Cyprus Mail

No property bubble in sight, ready to help courts deal with NPLs, Georgiades says

By Stelios Orphanides

Finance minister Harris Georgiades said that Cyprus is not facing another real estate bubble, adding that the government is prepared to further help banks reduce their non-performing loan stock by improving the responsiveness of the judiciary.

“Neither the European Central Bank nor the International Monetary Fund would agree with you that we are heading towards a new property bubble,” Georgiades said in an interview on Thursday. “In fact, they take a view which is quite different – that the (price) fall hasn’t even been completed. And I would specially say that this is the view of the ECB”.

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