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Archive for 2015

Price falls at very low levels

The Cyprus Central Bank’s Residential Property Price Index for quarter 3 2015 reports that the decline in the general housing price index (houses and apartments) fell by 0.3 per cent over the quarter.

Corruption in the Land Registry

Various cases of possible corruption at the Land Registry have been uncovered by the Cyprus Auditor General, Odysseas Michaelides, together with tax evasion by lawyers and doctors and under-charging.

More new homes in Cyprus

The number of new homes in Cyprus for which building permits have been issued increased by 1.9 per cent in September compared with the same period last year according to the Cyprus Statistical Service.

Cyprus property sales recovering

Both Cyprus domestic and overseas property markets are recovering with sales to the domestic market up 11 per cent and the overseas market up 48 per cent during November compared to the same period last year.

Three banks ready to ease Swiss franc loan burden

Three banks are ready to ease the burden on Swiss franc borrowers by writing off between 10 and 40 per cent of the loan in certain circumstances providing the borrower can show that they cannot repay.

Swiss francs loan landmark decision

The Cyprus Competition and Consumer Protection Service has ruled that a Swiss francs loan agreement between Alpha Bank Cyprus and two UK residents breaches the unfair terms in consumer contracts law.

€55m Immovable Property Tax collected

Immovable Property Tax (IPT) amounting to €55.5 million had been paid by 193,833 taxpayers (72 per cent of the total number) by mid-November, according to senior tax officer Klelia Papadopoulou.

Foreclosure auction venues selected

A venue in each of the island’s districts has been selected where the auction of foreclosed properties will take place following a tender process by the Association of Cyprus Banks.

Non-performing loans remain high

Non-performing loans (NPLs) in the Cypriot financial system stood at 47.8 per cent of total loans at the end of September 2015, according to data released by the Central Bank of Cyprus.

Hourican to remain at Bank of Cyprus

In April this year John Hourican, the CEO of the Bank of Cyprus, resigned his position for personal reasons; however the Bank’s broad of directors have decided to extend his contract for two more years.

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