Non-performing loans (NPLs) in the Cypriot banking system continued their upward trend in July reaching €28.88 billion; 47.17 per cent of the total amount of loans according to the island's Central Bank.
A conference in Nicosia has heard that Chinese property buyers are slowly returning to Cyprus, but that the country needs to earn their trust if it wants them to make further investments.
David Lidington the UK Minister for Europe has completed a two-day working visit to Cyprus during which was received by President Anastasiades and met with Ioannis Kasoulides, the Minister of Foreign Affairs.
George Stovolides, the president of the Land and Property Owners Organization (KSIA) said it strongly opposes rent control legislation warning that it will create new distortions in the market.
The emerging Chinese market is being put under threat from the "appalling practices" of those in the real-estate sector according to the general secretary of the Chamber of Commerce and Industry.
A Cypriot MP has tabled a bill for discussion at the House Finance Committee requiring property buyers to pay Immovable Property Tax even though they do not have the Title Deeds to the property they have purchased.
Disciplinary and criminal investigations are underway into a number of land registry officials relating to allegations of corruption, bribery, embroilment, violation of personal data laws and depriving the state of revenue.
What can Cyprus learn from Ireland's bailout experience? "To get on with it, to be resolute and to be honest about the scale of the crisis" according to the Irish Minister of State for European Affairs.
