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Cyprus: Surge in new home construction

Building permits authorised in Cyprus during September 2019 provided for the construction of 1,114 new homes, compared with 576 in September 2018 according to official figures published by the Statistical Service.
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November saw slight fall in property sales

There was a slight fall in Cyprus property sales during November compared to the corresponding month last year according to the latest official figures released by the Department of Lands and Surveys.
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Cyprus: buying property

The UK Foreign & Commonwealth Office has recently updated information for British nationals wanting to buy property in Cyprus; further information be found on the UK.GOV website.
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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.
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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.
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Instability expected in Cyprus real estate sector

Although it's too early to make any conclusions, there are indications that the Cyprus real estate sector may experience significant instability and uncertainty in 2020 according to a PwC report.
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Cyprus real estate market review

The PwC Cyprus Real Estate Market review for the 1st half of 2019 reveals that a quarter of all property transactions took place in April, just before stricter criteria were introduced for those applying for citizenship.
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Radical justice reforms on the way

The government is determined to introduce radical reforms to the justice system to do away with lengthy delays and restore confidence among quality investors turned-off by the legal labyrinth.
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Paphos marina may have cruise ship facilities

The cabinet has given the green light for a study that will look into the possibility of building facilities for cruise ships as part of a proposed Paphos marina at Kissonerga Potima Bay to the north of the town.
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Smaller rise in new home building permits

Building permits authorised in Cyprus during August 2019 provided for the construction of 525 new homes, compared with 453 in August 2018 according to official figures published by the Cyprus Statistical Service.
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Overseas property sales fall

There was an overall reduction in Cyprus property sales to overseas buyers in October, with sales to EU citizens falling by 9 per cent, while sales to non-EU citizens fell by 25 per cent.
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Bank foreclosure: outline of the legal framework

The procedure by which banks in Cyprus foreclose on property is often confusing and the law misinterpreted; Christiana Achilleos, a Senior Litigation Lawyer, provides an outline of the legal framework.
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Small rise in property sales

October saw a marginal rise in Cyprus property sales compared to the corresponding month last year according to the latest official figures released by the Department of Lands and Surveys.
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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."
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Eviction of non-paying tenants to be made easier

The eviction of tenants who deliberately fail to pay their rents or who fall into arrears should be made easier next month when amendments to the Rent Control Law are passed by parliament.
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New homes building permits on the rise

Building permits authorised in Cyprus during July 2019 provided for the construction of 1,028 new homes, compared with 632 in July 2018 according to official figures published by the Cyprus Statistical Service.
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Citizenship scheme reaching saturation point

Cyprus' property developers and other stakeholders are concerned over the future of the construction industry as the Citizenship for Investment Scheme appears to be reaching saturation.
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Cash Was King!

Cash Is King is a slang term reflecting the belief that money (cash) is more valuable than any other form of investment tool. This phrase is typically used when prices in the securities market are high.
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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.
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Rise in property sales led by local & EU buyers

The rise in property sales during September was led by local and overseas buyers from the EU who between them purchased 47 (10%) more properties than September 2018 say official figures.
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