Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Yearly Archives: 2014

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.

Cyprus relaxes most domestic capital controls

The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don't require central bank vetting have been removed.

Stress test scenarios do not bode well

Residential property prices will fall by 4.0 percent in 2014, while real estate prices in general are predicted to go down by 11.9 percent under the EBA's pan-European stress test scenarios.

Primary residence protection up to €350,000

The Cabinet has approved primary residence protection legislation designed safeguard the homes of low-income families and small and medium sized enterprises facing economic hardship.

Title Deeds issuance completed by year end

The Land Registry should complete its revaluation of all properties by June 2014 and the Finance Minister expects it to complete the issuance of Title Deeds as agreed with the troika by the end of the year.

Cyprus moves up in Top of the Props chart

Cyprus moved up one place in last month’s Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

Standard & Poors & Fitch lifts ratings

Standard & Poors lifted its rating on Cyprus to B, while Fitch revised its outlook on the country to 'stable' saying that the economy "has proved more resilient than previously expected".

Possible ‘Development Bank’ to manage NPLs

The Bank of Cyprus Board of Directors is expected to decide today whether to establish a "development bank" to deal with the problems of non-performing loans according to state broadcaster CyBC.

Cowboy Builders investigate British developer

A British developer who turned the dreams of those looking forward to a peaceful retirement in Cyprus into nightmares came under the spotlight in the Channel 5 series 'Cowboy Builders Abroad'.

MEP questions clearance of Title Deed backlog (updated)

Update 24 April. MEP Robert Sturdy has raised a question in the European Parliament requesting the Commission for an update on the current state of affairs concerning the clearance of Cyprus' Title Deed backlog.

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.