Cyprus Property News magazine for overseas buyers & real estate investors

Monday, May 25, 2020

Press Release

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Cyprus let off the hook

Following Cyprus' action to abrogate the law requiring lawyers to charge a minimum fee for out-of-court work, the EC has closed infringement proceedings against Cyprus and an antitrust investigation.

Call to reduce non-performing loans

The International Monetary Fund (IMF) has called on the Cypriot authorities to amend the foreclosures and insolvency laws to tackle the very high level of non-performing loans (NPLs).

Call for efficient title deeds system

The European Commission and the European Central Bank has called on the Cypriot authorities to establish an efficient title deeds issuance and transfer system in a press release following the Troika's mission to Cyprus.

Measures to tackle non-performing loans

The Commission is today proposing an ambitious and comprehensive package of measures to tackle non-performing loans in Europe, capitalising on the significant progress already made in reducing risks in the banking sector.

Cyprus real estate market review

PwC (Cyprus) has published "Cyprus Real Estate Market – 2016 Year in Review", which provides a general overview of the Cyprus property sector based on authoritative market data.

Hellenic Bank sells non-performing loans

The Hellenic Bank has sold its non-performing loan (NPL) and real estate management business, to APS Debt Servicing Cyprus Ltd, a member of the APS Holding a.s. group of companies.

Cyprus needs to accelerate debt reduction

The International Monetary Fund (IMF) has called on Cyprus to speed up reductions in public and private debt to rebuild confidence and deliver balanced, sustainable growth, and support balance sheet repair.

Cyprus: NPLs remain “very high”

Following the second post-programme surveillance mission to Cyprus, the European Commission and the European Central Bank reports that NPLs remain "very high" and that "reform momentum has weakened noticeably."

BoC sets up bad real estate asset unit

The Bank of Cyprus has established a Real Estate Management Unit that aims to acquire real estate in a voluntary asset-to-debt swap of non performing delinquent borrowers that would otherwise follow the foreclosure process.

Middle Eastern investors eyeing Cyprus

Chestertons reports that Cyprus has carved a niche for itself over the years and is receiving considerable interest from Middle Eastern investors who are looking to establish their second home overseas.

Eurogroup statement on Cyprus

The Eurogroup has called on Cyprus to tackle the very high stock of arrears by facilitating the sale of loans and ensuring that title deeds are transferred to property buyers without delay.

Troika approves bailout programme

The latest review of Cyprus' bailout programme has been successfully concluded, the EC, ECB and the IMF said in a press release yesterday, paving the way for Cyprus to take part in the ECB's quantitative easing programme.

Cypriot banks to benefit from foreclosure law

In its Credit Outlook, which assesses credit implications of current events, Moody's Investors Service considers the implementation of the foreclosure law is credit positive for Cypriot banks.

US firm wants Cyprus casino licence

Beverly Hills-based company Realty Group International (RGI) is seeking casino operators and investors to purchase land to build a 'super casino' in the Mediterranean island of Cyprus.

Cyprus agreement impossible

The Troika of Cyprus' international lenders has announced that it was not possible to reach an agreement on the review of the Cyprus programme due to the suspension of the foreclosure framework.

US group plans expansion to Cyprus

Realty Group International, Inc. (RGI), headquartered in Beverly Hills, with offices in London, Paris, Rome, Barcelona and Rio de Janeiro has announced plans to expand into Cyprus.

Increasing transparency in the Cyprus property market

The Cyprus Economic Intelligence (CEI), which provides a centralised databank that collects, analyses and displays information on the island's property market, has been launched.

Swiss Franc loans conference

A 4-day conference to tackle the problem of mis-sold Swiss Franc loans to purchase off-plan properties in Cyprus is to be held in Nicosia and Paphos between 2nd and 5th December.

Cyprus programme remains on track

Following their fourth review of the Cyprus economic adjustment programme the troika, comprising the European Commission, ECB and IMF, released an official statement on Saturday.

Cyprus relaxes most domestic capital controls

The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don't require central bank vetting have been removed.

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