Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Angelos Anastasiou

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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.

Cyprus court upholds trapped buyers law

The Limassol District Court has upheld the 'trapped buyers' law overturning previous district court rulings in favour of banks that blocked Title Deeds being issued to some 70,000 trapped buyers.

Cyprus 7th in citizenship by investment

Cyprus has emerged as one of the most popular jurisdictions for EU and non-EU nationals in the Citizenship by Investment Index, published by Financial Times group's Professional Wealth Management.

Optimism in the construction sector

The future of the island's construction sector is optimistic, but repeating the illegal and short-sighted practices of the past will have extremely negative consequences on everyone.

Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers' association (OEV).

Building permit regulations to be re-examined

The Interior Minister's building permit decree designed to curb profiteering in non-residential areas by property developers has been criticised by Parliament; further consultations will be held.

Citizenship for sale controversy

The Cyprus property market could be hit by a fall in property prices if investors granted a Cypriot passport under the citizenship-for-sale scheme decided to sell their property after three years.

Tender process launched for Larnaca marina

The long-awaited Larnaca marina and port project took a step forward in the week with a request for submissions of interest for the construction of the 1,000 berth marina and port facilities.

MPs warn banks over Swiss franc loans

MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman's office to make repayments on their housing loans.

Non-performing loans restructured

Pafilia Property Developers, the D. Zavos Group and Tsokkos Hotels and Resorts have restructured their non-performing loans (NPLs) according to sources inside the Bank of Cyprus.

Three banks ready to ease Swiss franc loan burden

Three banks are ready to ease the burden on Swiss franc borrowers by writing off between 10 and 40 per cent of the loan in certain circumstances providing the borrower can show that they cannot repay.

Lawyers to face price-fixing challenge

A formal legal complaint against the Cyprus Bar Association at the European Competition Commission is planned by an organisation that is challenging the price-fixing of lawyers' fees in Cyprus for out-of-court cases.

Some relief for trapped buyers

Although the 'hidden mortgages' bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.

Draft loan sales bills leaked

Details of the draft legislation designed to facilitate the sale of bank loans (one of the pre-conditions for Cyprus to receive the next tranche of the bailout loan) has been leaked to the media.

Bank loans of up to €15,000 will be written off

Bank loans of up to €15,000 will be written off if low income borrowers can demonstrate their inability to service them under the provisions of the insolvency framework being discussed by the House.

Banks using threats and blackmail

Banks have been accused by the head of the Borrowers Association of misleading borrowers into signing whatever they suggest through unfounded lies, duress, threats and blackmail.

Alpha Panareti slapped by CCPS over unfair contract

The CCPS has ruled that a contract to purchase an apartment between Alpha Panareti and a Scottish woman breaches the provisions of law 93(I)/1996 on unfair terms in consumer contracts.

Aristo boss seeks to counter accusations

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, is seeking to counter accusations against his company.

Property values call for transparency

The chairman of the Cyprus Technical Chamber (ETEK) has argued that the government should make public the methodology used to reappraise property values to 2013 prices for taxation purposes.

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