The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of originating lenders/market share:A.1.2
Are there (quasi) public mortgage lenders:Yes  
Research
A.1.4
Other depository institutions (savings and loans/mutual savings and credit institutions)Yes  A.1.4.2
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
Average 1997-2007 A.1.7
A.2 Size of Mortgage Finance Sector
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:14,355.43 USD (millions)16,806.9 USD (millions)19,328.91 USD (millions)
Central Bank of Cyprus
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)74.27%72.23%80.32%
Central Bank of Cyprus and WEO
A.2.1.1
and as % of all credits outstanding20.58%22.4%22.04%
Central Bank of Cyprus
A.2.1.2
Total amount of home mortgages made in calender year in millions of USD715.56 USD (millions)858.67 USD (millions)855.06 USD (millions)
HypoStat 2016
A.2.3
and as % of GDP (current) 3.7%3.69%3.55%
HypoStat and Central Bank of Cyprus
A.2.3.1
A.3 Housing Finance Products
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Most prevalent type of foreign currency mortgage used:A.3.3
Most frequent interest rates on fully amortizing:A.3.4
Typical lender fees associated with mortgage origination: A.3.6
Typical third party fees associated with mortgage origination:A.3.7
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV808080
Bank of Cyprus
A.3.8.1
Typical LTV at origination757575 %
HypoStat
A.3.8.2
Maximum term over which pmt is calculated? 30 years30 years40 years
Bank of Cyprus
A.3.9
Mortgage pmt-to-income ratio A.3.10
A.4 Lending and Servicing Process
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Which institutions define underwriting rules? A.4.2
A.5 Credit Risk Assessment
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Do credit bureaus exist? YesYesYesA.5.2
Are there legal/regulatory constraints to gaining access to credit information?NoNoNo
Research
A.5.2.1
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimary
HypoStat 2016
B.1.1
Funding through mortgage bonds secondarysecondarysecondary
HypoStat 2016
B.1.3
C. Housing Microfinance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Level of NPLs (>90 days past due) in HMFC.4
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Notes:
Notes:
Notes: 2010 = 100
Notes: 2010 = 100
Notes: A 20% deduction of gross rental income is allowed
Notes: A mortgage subsidy scheme was approved in June 2015. This program subsidizes the interest of mortgage loans for primary residences. The program is funded by the Land Development Corporation
Notes: Capital gains are levied at a rate of 20%. Capital gains is defined as gross selling price minus acquisition costs and improvement costs. All taxpayers qualify for a one-time exemption from capital gains. For a home that the owner occupied for at least five years, this exemption amount is 85,430 Euros.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Converted to USD using IMF end-of-year exchange rate.
Notes: Figure is for national percentage.
Notes: Figure is the national percentage. Data drawn from "Distribution of population by tenure status, type of household and income group Table (source: SILC) [ilc_lvho02]"
Notes: Figure is the national percentage. Data drawn from "Distribution of population by tenure status, type of household and income group Table (source: SILC) [ilc_lvho02]"
Notes: Figure is the national percentage. Data drawn from "Distribution of population by tenure status, type of household and income group Table (source: SILC) [ilc_lvho02]"
Notes: Figure is the national percentage. Data drawn from "Distribution of population by tenure status, type of household and income group Table (source: SILC) [ilc_lvho02]"
Notes: Figure is the national percentage. Data drawn from "Distribution of population by tenure status, type of household and income group Table (source: SILC) [ilc_lvho02]"
Notes: LTV ratio not to exceed 80%
Notes: LTV ratio not to exceed 80%
Notes: LTV ratio not to exceed 80%
Notes: LTV ratio not to exceed 80%
Notes: Mean annual average % change in nominal house prices
Notes: Mean annual average % change in nominal house prices
Notes: Mean annual average % change in nominal house prices
Notes: Mean annual average % change in nominal house prices
Notes: Mean annual average % change in nominal house prices
Notes: Mean annual average % change in nominal house prices
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Owner occupied units as a whole
Notes: Real estate tax is levied at a progressive rate depending on the value of the home. The rate ranges from 0.6-1.9%
Notes: Rental income tax is levied at a progressive rate that ranges from 0-35%. The amount subject to taxation is 80% of the rental income
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The Cyprus Consumers Organization was established in 1973
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The First Cyprus Credit Bureau registered in 2008 and was the first credit reference agency in Cyprus
Notes: The Hellenic Bank is the second largest bank in the Cyprus
Notes: The Housing Finance Corporation provides savings accounts for low income families in which 40% of deposits are tax deductible, as well as any interest earned.
Notes: The Housing Finance Corporation provides savings accounts for low income families in which 40% of deposits are tax deductible, as well as any interest earned.
Notes: Transfer fees are paid by the acquirer. The rate ranges from 3-8% and depends on the value of the home