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Archive for February, 2015

Property deals stumble at prices

Property prices and uncertainty about foreclosures are hampering large foreign investments in mature development projects according to would-be investors at the Cyprus Investors Summit.

Cyprus raises overseas transfer limit

The Cypriot authorities have eased the restrictions on the movement of capital overseas; individuals will be able to transfer up to €50,000 a month out of the country from Monday 16th February.

New home construction down 35 per cent

Figures from the Cyprus Statistical Service (CYSTAT) reveal that building permits authorised for the construction of new homes fell 35 per cent last November compared with the same period the previous year.

Swiss Franc loan court cases in March

The first of many court cases against Cypriot banks that issued Swiss Franc loans to those buying property in Cyprus will probably be heard in March according to a report in the FTAdvisor.

Cyprus major tax debtors list

Cyprus Finance Minister Haris Georgiades’ list of the top 50 tax debtors includes property developers, large football clubs and hoteliers and has been published in the public interest by Stockwatch.

Delinquent developers ultimatum

The Bank of Cyprus is to offer a last chance to delinquent developers, including Leptos Estates, Aristo Developers, Pafilia Property Developers, to start repaying their debts or face the consequences.

Cyprus agreement impossible

The Troika of Cyprus’ international lenders has announced that it was not possible to reach an agreement on the review of the Cyprus programme due to the suspension of the foreclosure framework.

Hourican lambasted by opposition parties

Bank of Cyprus CEO John Hourican has come under fire from opposition parties over comments attributed to him in a leaked email that said politicians are protecting larger businesses in Cyprus.

Stalemate over bad loan guarantors

Amidst alleged claims that Cyprus politicians may be protecting larger businesses, disagreements have arisen between the government and the troika over the treatment of bad loan guarantors.

Property prices continue to weaken

Property prices across Cyprus continued to weaken during the fourth quarter of 2014 with both house and apartment prices falling according to the RICS Cyprus Property Price Index.

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