Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: August, 2015

Some relief for trapped buyers

Although the 'hidden mortgages' bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.

Banks to recoup loans by ‘hook or crook’

Banks must find a way to recoup loans granted to insolvent developers once 'trapped' properties are released to home buyers, Interior Minister Socrates Hasikos said following a joint session of the House interior and finance committees.

NPLs long road ahead

New figures published by the Cyprus Central Bank show that the banks still have a long way to go in reducing NPLs, which increased by €68.2 million at the end of June 2015 to stand at €27.04 billion.

Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.

Property sector challenges remain

Ernst & Young Cyprus Ltd (EY) has published the second edition of its Real Estate Dynamics Report, which contains an analysis of recent developments in the Cyprus construction and property sectors.

Insolvency service ‘inundated’

The newly established Insolvency Service, which was set up by the Cyprus government as part of the insolvency framework agreed with the troika, has been inundated with requests for information.

July property sales up 22 per cent

The number of property sales in Cyprus during July rose 22 per cent compared to the numbers sold in July 2014 according to official statistics from the Department of Lands and Surveys.

Building permits May 2015

Although the number of building permits authorised in May 2015 fell compared to the number authorised during the same period last year, their total area went up by more than a third and their value almost doubled.

Guidelines on restructuring loans

The Cyprus Debtors Association has published detailed step-by-step list of guidelines on how borrowers may restructure their loans and advising them of their rights if they are being pressed by banks.

Aristo acquittal appealed

An appeal against the court decision to clear Theodoros Aristodemou, the founder of Aristo Developers and former chairman of the Bank of Cyprus, has been filed at the Supreme Court by the state.

Aphrodite Hills sold

The Bank of Cyprus has finalised the sale of its share in the Aphrodite Hills Limited at Kouklia, in which it acquired a 75 per cent shareholding in 2014 as part of its management of large exposures.

Immovable Property Tax 1980 values

The Cyprus government has decided that 2015's Immovable Property Tax will be calculated on 1980 values and that the charges levied by municipalities and communities will remain the same as last year.

Lawyers complicit in Title Deeds scandal

As the Cyprus Property Action Group discovered much of the blame for the Title Deed scandal rests with conveyancing lawyers whose duplicity earned them their designation as one of the largest criminal classes in Cyprus.

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.