foreclosures

Our View: Cyprus always ignored the advice of highly qualified economists

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Our View: Cyprus always ignored the advice of highly qualified economists

The International Monetary Fund praised Cyprus for its strong economic performance, commending the country for its substantial primary surpluses, efforts to reduce public debt, quick recovery from the pandemic, and resilience in dealing with external shocks. The IMF recommended measures to further strengthen the economy, including phasing out electricity subsidies and VAT exemptions, and advised against further cost-of-living adjustments to wages. Other recommendations included reforms to the justice system, labor markets, and vigilance regarding systemic risks in the real estate market.

Voting for ELAM is not a solution

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Voting for ELAM is not a solution

A vote for ELAM is not a protest vote, but rather a vote for a party with ties to the Greek neo-Nazi party, Golden Dawn. There is a close relationship between DISY and ELAM, with personnel transfers between the two parties. ELAM lacks substantial proposals for cultural preservation and regeneration. A vote for ELAM supports decline and does not offer solutions for the future. Traditional parties have also failed to provide viable options, allowing parties like ELAM to thrive.

Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

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Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

Morningstar DBRS has confirmed Cyprus’ sovereign ratings at BBB (high) due to strong economic growth, but warned of exposure to geopolitical shocks and constraints from a small services sector. The stable trend balances favorable economic and fiscal developments against downside risks. Economic growth is driven by tourism, ICT relocations, and investment projects, with the Central Bank forecasting GDP growth to strengthen. Public debt has decreased, with further declines projected, and interest burden offset by favorable debt profile. Challenges include non-performing loans in the banking sector and low labor productivity. The ratings are supported by a stable political environment, sound fiscal policies, and EU membership.

Bill to halt auctions for , ‘mortgage to rent’ applicants passed

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Bill to halt auctions for , ‘mortgage to rent’ applicants passed

– The House unanimously passed legislation to halt property auctions for mortgage debtors who have applied for the ‘Mortgage to Rent’ scheme.
– The legislation applies to auctions on first dwellings.
– An amendment expanded the protection to include debtors rejected from the ‘Mortgage to Rent’ scheme but who have appealed the decision.
– The legislation was tabled by Akel MPs and amends the main foreclosures law.
– The ‘Mortgage to Rent’ scheme allows homeowners to surrender ownership and rent their home for five years, with the state-owned asset management company Kedipes acting as the landlord.
– Applicants who meet the criteria and have a title deed will transfer the title to Kedipes and sign a 14-year rental contract.
– The state will cover the rent for 14 years, with an option for the tenant to re-acquire the property after five years.
– The scheme is also open to borrowers with a primary residence valued up to €350,000 and those whose participation in other housing schemes has ended.
– The ‘Mortgage to Rent’ scheme was launched in early December 2023.

Bill to halt auctions for , ‘mortgage to rent’ applicants passed

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Bill to halt auctions for , ‘mortgage to rent’ applicants passed

The House unanimously passed legislation to halt property auctions for mortgage debtors who have applied for the ‘Mortgage to Rent’ scheme. This applies to first dwellings and includes those who were rejected from the scheme but have appealed the decision. The legislation amends the main foreclosures law, providing additional legal protection for debtors. The ‘Mortgage to Rent’ scheme allows homeowners to surrender their home to their lender and rent it from the state-owned asset management company Kedipes for five years, with the state covering the rent for 14 years and an option for the former owner to buy back the property after five years. The scheme is available to borrowers with a primary residence valued up to €350,000 and was launched in early December 2023.