Cypriot developers ask banks for breathing space

Under construction (Photo: Concrete Form)

The pleas for financial breathing space following figures from the government that reveal €500 million was invested in Cyprus in the last eight months of last year, with the residency scheme designed to attract non-EU buyers helping to drum up activity from both Russian and Chinese buyers .

Speaking on behalf of developers in the island's struggling housing market, Andreas Sandis warned that foreclosing on large developers in Cyprus would only damage the island's market further, especially as construction is currenetly in a trough and trying to climb back from recession.

Sandis proposed a system of instalments to pay back debts to keep developers operating while still covering the interest on the loans, reports the Cyprus Mail.