Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020

Monthly Archives: October, 2017

Non-performing loans stand at €21.9bn

Non-performing loans (NPLs) in the Cypriot banking system currently stand at €21.9 billion, or 44 per cent of total loans and 120 per cent of economic output according to the governor of the Central Bank.

Construction helps Cyprus exit recession

Laying the cornerstone of '360', the tallest construction in Nicosia, President Anastasiades said that the construction boom confirms the government's focus on exiting the vicious cycle of economic recession.

Peyia goes to court over Vassiliou project

The Peyia council is taking the Nicosia town planning department to court over its decision to issue a planning permit for a mammoth development on a hillside (Ayia Vouni) overlooking Peyia.

More efforts needed to reduce NPLs

Cyprus needs to put more efforts into reducing the non-performing loans (NPLs) of the Cyprus banks, which "remain at extremely high levels" said the Chair of the ECB's Supervisory Board.

Surge in new homes construction

July saw another surge in the building of new homes with a 40.6 per cent increase in the number of building permits issued for their construction compared to the same period in 2016.

Cyprus house price index up 3.1 per cent

The Cyprus house price index (HPI) rose by 3.1 per cent in the second quarter of the year and 3.6 per cent on an annual basis according to a preliminary estimate by the Statistical Service.

IMF: Reinstate Immovable Property Tax

The International Monetary Fund (IMF) has called on Cyprus to consider reinstating the Immovable Property Tax, which was withdrawn this year, and raising transfer duty to increase revenues.

Paphos marina decision expected soon

The Pafilia Group should hear by the end of the month whether it has met the required criteria to build the Paphos marina, which has been stalled by bureaucracy and legal battles for more than a decade.

VAT on land sales agreement

Cyprus is to impose VAT at a rate of 19 per cent on land sales for commercial activities, which will be based on the Dutch model according to a report in the Greek language media.

Some relief for blighted Paradise Hills

Home buyers on the blighted Paradise Hills estate at Marathounda in Paphos may receive assistance from the authorities to prevent a repetition of last winter's heavy flooding caused by a rainwater drainage pipe.

September property sales up 8 per cent

The number of property sales in Cyprus during September 2017 rose by 8 per cent compared with the same month last year according to official figures from the Department of Lands and Surveys.

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Cyprus faces “sizeable downside risks”

Following its mission to Cyprus the International Monetary Fund said that "sizeable downside risks" still exist, citing an extremely high private sector debt and a high proportion of non-performing loans (NPLs).

Most Read

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.