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The sniffing has started

Despite pay cuts, rising unemployment, haircuts on bank deposits, the closure of the island’s second largest bank, etc. there have been no demonstrations, strikes or union protests; Cyprus is a funny little place.

Property highlights all that is wrong

For years, our administration and banks have cleverly created a captive audience, holding householders to ransom by refusing to issue title deeds. Oh yes, there is method in this title deed madness!

Property tax bill approved by parliament

A majority of Cypriot MPs have approved an amended bill to increase the rate of Immovable Property Tax, which is part of the preliminary agreement between Cyprus and its international lenders.

Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.

Cyprus draft bailout conditions leaked

The draft MoU between the government and the Troika is in the public domain. We summarise the specific points in the Memorandum of Understanding relating to the housing market and immovable property regulation & taxation.

Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.

Contractors left unpaid for government projects

As the government’s coffers run dry it has no money left to pay companies that have completed construction projects and who are suffering from cash-flow problems and who may be forced to lay off staff.

High-ranking officials accused of abusing state housing

A Cypriot MP has said that government housing in Troodos is being “scandalously” abused by high-ranking state officials, while some properties have been sub-let to the private sector at ‘outrageously low’ rates.

Moody’s slashes Cyprus government bond ratings

Yesterday Moody’s Investors Service downgraded Cyprus’ bond ratings three notches further into junk territory and it’s ratings on three Cypriot banks citing “profound difficulties” in the island’s banking sector.

Cyprus real estate: Is PAMELA coming for a visit?

If the Troika’s bailout conditions for Cyprus are implemented, what will be the impact on the island’s real estate market? Will we achieve PAMELA, the Proper Asset Management of Estates, Loans and other Assets?

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