Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: January, 2015

Mortgage regulation tightened

The Mortgage Credit Directive 2014/17/EU aims to enhance consumer protection for those buying residential property and should end devious banking practices in Cyprus and other EU member states.

Foreclosures bill suspension extended

At a plenary meeting of the Cyprus parliament earlier this afternoon, opposition party MPs voted to extend the suspension of the hotly debated foreclosures bill until later this year.

Cyprus real estate insight (apartments)

During the first three quarters of 2014 more than 3,200 residential property transactions took place across Cyprus according to figures released by Cyprus Economic Intelligence (CEI).

Aristo trial gets underway

The trial of Theodoros Aristodemou, the head of Aristo Developers Limited and former Chairman of the Board of Directors of the Bank of Cyprus, and three others resumed today at the Paphos Assizes.

Ayia Napa marina investment

Naguib Sawiris, billionaire businessman and founding member of the Al Masreyeen Al Ahrrar political party, plans to invest around €220 million in the construction of the Ayia Napa marina.

The major problem of non-performing loans

Banks in Cyprus could secure the collection of significant parts of loans that are currently not being serviced by managing their non-performing loans more efficiently as Dr George Mountis explains.

US group plans expansion to Cyprus

Realty Group International, Inc. (RGI), headquartered in Beverly Hills, with offices in London, Paris, Rome, Barcelona and Rio de Janeiro has announced plans to expand into Cyprus.

Residential property prices fall 1.7 per cent

Residential property prices in Cyprus continued to fall in the third quarter of 2014, according to a Eurostat newsrelease published today, falling 1.7% compared to the third quarter of 2013.

Land Registry corruption investigation

A number of land registry officials were taking bribes according to an internal audit and are under investigation for corruption; warrants have been issued to locate the money they took.

Collateral gap at €15 billion

Figures presented to parliament today by the Governor of the Central Bank of Cyprus reveal that there is a shortfall of almost €15 billion in the value of collateral offered to secure loans.

Bank loans of up to €15,000 will be written off

Bank loans of up to €15,000 will be written off if low income borrowers can demonstrate their inability to service them under the provisions of the insolvency framework being discussed by the House.

Building permits down 2 per cent

The latest figures from the Cyprus Statistical Service report that the number of building permits issued in October 2014 stood at 446; a 2 per cent fall on the number issued in October 2013.

Cyprus programme review delayed

The European Commission has said that it cannot continue with the next review of the Cyprus adjustment programme following a decision by parliament to delay the Foreclosures Law.

ECJ ruling protects consumers with Swiss franc loans

Consumers who received a loan in a foreign currency from a bank are protected from exchange rate fluctuations by a ruling of the European Court of Justice according to lawyer Pavlos Angelides.

Ayia Napa marina gets green light

Although contracts were signed two years ago, the Town Planning Department has just been given the go-ahead to issue a licence for the construction of the long-awaited Ayia Napa marina.

Swiss Franc loans may cost more

The scrapping of the minimum exchange rate by the Swiss National Bank may increase the financial burden on those who have bought property with loans denominated in Swiss Francs.

Cabinet gives the nod to fourth insolvency bill

Yesterday the Cyprus Council Ministers (Cabinet) approved the fourth of five bills comprising the insolvency framework designed to update and amend the personal and corporate bankruptcy laws.

Real estate prices expected to fall

Pundits in the real estate sector expect that property prices will continue to fall in 2015 but believe that interest from overseas buyers will continue due to incentives introduced by the government.

Swimming pools law changes

A new law that will make a distinction between private and public swimming pools has been proposed by the Interior Ministry and a draft is currently being scrutinised by the Legal Service.

Banks using threats and blackmail

Banks have been accused by the head of the Borrowers Association of misleading borrowers into signing whatever they suggest through unfounded lies, duress, threats and blackmail.

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.