The Cyprus government is expanding its mortgage-to-rent scheme to help struggling homeowners facing pressure from credit companies and banks. This initiative aims to reduce non-performing loans and is open for applications from December 2023 to August 2024.
What is the Cyprus government’s initiative to support financially struggling homeowners?
The Cyprus government has expanded its mortgage-to-rent scheme to aid financially struggling homeowners. This initiative helps those facing pressure from credit acquisition companies and banks, especially regarding their primary residences. It aims to reduce non-performing loans and is accessible for applications between December 2023 and August 2024.
Expanding Support for Homeowners
As part of a concerted effort to aid those struggling financially, the government of Cyprus is expanding the mortgage-to-rent scheme. Finance Minister Makis Keravnos announced this development, which will provide much-needed support for individuals contending with the pressures exerted by credit acquisition companies and banks, particularly those who have mortgaged their primary residence. This scheme, which also targets the reduction of non-performing loans, became accessible to the public for applications starting December 4, 2023, and will continue to remain open until August 2024. With around 2,500 borrowers estimated to potentially benefit from this initiative, the scheme has already seen approximately 1,450 applications.
A Call for Green Development
The push for environmentally conscious development is gaining momentum, as echoed by the architects’ association’s recent appeal to the government. Advocating for eco-friendly projects, especially in ecologically sensitive regions like Akamas, the association emphasizes the role of green initiatives in boosting the construction sector’s living standards and the overall economy. The statement issued stresses the need for the state’s leadership in preserving and enhancing the natural and built environment in Cyprus.
Fostering Tourism in Rural and Remote Areas
In a bid to rejuvenate rural, mountainous, and other remote regions, Deputy Minister of Tourism Kostas Koumis has unveiled a grant scheme with a robust budget of €4 million. Funded entirely by the European Union’s Recovery and Resilience Facility, this plan’s objectives are multifaceted. They include providing targeted support for the enhancement or restoration of public and private spaces, improving the aesthetic and functional aspects of countryside areas, and promoting specialized tourism forms within these regions.
Leadership Changes in Finance
A key appointment has taken place within Cyprus’s financial regulatory framework, with Valentina Georgiadou stepping into the role of Financial Commissioner. Leaving her prior position as Deputy Financial Commissioner, Georgiadou’s appointment follows a thorough evaluation process conducted by the Board of Directors of the Unified Body for the Out-of-Court Resolution of Financial Disputes. Finance Minister Makis Keravnos noted her qualifications, skills, and experience as particularly outstanding, indicating a strong fit for the new responsibilities she will undertake.
Advancing the Nation’s Export Capabilities
The collaboration between the Cyprus Chamber of Commerce and Industry (Keve) and the Ministry of Energy, Commerce, and Industry has heralded the beginning of applications for the latest iteration of the Cyprus Exports Award. Since its inception in 1982, the award has recognized and promoted exceptional efforts in expanding the export of Cypriot industrial and agricultural products and services. Throughout its 42-year history, this prestigious award has played a pivotal role in the promotion and recognition of numerous companies within the spectrum of export trade, offering significant benefits for international marketing endeavors.
Addressing Social and Economic Concerns
The Cyprus Borrowers Association (Syprodat) has expressed its gratitude towards the government for introducing a third support package aimed at lessening the financial burden on vulnerable groups. Despite this, Syprodat has noted that the measures do not comprehensively address the wider population’s needs, particularly given the backdrop of escalating prices and the general struggle to cope with the increased cost of living.
Changes in Property Rents for State-Owned Lands
The government is considering a shift in the rental policy for state-owned properties, with the intent to base rents on usage rather than market value. This move, as explained by Energy, Commerce, and Industry Minister George Papanastasiou, is in response to the observed disparities in rental costs across different zones and areas. By focusing on land usage for rent determination, especially in industrial zones, the government aims to rectify existing distortions and ensure a fairer system.
Financial Markets Update
Reflecting a challenging day, the Cyprus Stock Exchange closed with losses. Key indexes such as the general Cyprus Stock Market Index and FTSE/CySE 20 Index both saw a marginal decrease of 0.19 percent. The total value of transactions reached €216,611, and while some investment firm indices posted gains, others like the Bank of Cyprus and Petrolina experienced a decline in their stock values.
What is the Cyprus government’s initiative to support financially struggling homeowners?
The Cyprus government has expanded its mortgage-to-rent scheme to aid financially struggling homeowners. This initiative helps those facing pressure from credit acquisition companies and banks, especially regarding their primary residences. It aims to reduce non-performing loans and is accessible for applications between December 2023 and August 2024.
What is the purpose of the eco-friendly projects advocated by the architects’ association in Cyprus?
The architects’ association in Cyprus is advocating for eco-friendly projects to boost the construction sector’s living standards and the overall economy. They emphasize the importance of green initiatives in preserving and enhancing the natural and built environment, especially in ecologically sensitive regions like Akamas.
What is the objective of the grant scheme unveiled by Deputy Minister of Tourism Kostas Koumis?
Deputy Minister of Tourism Kostas Koumis has unveiled a grant scheme with a budget of €4 million to rejuvenate rural, mountainous, and remote regions in Cyprus. The objectives include enhancing or restoring public and private spaces, improving the aesthetic and functional aspects of countryside areas, and promoting specialized tourism forms within these regions.
Who is the new Financial Commissioner appointed in Cyprus and what qualifications does she possess?
Valentina Georgiadou has been appointed as the new Financial Commissioner in Cyprus. She previously held the position of Deputy Financial Commissioner and was selected for her outstanding qualifications, skills, and experience by the Board of Directors of the Unified Body for the Out-of-Court Resolution of Financial Disputes.
