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Property scam shows ugly face of corruption

It has been a long common secret that if you want anything done with your property, then you need to know the right people, in the right place and have the right amount in your pocket.
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Non-performing loans at €29 billion

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.
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Reckless banks lent millions

A report by the Cyprus Central Bank reveals how the island's banks lent millions of Euros recklessly without having properly examined the borrowers' ability to repay or the value of the loan collateral.
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Building permits up 11% in June

The number of building permits issued in in June increased 11 per cent compared with the corresponding month of last year, but their numbers have fallen 5 per cent during the first half of 2014.
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August property sales up 26 per cent

Latest property sale statistics published by the Department of Lands and Surveys report a 26 per cent increase in Cyprus property sales during August 2014 compared to August last year.
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Bank of Cyprus deposit ratings for upgrade

Moody's Investor Service has announced that it has placed the long-term deposit ratings of the Bank of Cyprus on review for upgrade following the bank's successful completion of its €1 billion capital increase.
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Property price falls slow

Property prices across Cyprus have recorded the smallest quarterly fall in the last five quarters (since March 2013) according to the Cyprus Central Bank Property Price Index for the second quarter of 2014.
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The plan

Following a vote in the Cyprus parliament to adopt the Euro, a banker, a government minister, a property developer and a lawyer meet at a restaurant and discuss the plan for the island's future.
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False Immovable Property Tax declarations

There is evidence that a property developer has made false Immovable Property Tax declarations to the authorities, which has resulted in his customers receiving IPT notices from the Inland Revenue.
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Property prices continue to fall

Residential property prices across Cyprus continued to fall during the second quarter of 2014 with the greatest falls being recorded in Paphos where apartment and house prices fell by 2.8% and 2.1% respectively.
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Cypriots are not fools

The government's attempt to enforce a bad law may turn out to be the straw that broke the camel's back. Cypriots are not fools and certainly can no longer be fooled by politicians again
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Construction sector worst non-payers

Half the businesses in Cyprus are failing to repay their loans, with the construction sector being the worst offender as non-performing loans reached 72 percent in June according to the Central Bank.
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Immovable Property Tax a malignant tumour

Even though Hasikos claimed that Immovable Property Tax bills would be reduced, the new 2013 valuations will be seen as yet higher indirect taxation in 2015 for 'high density build' concrete palaces.
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An abominable legacy

The former government under President Christofias left behind an abominable legacy, including a wrecked economy, but can the present government under President Anastasiades do any better?
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Pressure on non-performing loan recovery

The troika of international lenders has raised the stakes on the recovery of non-performing by increasing pressure on delinquent borrowers who refuse to service their loans despite having the ability to do so.
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Land Registry secrecy and mistrust

While the Land Registry refuses to disclose methodologies it employs to value properties it merely reinforces the atmosphere of suspicion and mistrust that pervades the Cyprus property market.
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Lawsuits filed against banks

SYMEA, a trade union established earlier this year intends to block the repossession of mortgaged properties by taking local banking institutions to court according to its president Andreas Alambritis.
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The property circus show

Why do Cypriots believe that their property should not be seized if they fail to honour their loan repayments and why would any responsible government even give 10 seconds' thought to such lunacy?
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Clarity over property values essential

Land Registry officials have been allowed to arbitrarily determine property values for far too long to boost tax revenue for the state oblivious to the distortions caused to the property market.
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New home construction slows

The number of new homes being built in Cyprus continued to decline in May with building permits issued allowing for the construction of 223 dwellings compared with 308 during May 2013.
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