12 January 2016
Q.: What are your views on the Akamas Natura area Mr
Loizou? I live in one of the villages abutting the
Natura area and whatever decision is taken, it might
affect our property one way or another.
A.: My views dear Jimmy have been published 20 years
ago and more recently end 2015. The Akamas area is a
project which we cannot afford to execute in terms
of financial capability, especially under the
prevailing times of our economy. It is easy for all
of us who do not own property in the area to come up
with all sorts of preservation ideas. My own
proposal is feasible and attempts to marry the
Natura area with mild development (see Anassa Hotel
and the objections at the time – now the No.1 hotel
I want to quote a Cypriot say (in translation). “You
can beat someone’s bottom but not your own” i.e. it
means let the other pay for it but not me.
Q.: We are going to loose cheap funding from the E.U.
for €400 mil. because the unions of the EAC and CYTA
object to it. Is this country governed by unions at
the end of the day?
A.: Yes it is and together the small politics I add.
The difference of the cost in terms of interest
payment alone will be approximately €8.0 mil. p.a.
so my suggestion (completely theoretical) is to
reduce the salaries of the employees of both
authorities by approximately 20% p.a. for the next
15 years, so that we, as Cyprus, break even. This of
course will never happen.
Q.: Dear Mr Loizou what is your opinion if the U.K.
opts out of the E.U. regarding Cyprus real estate?
A.: I don’t think that it will affect the local
market/demand from the U.K. particularly. The value
of the sterling pound is improving in terms of the
euro, but certain matters will be affected – e.g.
buying more than one property, extent of land to be
acquired (up to 4.000 sq.mts.), tax related matters
etc. We have to wait and see dear reader and under
what terms the departure will be. This may be
by-passed in many ways but, yes, it will be an
obstacle for investors, more, as opposed to the U.K.
home buyers etc (the main source of demand is for
holiday homes etc).
Q.: I had this experience Mr Loizou on a
circumstance which I learned after the event. I sold
my house through a non registered estate agent (did
not know this before), charging commission for the
sale of my property and issued a bill referring to
promotional and marketing efforts. Shall I pay?
A.: I am aware of the new tricks that illegal estate
agents come up with. First of all you may not be
allowed to have this sort of marketing expenses
deducted by the tax authorities. Should you want to
be difficult, the “agent/marketeer” must prove what
he has actually done and his expenses. If what he
has done was acting as an agent, he will be in
trouble and as I have said you might find that this
expense is not tax deductable.
As an added note to all our readers, always ask for
the estate agent’s licence, so that you do not get
this sort of thing at the end.
Q.: I have this odd situation. We are in procedures
to secure a divorce in the U.K. My husband and
without me knowing, has let our property on a long
term lease at a very low rent hence its value is now
next to nothing (3 bed apt let for 10 years for €200
p.m. with no increases). What can I do about it?
A.: It is obviously a con job in order to reduce its
value, assuming that it is to his benefit. If you
can prove to the Court that what was done, was on
purpose (e.g. let after the divorce proceedings
started and the terms of the lease is not in accord
with the market rates I do not think that the Court
will take this reduced value into account (the
possible other charges against him in addition). I
am not surprised by this sort of thing dear reader,
since this sort of “clever” manipulations exist.
Q.: Where is the world coming to Mr Loizou? The
terrorists apart, we have a changing climate which
is even more serious. Floods in U.K. and S. America
and dry weather, forest fires etc in others. We, in
Cyprus, seem to be heading for a water shortage in
the coming period with very little rain and our
water dams at 25% of their capacity at best. No snow
and weather nearing summer conditions.
Are you not worried?
A.: I am dear Nicolina, as the just awakened
international community is now realizing. Just as
all we had draughts in the past and we built enough
water dams to store water, but then with little rain
it is worrying. Regarding drinking water we should
be okay with the desalination plants – be it costly
and not environmental friendly. Our T.C. neighbours
seem to be doing something about it with the water
from Turkey. But is Turkey a country to be trusted
(see last declaration by Turkey’s president
regarding Hitler’s Government etc etc) - the
political side effects in cooperating with this
project apart. Being the beginning of the winter
year, let us hope that the next couple of months
will bring us rain – On the positive side the dry
weather elongates the tourist season and it reduces
the electricity bills – but this is not
counterbalanced by the lack of water especially for
agriculture. We need a better management for sewage
water which is now mostly driven to the sea. What is
regrettable is that the big polluters USA and China
and in part Russia are those who are to blame for
the ill fortunes of others – usually poor countries.
On this occasion I cannot but express my sympathy to
the British people on their recent floods
Q.: I love your article on building development to
be in accord to reinstatement and improvement of
nature by planting trees etc, giving your idea of
set parameters and guarantees to go.
Do you think that anyone in Government is listening?
A.: I can only try and I will keep trying in hope.
What is very strange is that I have not noted any
ideas on the subject by the so called
environmentalists and others. During the Venetian
occupation era, the Venetians introduced a property
tax law but for those who planted carob and olive
trees were exempted from the then property taxes
(hence Cyprus has plenty of these trees). If a
discount is made on the prevailing property taxes
for agricultural land, it could work for replanting
– let alone that nowadays olive oil and carob
products are on an increasing demand – E.U. funding
Q.: The gap between the well to do and those
without, becomes bigger and bigger as the time
passes. This is especially, so now with the 50.000
unemployed (15% of working population) and the
reduced salaries. It breaks my heart to see on the
one hand brand new expensive cars (new registrations
have increased last year for the expensive models)
whereas at the same time the Municipal Groceries
have a job to keep up with the needy applicants.
Should we not come up with a plan to tax higher the
well to do in order to help the needy?
A.: I think it will be a disaster dear Stelios. The
well to do, as you say, will take their money
abroad/or under-declare their income something which
will reduce also the income for the Government,
which in turn will have to reduce the handouts for
the needy. This sequence of events is now that is
happening in Greece. The opposite theory is that
along with the well to do will benefit the not so
fortunate. It is a matter of belief so that we do
not end up like Brazil and other countries where the
difference of wealth is evident and provocative. In
small countries such as ours, wealth showing off, is
in terms of cars and in some cases houses. There are
no exclusive clubs and restaurants, gala shows etc.
It is the nature, a system of an acceptable
socialist behaviour. Everybody visits the kebab
houses, there are cheap and not so cheap
restaurants, chauffeur driven cars are few and
expensive schools and health etc are affordable to
most (if not all). Having said that what I consider
as provocation is the huge difference and benefits
of Governmental and semi Governmental employees who
work half a day and get double the salary of the
private ones – This is what we must address and
Dear Mr. Loizou,
In your latest article in the Cyprus Weekly, you
mention that one of the achievements of the
government is the new measure "property Tax" for the
I received recently from the developer a
notification to complete the forms for this new
measure. A very basic mazonette property which we
purchased in the mid 1980's for a value just above
Euro 30,000 (and we paid taxes on it since then at
the 1980 value of Euro 29,000) is now estimated at
Is this fair? I wish we can now sell it for such a
price. The best offer we had for selling it three
years ago was Euro 120,000 and other properties in
the same complex went for much less recently. The
developer offered us less then 100,000.
How is this estimation done? and can it be revised?
Thanks for your continued advice and help
A.: The differences of the two dates value is
considerable and you must check whether the 1.1.2013
value is correct. The period of objection however
ended, end 2015.
It is not the first time that we experience
erroneous assessment for the 1.1.2013 values and the
new proposal catered for a 6 month objection period.
Adopting one rough and general guide of 4-5 times
since 1980 the value of your quote “sounds”
(€120.000) seems to be more reasonable.
The 1.1.80 value includes declared houses etc as
land only, hence the reason (it does not apply in
your case here).
Q.: There is a halloumi war going on Mr Loizou in
order to establish that halloumi is a Cypriot origin
product. Yet we see that some producers, including
one Cypriot from U.K. and even Australia is claiming
that halloumi is there own!! We do not know what we
will hear next.
Costas Stavrou – Pafos
A.: The war as you say it is all about money dear
Costas. It is a very popular cheese and even China
has recently shown great interest for it. So you can
imagine what we are talking about. Just to mention
that the North’s (T.C.) exports comprise 25% for
halloumi alone. We are at fault for delaying the
application and we now have the problems that we
have. This Government feels confident that we, as
Cyprus, will win at the end. The same situation was
experienced with fetta cheese from Greece. The
question at the end of a “win” situation is, do we
have enough goat milk to meet the expected demand?
No doubt a new line of industry and farms will have
to set up to meet the expected new “bonanza” (see
Russian interest on the subject).
Being a halloumi eater myself, we have all sorts of
halloumi quality. The hard, the soft, the fresh, the
row, the fried, the charcoal etc etc. A diversified
product which appeals to all sort of pallets. Let’s
keep our fingers crossed since the end is near.
Q.: I am surprised by the keen interest that there
is for the commercial operation of the Limassol port
by the top players of ship cargo.
A.: With my very limited knowledge on the subject, I
understand that container ships are becoming larger
and larger and Cyprus will not be a destination for
these super size ships, but the idea is to unload
some of the containers here and then through feeder
ships to be distributed over the surrounding area
mainly Middle East. To this end the widening of the
Suez Canal has helped. What I want to see at the end
is that if we have profitable operation and the
numbers new jobs/income which will be created for
Cyprus – just to slam on the face those who are
against the privatization of the so called
“profitable monopolies” that we often hear from
unions. It will be an example for others to follow.
What I keep regretting and wondering is how the
Larnaca port will develop since I expect it will be
again left behind by the attitude of some locals.
Q.: So far we had this year alone 16 house fires
caused by open fireplaces used in houses. Don’t you
think that those who build and/or install open
fireplaces should have a license so that such events
do not happen?
A.: You have a point that such builders should have
a permit (as electricians must have a Governmental
permit, as well as other trades). For the ready made
fireplaces the installation does not end there but
the chimney insulation should be checked (the main
cause of the fire accidents).
Q.: The elections of the House members are coming
up. Can we, as foreign residents, have vote?
A.: As far as I know you can vote at local elections
e.g. Municipalities, but not the general. You must
be a permanent resident and secure a Cypriot ID and
register with the District Office as a potential
voter. So that I am not mistaken get in touch with
your local District Officer who will provide you
with the required details. For my part I urge
foreign permanent residents to vote so that we have
their own views on local issues aired. An elected
foreign person to local councils, I feel that,
he/she must know the local language, so that the
local authority is not called upon to pay for
private lessons (it happened) but more importantly
to understand the goings on during the meetings and
be able to study the various documents needed.
Q.: I note that from time to time in your articles
you leave innuendoes that some accountants and
advocates are acting as estate agents. My own
experience is that some of them have even in their
own websites properties for sale – How more
provocative and illegal can this be?
A.: I heard this recently myself and I have asked
our staff to check out some websites for the
purpose. If they do it, it is absolutely illegal
under the Estate Agents law since only the owners or
estate agents can advertise/sell real estate. In a
country however dear George runned by lawyers at all
levels, it is doubtful, even if we come up with hard
facts that something drastic will happen – I heard
recently of a well known advocate at Pafos that
he/she has a share in a real estate agency – Not
verified as yet mind you.
Q.: There is no supervision to any serious extent on
building projects ending with problems later. In our
own experience, notwithstanding the specs to have
cooper pipes we ended up (found later) that they are
steel ones (which corrode quite quickly). Also the
damp proof course was not properly installed and we
ended up with rising damp.
A.: You are quite right to an extent. The architect
visits the building process once a week and he
observes what he does on his visit. So I agree with
you, spot checks should be carried out by the
supervising architect, including tests on concrete
strength, digging up some of the floor (before
finishes are placed) with the electrical/ mechanical
engineer consultant should do the same. The most
important man on the job is the foreman (a
contractor’s employee) but quality foremen are far
and few inbetween and costly. Yet architects and
clients opt for the lower price so we end up the way
you describe. I suggest that one way is to employ
your own foreman to be there at more interviews per
week (3-4 times) and keep an eye on things. Care is
needed in such cases regarding contractor’s
responsibility, possible claims on bad workmanship
Q.: You must have read about sliding homes in the
Pissouri and Pafos area. Who is to blame for this Mr
Loizou – Should not the local authority who issue
the license check before permit issue and thus the
repairs/damage to be undertaken by the state?
A.: This is a legal issue dear reader which I am not
qualified to answer. Based on my experience it is my
opinion that the designer of the property (mainly
the civil engineer) should have carried out a soil
investigation prior to design and design the
building based on his finding. The calculations are
then submitted to the local authority to check. So
if the designer refers to an X type of soil which
ends up to why is the local authority/Government
responsible? If a developer, it might be the
developer’s responsibility on the one hand and then
he can take action against the designer for not
doing his job right. With the procedures of the
legal system we have here however, it is a never
ending legal battle with unknown results at the end.
Q.: We have a roof on top of our apartment and we
intend to turn it into a roof garden. We were told
by the committee that we are not allowed since it is
a common use area. Any truth in this?
A.: Not exactly dear reader. If you have the
exclusive use of the roof (check your sales
contract/title) you can do it subject to permit.
Bear in mind that your exclusive use (if any)
implies also the repair etc of the roof being
Q.: Many years ago I read in Mr Loizou column in the
Cyprus weekly, that it may be possible to build a
second house on an agricultural plot if it was for a
son or daughter & the plot had water, trees etc. Is
this regulation still in force and what is it
If providing this information requires me to pay a
fee I will gladly do so, if only to thank Mr Loizou
for the hundreds of interesting articles I have read
over the years.
Thanking you in anticipation
A.: As the new regulations now stand, you cannot
build a single home in agricultural plots. So in
your case a second home will not be permitted. You
may be allowed to extend the building by 10% - so
you might be able to have a small studio. Details
are required however and do not take this for
Many thanks for the offer to pay, but Cyprus Weekly
and myself are here to help.
Q.: Dear Mr Loizou
I am contacting you on behalf of a friend who has a
mortgage in Swiss francs on a property in Cyprus.
What is the latest on this subject , and what is the
best course of action to take ?egards
The person has already spoken to the BOC, but really
not getting anywhere , apart from a small discount,
and to convert the loan either to euros or sterling.
Can you advise please.
A.: I am not aware of the details since this is not
my line of business. I suggest you contact an
advocate or an accountant.
Q.: We have recently applied to build a small
swimming pool (4 x 8 mts) and the local authority
asked for €1.000 + VAT for the permit issue. We
object to pay this exorbitant cost.
Is the local authority within its rights Mr Loizou?
Mr & Mrs R. Capital
A.: The charges regarding the pool permits have
increased over the past 3 years presumably thinking
that since it is a luxurious addition, the
applicants can afford it!! Yes it is within the
authorities rights – there is an X charge per cubic
meter and it is not based on an arbitrary charge.
Q.: We will install a photovoltaic panel on our
roof. We need the developer’s permit, we understand,
since we have no title as yet. So are we at his
H & M Hands
A.: You will have to apply for a planning permit
which is submitted by the registered owner – in this
case the developer. In this sense you are a hostage
of the developer but he cannot unreasonably refuse –
See your sales contract if this is allowed since
some sales contracts do not allow for any
installations which project more than 1½ meters
above the roof level. For my part and
notwithstanding the economy that solar heaters etc
can offer, they are very ugly and in many occasions
provide an obstacle to the view of others.
Q.: We have been told that one is not allowed to
keep animals on roof tops and verandahs. This is a
common phenomenon in Cyprus especially when the poor
animals are left out under the sun of 40C for hours.
A.: The new regulations do not allow what you
describe and you can be report this to the police.
The justice system is getting stricter with cruelty
on animals following the very recent and unfortunate
events that some local people behave towards their
Q.: We are under progress erecting our building. We
noted that the architect we have appointed to
design/supervise the work rarely visits the site and
sends off some young engineers to do his job. We
complained to him but he claims that the contract of
appointment refers to his office and not to him
personally – What can we say, we found this very odd
since we appoint a certain person to do a job and we
find another on site.
A.: The architect may have a point but this depends
on the intervals that he himself visits the site. I
will say it is reasonable at the initial stages of
the works for his civil engineer to visit the site
more often than himself and as the works progress so
will his own visits increase. I appreciate the
architect’s part and it is a matter of how many
times he visits the site. In one case our architect
(a hotel development) visited the place only 2
times. We complained and we got the answer that you
did. Not a satisfactory answer. So now we know
better and we stipulate the name
of the supervisor and the minimum number of visits
per month. Not a satisfactory situation.
Q.: We note that the Municipal electricity poles are
lit during the evening hours at places where there
is no development. Right next door to our home a 12
building plot division was recently completed fully
lit without any development. Bearing in mind that
this cost is paid by the Municipality i.e. all the
residents I wonder if this is wasted money since it
serves no one.
Y A Camden
A.: I often wonder myself and I wrote to the
Minister on the subject in the past. Received a
lukewarm reply by a civil servant saying that this
is the law!!
Q.: We have a plot of land which has a building
density of 30% and we can develop, say, 280 sq.mts.
The developer has produced plans and secured a
building permit for a 190 sq.mts. house
notwithstanding our agreement to reach 280 sq.mts..
We have objected to it but his answer was that if
the plans are over 200 sq.mts., then we will have to
pay a 19% VAT instead of the 5%. We were shocked to
find this sort of “thinking is done” and I ask you
Mr Loizou is there a reason for this?
J & K Pafos
A.: A con job indeed I say. If you build a house up
to 200 sq.mts. the VAT is charged at 5% and if more
then you are charged 19% on the difference. Houses
more than 270 sq.mts. are not given any discount at
Come and see me dear readers with no charge although
I appreciate your offer and insistence to pay. We,
Cyprus Weekly and myself are here to help.
Q.: We have a eucalyptus tree in our garden. It is
beautiful, 20 years old and we put up to the falling
leaves etc. Yet now we find out that the routs have
intruded in the drainage pipes really even the w.c.
at ground level!! Any solution before we cut it
A.: Cut it down dear readers, cruel as it sounds,
but then these trees are after the drainage. Replace
it immediately with another local tree such as pine,
carob and other forest trees. Unless you take this
decision now you will always have a problem (the
danger of breaking brunches falling down apart).
In Cyprus we say “if you do not like your neighbour
give him as a gift a eucalyptus tree”!! What more
can I say?
Q.: Our tiles are broken by approximately 4 sq.mts.
in our living room and we cannot find the same tiles
by the supplier. We even went to the internet to
find U.K. based Cos who do this, be it at a high
cost. No result. Do you have any idea how to repair
our living room tiles, which now it is being a bit
embarrassing for us and our guests?
Lenia & Nicos
A.: A most difficult situation I must say. My
suggestion is to get a specimen of the tiles and
apply to several tile manufacturers specifying that
you want x square meters and be prepared to pay more
than the usual price. Having said this there is a
small workshop at Nicosia which undertakes this sort
of job, but I do not know their standards and
quality (tel.no. given).
Q.: Okay we understand that those who have deposited
their sales contracts by end 2014 can apply to the
Lands Office for direct transfer, notwithstanding
their mortgages etc impediments. Also if we transfer
the property by end 2016 we will be charged 50% of
the transfer fee. I ask you Mr Loizou, the Lands
Office is loaded with more than 10.000 applications
so, how is it going to manage these transfers by the
end of 2016 in order to benefit the 50% discounted
transfer fees. There is no way that the Lands Office
Marios & Leonid
A.: I had a meeting with the Minister of Interior on
the subject recently, who informed me that if one
applies for transfer within the period of 2016 most
likely an extension will be given to the effective
transfer date of the 50% discount. So, there you
Q.: I love your Q+A column question on the con job
for a house built less than the specifications
extent. I also noted to my surprise (unlike Cyprus
the professionals of a sort) of no charge on your
Don’t you think that you will be taken advantage by
the free advice seekers?
A.: Yes there is this possibility but we (Cyprus
Weekly and myself) will address this if readers want
to get a free advice for matters which need study
etc. So far we have not experienced this.
Q.:Dear Mr Loizou
I have owned a house in Cyprus for over 40 years and
for many of these years have read your Questions and
Answers column in the Cyprus Weekly with great
interest. I regard myself as possibly one of your
most enthusiastic fans and am writing to you now
because I have a problem that may be shared by a
number of your other followers. I am led to believe
that, contrary to what they would have one think,
the Department of Lands and Survey survey data base
is rife with errors and inaccuracies.
I have proof that the Official Record regarding the
location of one of the boundaries of my property is
inaccurate. The boundary was first registered in
1947 and I have an official copy of the sketch that
was drawn by the DLS surveyor at the time. This
shows it running along the wall of a house that was
there then and is still there today (This is
undisputed). Yet the official record today shows
that the boundary is some 1.8m away from the house.
The error occurred because in 1947 the Record
mistakenly showed a different house on the site (in
a different location) that had actually been knocked
down in 1922 or thereabouts to make way for the
present dowry house. Indeed, as recently as 1998 the
Official Record was still showing a house that had
been demolished almost 80 years earlier!
I have attempted to get the Department to consider
the evidence but they just ignore me. What should I
do please? Is there a procedure for challenging the
accuracy of the Department's Official Record? I am
not only frustrated by their indifference but also
somewhat puzzled. At a time when there are so many
disincentives to people from UK, like myself, buying
property in Cyprus, I would have thought that the
DLS would be extremely sensitive to the thought that
they were the source of yet one more disincentive.
I would be most grateful for any advice.
Sincerely Peter Pritchard
PS. You may be interested to learn that during my
search for evidence, I visited the Imperial War
Museum in London where there is a fascinating
collection of wartime aerial photographs of Cyprus.
By far the most impressive of these were taken by
the German Luftwaffe. Their pilots appeared to be
particularly interested in photographing the
coastline for both natural and man-made harbours; it
is not hard to imagine why this might be!
A.: Difficult to take a stand on this without
knowing the facts. For this reason and in order to
get correct advice I suggest that you appoint a land
surveyor who will go through the records and realise
the problem. I am sure that the Lands Office
surveyors will listen to him. In this way you will
have a professional view of the situation.
It seems that for one reason or other the Lands
Office takes a stand that for their documents they
bear no responsibility, something which I find
shocking. In a recent case the building plot extent
was calculated at 750 sq.mts (with deed) and upon
revision it came down to 600 sq.mts. – Sue us was
Property surveys are constantly update using more
accurate methods of measurement etc. It may be
acceptable to find such adjustments from time to
time, but at the same time the Lands Office must
have a way to address the problems e.g. recording
the older extent on titles and admitting its error.
In ending and depending on your land surveyor
findings, you could take legal action which will
wake up these who now do not respond. Make sure that
you get your homework right in the sense that the
historic records are correct etc etc.
Q.: We are moving into our new home together with 2
big but young dogs. Whatever we plant the dogs seem
to be “vegetarians” and destroy our plants –
including rose trees etc.
Based on your experience Mr Loizou do you have any
idea how to address this problem? We have replanted
the same plants 3 times so far!!
Roger Moore & Helen
A.: If you are THE Roger Moore of the James Bond era
or “the Saint” Cyprus Weekly and my big hand will
become even bigger for this. Jokes apart dear
readers, I suggest you do this:
• Invest in a plastic fence secured on steel
building rods (cost next to nothing) – Buy from a
I have no other suggestion other than wait for your
dogs to get older and behave more mature!!
The older the trees are the more difficult will be
for them to handle - but keep an eye on your
Q.: Your article on letting out holiday homes stated
that it is illegal and the tax authorities should
carry out an investigation. In my estimation will
you not deter the buy to let clients of real estate?
J & J
A.: Not to the extent you might think since for the
sleeping and indifferent hoteliers’ association is
doing nothing for it (the C.T.O. including). This
state of affairs might affect those who want to sell
their houses on this basis offering to those who opt
for an illegality and thus encouraging this
situation to continue.
Q.: Carnival at this time of economic distress Mr
Loizou? Is this not a provocation for the needy and
A.: It could be, but it is not. It keeps the money
in the market flowing. In any case carnival costumes
etc can be whatever one wishes to use – a plain
sheet with some messages etc. No it is a practically
expensive and if you want to know the Rio carnival
(unlike that of Venice) is runned by the various
dance groups from the poorer classes.
Long time ago, when I was 45 years old, I
participated in a parade party with my mother. It
cost us at the time ₤10/each. We had a great fun and
I hope we gave the spectators a good time. Now the
situation is getting out of hand in terms of
expenses, for some groups, but why not? It helps
tourism, the children, things to do and so many
others. No, we need some cheap fun in this terrible
economic situation that we are at and also it helps
tourism and by projection the unemployed. In ending
and I quote the ex Nicosia Mayor Mr Lellos
Demetriades who was defending his stand not to have
carnival parade in Nicosia who said “we, as Nicosia
can do it but then we need to have the Limassolians
to come to create the atmosphere needed – quite
correctly. Aglantzia Municipality is trying over the
last few years with some success. A good effort, as
Paralimni is doing. Let’s try to get out of our
misery even for a while.
Q.: I note about the swap deals with the financiers
i.e. getting in the mortgaged property against the
loan. I find this quite a good development bearing
in mind that the debtor cannot easily sell his
mortgaged property, whereas in the meantime he is
charged up to 13% you say.
Any catch on this Mr Loizou?
A.: It is good development as you say and I agree
that this is one way to reduce the NPLs. The
financiers will appoint one valuer and the debtor to
appoint one of his own. The deal will be most likely
be on an inbetween value based on the two
valuations, but bear in mind that the adopted value
will be on a forced sale value i.e. around 70%-75%
on the market value.