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Developers of Cyprus - the main debtors in the EU

Developers of Cyprus - the main debtors in the EU

July 21 2018 LJ cover – Застройщики Кипра – главные должники в ЕС
Tags: Cyprus, Construction, Debts, Economy, EU

The largest non-payers for loans to the EU are Cyprian property developers. According to the European Banking Supervision Service, they serve only a quarter of all loans taken by them.

This situation, by the way, is not only a consequence of the crisis, as one might imagine. Despite government support in the form of a "citizenship for investment" program and a number of tax breaks, as well as a general improvement in the economic climate in the country, Cypriot developers continue to ignore their obligations on the lion's share of loans today.

The share of non-performing loans in the construction sector in Cyprus is 74,9% - the highest in the EU. Among the leaders in the volume of non-performing loans in the construction sector are Greece and Italy, where they are 67% and 47% respectively, as well as Portugal and Malta.

In general, the EU for overdue loans to developers account for 19,7% of the total, or 54,7 billion euros from 277,7 billion euros. In monetary terms, Italy is leading, where the loans for the sum of 21,2 billion, Spain (8,3 billion) and Greece (6,2 billion euros) are not serviced in the construction sector.

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