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The Cyprus Property Developers Association (LBDA) marked its 40th anniversary this week, stating that during this time it has emerged as a “dynamic advocate and representative of the land and property development sector”.
Cyprus’ construction sector has shown significant growth, as evidenced by the increase in building permits issued by the municipal authorities and the district administration offices in the early months of 2024.
Cyprus ranks fifth among EU countries in the progress achieved regarding research and innovation, Theodoros Loukaidis, Director General of the Res ...
Third Point LLC, the US hedge fund which is Hellenic Bank’s largest shareholder is in talks with prospective investors to sell its 26.2% stake in the Cypriot lender, Bloomberg reported recently.
The reduction of non-performing loans (NPLs) by Cypriot banks has picked up pace, international ratings agency DBRS has said adding that it expected to see further progress.
Inflation was up by 1.3% in Cyprus this May on an annual basis, data released by the Cyprus Statistical Service show.
The Cyprus Cooperative Bank and Hellenic Bank have made progress in their negotiations for the acquisition of the Co-op’s operations and the two sides are likely to reach an agreement in principle within the next days, the Cyprus News Agency (CNA) reported recently.
The US and Cyprus have entered a new level of relations in the field of energy, especially after the third licensing round with ExxonMobil signing an exploration and production sharing contract for block 10 of the island’s EEZ, Disy leader Averof Neophytou said
The Finance Ministry and the Central Bank of Cyprus recently presented political parties with proposals to resolve the non-performing loans problem by improving the current legislative framework as banks are running out of time, participants said.
The International Monetary Fund (IMF) said that it expects economic growth in Cyprus to pick up at 4% this year and 4.2% next year even as risks related to the high-stock of NPLs undermine the economy’s prospects.
Building permits increased an annual 27% in the first quarter of 2018 and 30% in terms of construction area and value, to 378,933 square meters and €410.4m respectively, driven by investment in commercial projects, the statistical service said.
The number of property transactions rose an annual 10% in May, to 828, the highest in 2018, on a strong increase in Nicosia and Famagusta, the land department said.
Hellenic Bank said that it completed the sale of a €144m non-performing loans portfolio to B2Kapital Cyprus Ltd, a unit of Norway’s B2Holding, at an unspecified consideration.
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