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Archive for 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 Purchasing Intent Index reporting the highest increase of all the Mediterranean countries.

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