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Archive for June, 2015

Shed a tear for the whinging banks

The Cypriot banks that failed to manage property developers’ loans are whinging that they cannot be held responsible for developers using the money they received from house sales for some other purpose.

Insolvency action plan

Cyprus’ action plan for implementing the insolvency framework will soon be completed and is expected to be submitted to the troika of international lenders around the beginning of July.

Betrayed by the fourth estate

The Fourth Estate, typically the independent press or media, has betrayed us all enabling the First and Second estates, the elite, to run unchecked, as he Third became increasingly self-centred.

Property transfer fee reduction

A 50 per cent reduction in the Property Transfer Fees is being considered by government to help clear the Title Deed backlog as part of the changes designed to rationalise property taxation.

Cabinet approves hidden mortgages bill

Interior Minister Socrates Hasikos has announced that the basis of the bill to resolve the ‘hidden mortgages’ problem that prevents thousands obtaining Title Deeds to the property they purchased has been agreed by the Cabinet.

Cyprus property sales falter in May

The number of properties sold in Cyprus during May fell compared with the numbers sold in May 2014 with sales falling in all districts; the first monthly drop in sales since November last year.

Eurogroup statement on Cyprus

The Eurogroup has called on Cyprus to tackle the very high stock of arrears by facilitating the sale of loans and ensuring that title deeds are transferred to property buyers without delay.

Unlicensed swimming pool health hazard

Unlicensed swimming pools in Paphos are a major health hazard – they lie half empty, some with stagnant water and this is attracting mosquitoes because no-one’s available to look after them.

Pissouri residents need urgent solution

Residents of the homes in Pissouri that have been damaged by land slippage have stressed they need an urgent solution before next winter; they cannot wait for the government report.

Home prices fell in first quarter

Home prices in Cyprus fell by an average of 1 per cent during the first quarter of 2015 compared to the previous quarter according the latest issue of the Cyprus Central Bank’s Residential Property Price Index.

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