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Archive for December, 2007

Cyprus national economic accounts 2007 – provisional estimates

The Cyprus Statistical Service has released its report “National Economic Accounts 2007 (Provisional Estimates)”. A summary of the report follows; the full version is available from the Statistical Service’s website. Main Economic Developments in 2007 The Cyprus economy continued its expansion through the year 2007 at a higher pace, in comparison with the previous year. […]

Cyprus prepares for the Euro

The 1st January 2008 is a historic date for the Republic of Cyprus. On that date, the Cypriot currency will change from the Cyprus Pound (CYP) to the Euro (EUR, €). The Cyprus Pound was introduced in 1879, when Cyprus was a British Colony and until 1960, it was equal in value to the British […]

State of the Cyprus economy in 2008

A recent poll by the CFA/Financial Mirror predicts lower growth and higher inflation in 2008. The Cyprus GDP growth rate is expected to decline below the government’s forecast of 4.0% in 2008 with inflation also seen well above the official target, as financial turbulence now faced in the US and some EU countries spreads to […]

Cyprus construction sector slow down

THE RAPID GROWTH of the construction sector has reached the utmost limit and is expected to slow down. According to Eurostat’s data, the growth of the construction output in the third quarter of 2007 fell to 5.5%, while in the second quarter of the year, it had reached 8.6%. The Finance Ministry believes that constructions […]

Cyprus property price index up 2.51 percent in November

BuySell Cyprus Real Estate, a real estate advertiser, publishes a monthly ‘Home Price Index’ – the only one of its kind in Cyprus. The company started to produce the index in 2004. It shows the movement of prices at which residential properties in Cyprus are sold and is based on an average of around 400 […]

Cyprus title deed scams

Here are some of the Cyprus property ‘scams’ linked to the Title Deed problems reported by Andrew Winter on Channel 4 TV.

Down the slippery slope

Given Cyprus’ long experience of landslides and having to move whole villages to new locations, you would think that the law would prohibit the construction of property on unstable land. Unfortunately, this is not the case!

Cyprus property deals hit CYP 1.7 billion

Easy credit by banks is also widely blamed for fuelling an unprecedented buying spree, with many engaging in speculative activity, which the Central Bank of Cyprus is now attempting to stop.

Famagusta leads the Cyprus property market

FAMAGUSTA (Ammochostos) in eastern Cyprus is the leader in terms of real estate growth according to our analysis of the latest figures on building permits issued by the Cyprus Statistical Service (Cystat). Cut off from the town which now lies in the occupied area of Cyprus, the region of “Free Famagusta” (Ammochostos) has tended be […]

Avoiding the bad apples

You cannot expect the same checks and searches to be carried out in Cyprus when buying property as you would have done in the UK.

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