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Archive for 2014

Insolvency bills delay

Troika officials are unhappy with delays in the insolvency bills as only three of the four bills have been drafted to date and the chances of them reaching parliamentary committee by early December are slim.

Construction sector in the doldrums

With the number of building permits issued in Cyprus continuing to fall in August, the island’s construction sector remains firmly in the doldrums with no signs of a recovery in the foreseeable future.

Swiss Franc loans conference

A 4-day conference to tackle the problem of mis-sold Swiss Franc loans to purchase off-plan properties in Cyprus is to be held in Nicosia and Paphos between 2nd and 5th December.

Title Deed problems lecture Paphos

A free lecture on the subject of efforts being made to accelerate the issuance of Title Deeds will be held in Paphos on 4th December; the lecture will be followed by an open discussion.

Mass repossessions unlikely

Following decisions concerning the foreclosures law rumours have been circulating that banks in Cyprus will soon start mass repossessions and selling properties to recover money they are owed.

Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.

Property prices up to 9.6 per cent down

Property prices in Cyprus fell by up to 9.6 per cent year-on-year during the third quarter of 2014, according to the twentieth publication of the RICS Cyprus Property Price Index, with falls continuing in many parts of the island.

Mortgage question raised in House

Questions about allegations of mis-selling and corruption relating to mortgages granted to UK citizens for the purchase of property in Cyprus have recently been raised in the UK parliament.

AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.

Another empty promise?

Interior Minister Socrates Hasikos has become the latest in a long line of government ministers to promise reforms to the Cyprus property industry to “protect and enshrine the rights of property buyers”.

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