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Archive for June, 2018

Cyprus running out of time to reduce NPLs

Pressure is mounting on the Cyprus banks to reduce non-performing loans (NPLs) and proposals put forward by the Finance Ministry could also fix areas in the law affecting the issue of title deeds from indebted developers.

Permits for new homes up 13.3 per cent

The number of building permits for the construction of new homes in Cyprus rose 13.3 per cent in March 2018 compared to March 2017 providing for the construction of 467 new homes.

Cyprus property sales up 29% in May (Update)

The number of property sales in Cyprus continued to rise in May with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with May 2017.

REMU debt to asset swaps increasing

Increasing numbers of properties in Cyprus including homes, hotels and golf courses are being transferred to the Bank of Cyprus Real Estate Management Unit (REMU) by debt to asset swaps.

Another high rise development in Limassol

The Shacolas group is planning to demolish the Debenhams Olympia centre in Limassol to make way for the 197 metre high rise Aura development of luxury apartments that will be the tallest in Cyprus.

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