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Archive for 2016

Non-performing loans will take time to resolve

The problem of non-performing loans will take some time to resolve due to the complexity of the problem said the Cyprus Central Bank’s Governor speaking before a parliamentary Committee.

Strong growth in building permits

The number of building permits authorised by the municipal authorities and the district administration offices during August 2016 stood at 381 according to the Cyprus Statistical Service.

Paphos marina secures funding

The consortium awarded the contract for the construction of the Paphos marina has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project according to the president of the Paphos Chamber of Commerce and Industry.

Property and currency in the wake of Brexit

British expats living in Cyprus have seen a fall in the Euro/Sterling exchange rate in the wake of the BREXIT referendum and are finding that their UK pensions are not stretching as far as they had planned.

October property sales rise 37 per cent

The number of property sales in Cyprus continued their upward trend in October with sales rising by 37 per cent compared to October 2015 according to official figures from the Department of Lands and Surveys.

Local authorities obstructing Title Deeds

Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.

Online property valuations revisited

A revised guide to finding Cyprus property valuations on the Department of Lands and Surveys website, which has undergone a major overhaul and now provides a multitude of additional features.

Threat to Paphos marina

A contractual dispute is threatening to derail Paphos marina following a demand by the contracting authority that the initial down payment by the consortium is submitted by November 10.

Fitch upgrades Cyprus to ‘BB-‘

Fitch Ratings has upgraded Cyprus by one notch from ‘B+’ to ‘BB-’ with a positive outlook on continuing strong progress in its adjustment following the 2013 banking crisis but warns that banks remain weak due to the high level of NPLs.

Cyprus property prices rise

The RICS Cyprus Property Prices Index for the second quarter of 2016 includes price changes in holiday homes for the first time with prices in both residential properties and holiday homes rising.

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