Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020

Non-Performing Loans

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.

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.

Estia applicants hit 50% of eligible borrowers

Applications for the Estia programme, which aims to assist home owners with non-performing mortgages by providing government support, have been submitted by more than 50 percent of those eligible.

First auction of foreclosed properties

The first online auction of foreclosed properties will be held Wednesday morning kicking off at 10:00 and continuing for two hours unless a one-hour extension is granted when 16 properties will go under the hammer.

BoC to repossess non-Estia protected properties

The Bank of Cyprus (BoC) will repossess properties if their owners do not apply for protection under the Estia scheme; it's only received 487 applications from an estimated 2,500 eligible owners.

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.

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."

NPLs in Cyprus rise for second month

Non-performing loans (NPLs) rose for a second consecutive month in May amounting to €8.05 billion with non-performing exposures (NPEs) dropping by €11 million to €10.13 billion, or some 30.8% of total loans.

Strategic defaulters and sovereign corruption

The government backed Estia scheme enables those who have deliberately defaulted on their housing loans, i.e. strategic defaulters, to apply for mortgage relief but such flagrant fraud ought to warrant criminal investigation.

Cyprus NPL ratio second highest in EU

The Cyprus banks have the second highest Non-Performing Loan (NPL) ratio in the European Union after Greece, according to the European Banking Authority (EBA) 'Risk Dashboard'.

TOP STORIES

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.