixty months imprisonment after being found guilty of charges relating to forgery and theft.

August property sales up 26 per cent

Latest property sale statistics published by the Department of Lands and Surveys report a 26 per cent increase in Cyprus property sales during August 2014 compared to August last year.

Foreclosures law to Troika

President Anastasiades is to speak with European leaders and officials in efforts to gain their understanding and support for the foreclosures law that was passed by parliament on Saturday.

Foreclosures bill passed

The controversial foreclosures bill, a pre-condition of Cyprus receiving the next tranche of its bailout from the Troika, was passed by 47 votes at an extraordinary session of Parliament earlier today.

No repossession of paid for properties

The troika have advised the government that properties that have been paid for but no Title Deeds have been issued could be exempted from repossession under the provisions of the controversial foreclosures bill.

Bank of Cyprus deposit ratings for upgrade

Moody’s Investor Service has announced that it has placed the long-term deposit ratings of the Bank of Cyprus on review for upgrade following the bank’s successful completion of its €1 billion capital increase.

Property price falls slow

Property prices across Cyprus have recorded the smallest quarterly fall in the last five quarters (since March 2013) according to the Cyprus Central Bank Property Price Index for the second quarter of 2014.

Aristo boss seeks to counter accusations

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, is seeking to counter accusations against his company.

Thousand crocodile theme park in Cyprus

A consortium of Israeli and Cypriot businessmen has submitted a proposal to the Minister of Agriculture to build a theme park with 1,000 crocodiles at Psematismenos in the Larnaca district.

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