Insider Business Online real estate auctions in the works

Online real estate auctions in the works

The government wishes to promote online real estate auctions and is examining the prospect of introducing a provision into legislation in order to pave the way for them. In this way, auctions of real estate belonging to holders of non-performing loans may be made possible with one click of the mouse.

These changes are predicted by the Stability Program for 2018 to 2021 which was sent to the EU commission by the Ministry of Finance. There, the strategies for deminishing problem loans are described. The challenge is for ‘red loans’ to drop by 40% in 2018. Confronting the issue of red loans is a prerogative for the ministry of Finance and measures are taken in order to reach that goal.

The strategy described in the program is based on three main issues: one of them is the legal framework on the administration of NPLs. The framework was considered slightly vague in parts and was discussed by the IMF and the European committee: changes in it will are currently implemented by the government. The second main issue is non-performing mortgage loans regarding primary residence. The government is considering introducing an a social system of support for those in danger of losing their home. The third issue has to do with the Cooperative Central Bank. The ministry intends to publish state bonds worth €2,35 billions to support it.

Top Stories

Worldwide coronavirus cases cross 59.05 million

More than 59.05 million people have been reported to be infected by the novel coronavirus globally and 1,396,757​ have died, according to a Reuters...

Germany angers Turkey with attempt to police Libya arms embargo

Turkey protested to Germany and the EU late on Monday after German forces belonging to an EU military mission boarded and tried to search...

Increased cloud coverage all across Cyprus on Tuesday

Increased cloud coverage all across the island on Tuesday, according to the Meteorology Service. Winds will be light to moderate, force two to three Beaufort,...

234 new PCR cases announced on Monday

The Health Ministry also announced 234 new Coronavirus cases out of 5,167 PCR tests on Monday 23 November and another 70 out of 5,665...

Mobile emergency medical unit in Thessaloniki

The General Staff of the Army is proceeding with the creation of a mobile emergency medical unit in the courtyard of the 424 General...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...