According to the data provided by the Central Bank of Cyprus, non-performing loans have been substantially reduced in the corporate sector, which is a good sign of economic recovery of the Island. Non-performing loans dropped by €1.8 Billion combining the Construction, Real Estate and Hospitality sectors due to the increasing inflow of investment and confidence in the country.
The great interest of domestic and international investors in the country in the last few years has contributed to this positive sign and it can further increase the confidence of investors and the public in general of the great opportunities that Cyprus offers for investment and immigration.
Badly hurt sectors such as Construction and Real Estate are showing impressive recovery results from the Real Estate bubble of 2008 by reducing their liabilities and, in some instances, non-performing loans. This recovery not only increases investor confidence, but also, banks’ faith in the industry, allowing more credit opportunities to finance domestic projects.