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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.

Banks to offload €4 billion NPLs

The Bank of Cyprus and the Hellenic Bank will sell non-performing loans (NPLs) worth €4 billion by the end of February enabling them to dispose of more than 10% of their problematic loans.

Affordable housing incentive scheme fails

The government’s affording housing scheme, which offers developers incentives to provide cut-priced homes for low-income groups, has failed to attract developers wishing to participate in the programme.

Cyprus: buying property

The UK Foreign & Commonwealth Office has recently updated information for British nationals wanting to buy property in Cyprus; further information be found on the UK.GOV website.

Online property auctions to combat NPLs

An online auctions platform has been launched designed to increase the sale of mortgaged properties whose owners have defaulted on their loan agreement and before a foreclosure has taken place.

Instability expected in Cyprus real estate sector

Although it’s too early to make any conclusions, there are indications that the Cyprus real estate sector may experience significant instability and uncertainty in 2020 according to a PwC report.

Radical justice reforms on the way

The government is determined to introduce radical reforms to the justice system to do away with lengthy delays and restore confidence among quality investors turned-off by the legal labyrinth.

Fugitive businessman holds Cyprus passport

Fugitive businessman Low Taek Jho, who holds a Cypriot passport and citizenship, has been described as a Malaysian conman sought by the authorities of Malaysia, Singapore, and the US.

ESTIA debt relief scheme failing big time

With only 3% of loan defaulters applying for the government’s ESTIA debt relief scheme, economics professor Stavros Zenios from the University of Cyprus, tweeted the scheme is “failing BIG time.”

Eviction of non-paying tenants to be made easier

The eviction of tenants who deliberately fail to pay their rents or who fall into arrears should be made easier next month when amendments to the Rent Control Law are passed by parliament.

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