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Questions & Answers

12 January 2016

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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.
Jimmy George

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 in Cyprus).
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.
A.P. Loizou
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?
Stimos Mariou

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.
A.P. Loizou

Q.: Dear Mr Loizou what is your opinion if the U.K. opts out of the E.U. regarding Cyprus real estate?
Marios Iacovou

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).
A.P. Loizou

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?
L. Icelly

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.
A.P. Loizou

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?
(name withheld)

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.
A.P. Loizou


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?
Nicolina Adams

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 experience.
A.P. Loizou

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?
Rena Mouscou

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 in addition.
A.P. Loizou

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?
Stelios George

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 correct.
A.P. Loizou


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 2013 standard!!

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 Euro 237,000.

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

Kind regards


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).
Best Regards,
A.P. Loizou


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.
A.P. Loizou

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.
Linos Lenios

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.
A.P. Loizou

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?
George Hassap

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).
A.P. Loizou

Q.: The elections of the House members are coming up. Can we, as foreign residents, have vote?
Serill Tryfonix

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.
A.P. Loizou

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?
George Mamous

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.
A.P. Loizou

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.
Christina Shioupa

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 etc.
A.P. Loizou

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?
(name withheld)

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.
A.P. Loizou

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?
Gary K.

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 “yours”.
A.P. Loizou


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 please?
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
Pete Robinson

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 granted.
Many thanks for the offer to pay, but Cyprus Weekly and myself are here to help.
Best Regards,
A.P. Loizou


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.

Kind Regards


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.
A.P. Loizou


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.
A.P. Loizou

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 mercy?
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.
A.P. Loizou

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.
G. Fakas

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 animals.
A.P. Loizou

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.
(name withheld)

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.
A.P. Loizou

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!!
A.P. Loizou


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 all.
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.
A.P. Loizou

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 down?
Laura Fix

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?
A.P. Loizou

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 ( given).
A.P. Loizou

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 can manage.
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 are.

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 part.
Don’t you think that you will be taken advantage by the free advice seekers?
Constantinos Ioannides

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.
A.P. Loizou


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 the answer!!
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.
A.P. Loizou


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 builders yard.

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 doggies.
A.P. Loizou


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.
A.P. Loizou

Q.: Carnival at this time of economic distress Mr Loizou? Is this not a provocation for the needy and the unemployed?
Stelios Haris

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.
A.P. Loizou


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?
Chr. Papanicolaou

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.
A.P. Loizou

16.3.2016 |

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