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Archive for June, 2019

Cyprus property news recovers after attack

Cyprus Property news has fully recovered following what is thought to be a DOS or a dDDOS attack that flooded the CPN server with traffic, which eventually resulted in it crashing; no data was compromised.

Affordable housing scheme starts next month

The government’s affordable housing scheme for low-income families will kick in next month with Cypriot citizens and other EU nationals residing in Cyprus for the past five years being eligible to apply.

Delay vote on foreclosure law changes MPs urged

The Finance Minister and the banking industry have urged MPs to delay voting on changes to foreclosure law at least until we have a picture on whether the Estia debt relief scheme delivers.

Estia scheme for vulnerable homeowners approved

The cabinet has approved the debt relief scheme (Estia) designed to support and protect vulnerable homeowners; eligible borrowers will apply in September – first payments expected in December.

Cyprus amongst worst offenders in corruption report

Cyprus was among countries that have not fully complied with any of the Council of Europe’s anti-corruption body’s GRECO recommendations according to a GRECO report issued on Tuesday.

Possible foreclosures law changes worry banks

Banks have expressed concerns over possible changes to the foreclosures law as they fear appeals could be stuck in the island’s slow courts for many years negatively impacting their business.

Residential property values based on rents today

In quite general terms, the use of the rental capitalization method for the valuation of an income producing property is based on the rental value of the property capitalised by the appropriate rate (cap rate) based on the yield.

The long fight for a building permit

A frustrated citizen reports on his long fight with bureaucracy to get a building permit; he’s whose been pushed from pillar to post, ignored, blamed for the delay and threatened if he went to the media.

Property auction process may get harder for banks

Opposition parties trying to introduce legislation designed to slow down the property auction process by introducing twelve points, but have yet to get the required majority for it to pass.

Cypriot passport investment applications falling

New applications for Cypriot passports under the island’s ‘citizenship-by-investment scheme’ (aka passport-for-cash scheme) are falling, possibly as a result of the stricter rules introduced in May.

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