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541 new homes in May

The number of new homes in Cyprus for which building permits were issued in May 2018 rose 27.6 per cent compared to May 2017 providing for the construction of 541 new homes according to the Cyprus Statistical Service.
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Cyprus consumer protection decisions

The Cyprus Consumer Protection Service has recently issued decisions against Alpha Bank Cyprus (former Emporiki Bank) and two property development companies Geormaride Ltd and VM Development Ltd.
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Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.
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Funds eyeing Bank of Cyprus bad loans

A number of funds are reported to be interested in buying some of the Bank of Cyprus' non-performing loan portfolio, which is valued at as much as €5 billion, according to Bloomberg.
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Non-performing loans highest in Europe

Non-performing loans (NPLs) in the Cypriot construction and real estate sectors are amongst the highest in Europe with construction NPLs standing at 75 per cent and real estate NPLs standing at 39 per cent at the end of March.
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Cyprus house prices fall 1.8 per cent

The Cyprus house price index (HPI) fell by 1.8 per cent in the first quarter of 2018 but rose 3.7 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).
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What the new foreclosure bills mean

The new foreclosure bills passed by the Cyprus parliament expedites foreclosure proceedings, makes it easier for financial institutions to remove bad loans from their balance sheets, and increases the number of borrowers eligible for insolvency schemes.
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Tougher insolvency & NPL laws

MPs approved tougher laws for dealing with non-performing loans (NPLs) and foreclosures that should also enable trapped buyers to get a Title Deed at a special plenary session of the Cyprus parliament yesterday.
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Small rise in Cyprus property sales (Update)

Although the number of property sales in Cyprus continued to rise in June according to the number of sales contracts deposited at Land Registry Offices, only a marginal rise was reported compared with June 2017.
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Permits for new homes up 44.6 per cent

The number of building permits for the construction of new homes in Cyprus rose 44.6 per cent in April 2018 compared to April 2017 providing for the construction of 418 new homes.
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Paphos marina contract awarded

The contract to build the long-anticipated Paphos marina has been awarded to Pafilia by the 'new' Marina Management Committee, which was appointed in March to examine documents submitted as part of the marina tender process.
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Opposition delays NPL & Co-op bills

Opposition parties have rejected a request by the Cyprus government to urgently discuss five bills concerning the management of non-performing loans (NPLs) and the takeover of the Co-op by the Hellenic bank.
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Cabinet approves NPL reduction bills

Four bills and regulations that will significantly improve the way non-performing loans (NPLs) are dealt with and provide for incentives, penalties and e-auctions were approved by the Cabinet on Thursday.
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Cyprus property value change notification

The owners of property in Cyprus must be notified by the Land Registry personally if there is any significant change in the value of their property the island's Supreme Court has ruled.
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Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved.
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Glimmer of hope for Pissouri homeowners

There appears to be a glimmer of hope for homeowners affected by the devastating land slippage in the Limnes (lakes) area of Pissouri; they are hopeful that a solution may soon be found.
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Cyprus cooperative bank investigation (Update)

The situation in which the Cyprus Cooperative Bank now finds itself is to be investigated by a committee appointed by attorney general Costas Clerides amid allegations of mismanagement.
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Non-performing loan laws inefficient

The legal frameworks introduced by Cyprus aimed at reducing non-performing loans (NPLs) are inefficient according to the European Stability Mechanism (ESM) in its annual report.
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Management committees fall foul of law

A number of management committees, which manage and administer jointly-owned buildings in Cyprus, have recently found their bank accounts frozen due to a law introduced in 2017.
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Passports scheme could bring Dutch disease

The Fiscal Council has warned that overreliance on the Passports for Cash Scheme aka Citizenship by Investment Scheme aka Golden Visa Program could bring 'Dutch disease' to Cyprus.
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