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29th March 2024
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Tag: property developers

Non-performing loans continue to mount

Latest information released by the Cyprus Central Bank shows that non-performing loans continue to mount with property developers having amassed billions of debts that they are unable to repay.

Developers call for tax changes

Property developers have requested a change to property tax legislation voted by the House last year to avoid the injustices that occurred, CEO of Aristo Developers Theodoros Aristodemou said.

Developers want more time to pay banks

A spokesman for the island's property developers believes that a fire sale of real estate during a recession would not be good for the country and developers are asking for more time to settle their debts.

Special unit for tax dodgers

In the wake of yesterday's report about the thirty two property development companies that have yet to settle their large Immovable Property Tax bills, the government is planning a special unit to deal with tax dodgers.

Millions owed by big names

A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.

Chinese developers have their sights set on Cyprus

Cyprus may soon be welcoming a number of property developers from China who are planning to buy land on the island or work with local property developers to build homes for Chinese families.

EU report into property development

David Martin MEP, who represents Scotland in Brussels and Strasbourg, has asked the European Commission to outline the conclusions of its report into the practices property developers in Cyprus.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

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