Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: October, 2015

Cyprus property buyers debate

Debating on behalf of some of his constituents who have been stung by the Cyprus property fiasco, Andrew Gwynne MP, Member for Denton and Reddish, recounted events on the floor at Westminster Hall.

Cyprus property prices stabilising

Although Cyprus property prices continued to fall during the third quarter of 2015, there are signs that they may be stabilising in some areas according to the RICS (Royal Institution of Chartered Surveyors) Cyprus Property Price Index.

Lawyers to face price-fixing challenge

A formal legal complaint against the Cyprus Bar Association at the European Competition Commission is planned by an organisation that is challenging the price-fixing of lawyers' fees in Cyprus for out-of-court cases.

Trapped buyers apply for title deeds

Around 4,000 ‘trapped buyers’ who have paid for their property but cannot get their Title Deeds have submitted applications since the ‘hidden mortgage’ law came into force on Thursday 3rd September.

Cyprus tops bad property loans chart

KPMG's Property Lending Barometer 2015 reports that Cyprus has the highest proportion of impaired real estate loans with 70% of impaired loans (59% serious and 11% minor impairment).

Moody’s warns of CHF moral hazard

Ratings agency Moody's warned on Monday that the forced conversion of Swiss franc mortgages would cost the banks at least €250 million, create a 'moral hazard' and make the restructuring of NPLs more challenging.

New expectations for major projects

The Cyprus Investment Promotion Agency has identified serious interest on behalf of a number of prospective investors in twenty eight large scale development projects in Cyprus.

Building permits July 2015

The number of building permits authorised in July 2015 increased compared to the number authorised during the same period last year, while their total area and value also increased.

Title Deeds & the financial crisis

The solution to the Gordian Knot is simple, no property transaction without a Title Deed should be legal – and a state that respected the rights of its citizens would not have waited for a solution to be imposed by the Troika.

Chinese interest increasing

Chinese investor interest in Cyprus has grown dramatically over the past year with the juwai.com Purchasing Intent Index reporting the highest increase of all the Mediterranean countries.

Central Bank blasted on FX loans

The Central Bank of Cyprus has been blasted by the Borrowers Association accusing it of not regulating the banks correctly when they were granting loans in Swiss francs and other foreign currencies.

Banks to take hit on Swiss Franc loans?

The majority of the House Finance Committee wants the Cyprus banks to take a hit of around €170 million on €1 billion of Swiss Franc housing loans despite objections raised by the Cyprus Central Bank.

Property sales up 3 per cent

The number of property sales in Cyprus during September rose 3 per cent compared with the numbers sold in September 2014 according to official statistics published by the Department of Lands and Surveys.

Cyprus property prices rising

House prices in Cyprus rose during the second quarter of 2015 according to figures published earlier today by Eurostat, the statistical office of the European Union, contradicting both recent reports by the Cyprus Central Bank and RICS (Cyprus).

CHF loans: Another banking scandal?

Approximately 11,000 borrowers were granted loans denominated in Swiss francs (CHF) by banks in Cyprus and the billion Euro question is whether the banks communicated the risks.

Urgent action needed to save Pissouri homes

The House Interior committee has called on the Limassol District Office to take immediate action to deal with the land slippage in the Limnes area of Pissouri that is affecting 60 homes.

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.