WEDNESDAY, 28 JUN 2017

 

CONNECT

Facebook Linked In Twitter
EmbassyUkraine_04/05-06/08_728x90px
GloriaJeans_266x90px
IMH LTD

Anastasiades Repeats Greek Cypriot Positions to Boris Johnson

Antonio Guterres: UNSG Takes Full Note of Anastasiades Concerns on Common Document

IMH LTD
Volvo_19/06-19/07_468x60px

REAL ESTATE

brought to you by Deloitte

Real Estate Market and NPLs Discussed at RICS Conference

Real Estate Market and NPLs Discussed at RICS Conference

The Royal Institution of Chartered Surveyors (RICS) hosted a conference on REO & NPL Management on March 8th, 2017 at the Hilton Cyprus Hotel. The event brought together real estate professionals, banking executives, and regulators to explore and discuss the state of the Cyprus real estate market as well as strategies for management of REO and NPL portfolios.

Pavlos Loizou MRICS, Chairman of RICS in Cyprus and a Partner at Resolute Asset Management, opened the event with a brief discussion of the shifting fundamentals of the Cyprus real estate market. He highlighted that the new ability of financial institutions to create large real estate portfolios will for the first time attract overseas institutional investors seeking large portfolio purchases. He also noted that in light of the upcoming stress tests for financial institutions, the size of the NPL and REO problem in Cyprus will result in more scrutiny on the real estate professionals.  Loizou called for improved data analytics and the need for strict standards in preparing valuation reports.

Thomas Dimopoulos MRICS (Neapolis University Paphos) expressed optimism that the market is picking up pace towards full recovery. He identified Cyprus as one of the top performers in Europe, given its size, and attributed this success to the various naturalization programs introduced in recent years. However, Dimopoulos emphasized that a potential termination of such programs in future would be detrimental to the real estate market and would have repercussions on the banking sector as well.

Jennifer Petridou Sharpe MRICS (Philoktimatiki Public Ltd) outlined the requirements that real estate valuers must follow when producing valuation reports. She emphasized the need to have complete information and limit assumptions, so as to ensure the accuracy of the valuation.

Vassilios Vrachimis (PricewaterhouseCoopers) discussed the changing regulation, which will allow banks to foreclose assets more quickly and transparently, thus accelerating recovery. He also noted that external monitoring will become increasingly intrusive and will cause banks to look at collaterals with much more scrutiny.

Jon Hodnett (Resolute Asset Management) outlined the advantages and the challenges banks face when managing large portfolios of real estate, which are one of the highest risk categories for banks. He presented Resolute’s framework approach for converting non-performing exposures to cash recovery. Hodnett also demonstrated the REO management platform developed and used by Resolute to manage their clients’ portfolios.

Anthi Exadaktylou (Bank of Cyprus) praised the success of Bank of Cyprus to deleverage its non-performing exposures from €15bn in 2014 to €10.5bn today. Consensual debt for asset swap was cited as the most preferred method for resolution because it delivers immediate relief both for the bank and the client. Exadaktylou assured the audience that the bank does not intend to foreclose on primary residencies. She invited struggling customers to reach out to their banker and find a reasonable, mutually beneficial solution.

MORE ON REAL ESTATE

IASIS Emergency Medical Centre Offers Invaluable Service to Residents at Leptos Kamares Village

The Kamares Emergency Medical Centre opened in October 2007 and after almost 10 years of ...

CBC: Cyprus Real Estate Sector Recovering

The House Price Index marked a quarterly increase in the fourth quarter of 2016, for the ...

Construction of Totalserve Towers in Limassol to Commence in December 2017

Limassol is set to get twin towers with the ambitious project to take place in the ...

FROM AROUND GOLDNEWS

   

Japan and EU Press Ahead On Free Trade Pact to Counter U.S. Protectionism

Japanese and European Union negotiators meeting in Tokyo aim to reach a free trade deal that would stand against a protectionist tide threatening the global ...
   

European Commission Fines Google €2.42 Billion for Breaching EU Antitrust Rules

  The European Commission has fined Google €2.42 billion for breaching EU antitrust rules. Google has abused its market dominance as a search ...
   

Antonio Guterres: UNSG Takes Full Note of Anastasiades Concerns on Common Document

UN Secretary General Antonio Guterres has sent a reply letter to Cyprus President Nicos Anastasiades, noting he takes full note of the President’s ...
   

Anastasiades Repeats Greek Cypriot Positions to Boris Johnson

Cyprus President Nicos Anastasiades repeated the Greek Cypriot side’s positions ahead of the start of the discussions on security and guarantees, Cyprus ...
   

CBC: International Investment Position of Cyprus Deteriorates in Q1 2017

The international investment position of Cyprus deteriorated in the first quarter of 2017, showing a net liability position at €23,057 million, compared ...
   

Conference on Cyprus Opens Today in Crans-Montana

The UN-hosted Conference on Cyprus in Crans-Montana, Switzerland, opens on Wednesday June 28 with a discussion on the chapter of "Security and ...
   

6th CIPA International Investment Award Winners - Video

The 6th CIPA International Investment Awards ceremony took place in the Gardens of the Presidential Palace in Nicosia on Monday, June 26.  The ...
   

Melco Enters into Agreement to Purchase Hard Rock’s Interests in Limassol Casino

Melco currently holds 35.37% of the Project Company and has entered into an agreement to purchase Hard Rock’s interest in the Project Company, completion ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD