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Archive for 2020

Larnaca port and marina gets go ahead

The redevelopment of the Larnaca port and the 600-berth marina is expected to start soon following an agreement reached between Cyprus and Israeli investors after year long negotiations.

Strong growth in construction continues

The strong growth in the Cyprus construction sector continued in November with building permits authorised for the construction of 909 new homes according to official statistics from the Cyprus Statistical Service.

Twice as many property sales to non-EU citizens

More than twice as many property sales were made to non-EU citizens than EU citizens in January according to official statistics published by the Department of Lands and Surveys last Friday.

Cash-rich banks stockpiling real estate

Cash-rich banks are stockpiling properties as they turn to buy real estate linked to mortgages of defaulted borrowers as banking institutions dominate the property market.

Is the Cyprus justice system broken?

Recent court cases have raised questions about the Cyprus justice system with a recent survey among Limassol-based lawyers highlighting their views on a number of key questions.

Foreclosure warning letters on the rise

The number of foreclosure warning letters being sent by the Cyprus banks to borrowers who fail to maintain their repayments is on the rise, according to information from the Cyprus Central Bank

Disappointing start for property sales

Property sales got off to a disappointing start in the first month of the new decade, but stayed ahead of the number sold in January 2017 according to official figures from the Department of Lands & Surveys.

Stripping citizenship of 26 investors problematic

The process of stripping citizenship from 26 foreigners who obtained Cypriot passports is proving difficult as passports for naturalised investors cannot be revoked according to the law.

Saudi ‘should not have been granted’ citizenship

The citizenship application of a Saudi businessman whose jet was used by President Nicos Anastasiades should have been rejected as it failed to meet the criteria according to an Auditor General’s report.

A 16-storey tower in Germasogeia

A 71.7 metre tall, 16-storey tower called ‘Mandarin Park’ comprising a mixed development of commercial and residential properties is to be built in the Germasogia area of Limassol.

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