Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: April, 2016

Ayia Napa marina revised plans

Ayia Napa is one step closer to getting its marina after the project's revised planning permit was approved and, with other works planned for the town, it will greatly benefit the area's economy.

Non-performing loan ratio increases

Non-performing loans (NPLs) ratio in the Cypriot banking system stood at 48.9 per cent of total loans at the end of February, up from 45.8 per cent in December, according to data released by the Central Bank of Cyprus.

Fitch affirms Cyprus at B+

Fitch Ratings has affirmed the long-term credit rating of Cyprus B+, with a positive outlook, but warned that "banks remain fundamentally weak and pose an ongoing risk to the economy and public finances."

Plans for luxury apartments in Larnaca

Lebanese investor Yussef Kanaan has announced plans to invest €15 million to build luxury apartments in Larnaca on land that he purchased for €3.5 million and expects to get a building permit within the week.

Bids submitted for Ayia Napa marina

More than 25 years after initial studies into five marina projects were undertaken, bids for the construction of the Ayia Napa marina have been submitted to the company in charge of the project M. M. Makronisos Marina Ltd.

Property sales continue to improve

Property sales in Cyprus increased in March 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 19 per cent.

Cyprus house prices fall

House prices in Cyprus fell marginally in the fourth quarter of 2015 compared with the fourth quarter of 2014, but by more than 4 per cent compared with the previous quarter according to a Eurostat news release.

50,000 housing units in Cyprus unsold

Up to 50,000 housing units in Cyprus have remained unsold for a considerable time based on the difference between the number of building permits authorised and contracts of sale deposited at Land Registry offices.

EC report highlights non-performing loans

Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.

Building permits fall in January

Although the number and value of building permits authorised in January fell compared to January 2015, the number of permits authorised for the construction of new homes rose according to the Cyprus Statistical Service.

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.