Some light at the end of the tunnel appears for the 60,000 trapped property buyers in Cyprus still waiting to receive title deeds for their properties as lenders promised not to oppose a disputed legislation, however officials are doubting the logistics of how it will work pragmatically speaking....
Last week, the set of bills approved by the Cyprus Parliament has given financial institutions on the island more influence to reduce negative loans from their balance sheets, speed up foreclosure proceedings and also increasing the number of borrowers entitled for to receive help from insolvency schemes. Lenders...
The Cyprus Parliamentary Finance Committee is scheduled to review a number of bills aimed at reducing the islands non-performing loans and have been approved by the Council of Ministers to give lenders effective tools to start collection and proper defense mechanisms, reducing the need to increase provisions or...
Last week, the Cyprus supreme court passed legislation mandating the obligation to inform all property owners on the island of any significant change in the value of their property as reasonably held by the Cyprus Land Registry. The legislative proposal was passed by a unanimous vote in Cyprus...
There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the “I Save, I Upgrade” scheme, which is co-funded by both the Cyprus Government and European Union for all homeowners on the island after the first scheme garnered so many applications....
Following comments from the troika on the particularly high levels of non-performing loans (NPLs) within the property market, the Cyprus government is formulating suggestions to recover the liquidation and foreclosure legislation. Speaking at the Economic Congress in Nicosia, the Cyprus Finance Minister stated that depending on investor interest in...
The Cyprus Central Bank has recently released their Residential Property Price Index quarterly report that shows the price of residential property on the island, namely houses and apartments have continued to rise on an annual basis during the fourth quarter of 2017. According to the 2017 figures collected towards...
Cyprus is a popular holiday destination for many countries, so the practice of renting properties on the island through Airbnb has become increasingly popular. More recently, the profit of this type of letting has come under scrutiny from the tax authorities who are looking to address the problem of...
The Cyprus Government have recently announced exciting news for couples looking to buy their first property together. A draft bill has been submitted to parliament ultimately exempting the payment of 19% VAT for youths purchasing land for the purpose of building their first home or primary residence together in...
The Cyprus House finance committee discussed a bill submitted by the government designed to attract foreign investment into the housing market on the island. There have been recent plans to clarify and streamline regulations regarding AIFs (Alternative Investment Funds) which in turn harbour a more competitive environment. The bill...
