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Archive for July, 2008

Larnaca marina coming soon

According to the Cyprus’ Press and Information office, the construction of the Larnaca marina and port will be undertaken by the Zenon Consortium. The development project is expected to start by the end of 2009, with the marina being finished within two years; it will take between six and seven years for the construction of […]

Property scam reported in UK stockbroker belt

Yesterday, Conor O’Dwyer’s plan to “sleep rough for justice” outside the Cypriot High Commission in St James’ Square London made front page news in the UK. Conor’s story appeared in the Advertiser, a local newspaper distributed throughout Surrey’s famous stockbroker belt to the south west of the capital. The newspaper plans further reports of Conor’s […]

Prices fall marginally in second quarter 2008

Property prices in Cyprus, hold on to their levels during the second quarter of the year, despite worsening global and local economic conditions. From April to June 2008, the BuySell Home Price Index recorded a marginal decrease of 0.4% compared to the last quarter, bringing the year-on-year increase to 12.9%. Home prices depicted a 0.3% […]

Sleeping rough for justice

TWICE physically assaulted and hospitalised for 6 days at the hands of Cypriot property developers Christoforos Karayiannas & Son Ltd a British property buyer, Cornelius (Conor) O’Dwyer, is stepping up the pressure on the Cypriot authorities to act. In an an open letter to President of the Republic of Cyprus, Demetrias Christofias, Mr O’Dwyer announces […]

Bank tightens credit risk rules

Later this month, it is anticipated that the Central Bank of Cyprus will issue ‘guidelines’ requiring the commercial banks to better manage credit risk. (In an earlier article, “The Property Bubble“, Dr Alan Waring reported that the executives of one bank had been summoned to a ‘crisis meeting’ to discuss plans to deal with a […]

Parador Properties goes into voluntary administration

Parador Properties, which had a number of overseas operations, including Cyprus, has gone into voluntary administration. The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded […]

Top 8 questions to ask estate agents

There is a huge oversupply of new property in Cyprus at the present time. Compared to last year, the number of new villas, apartments and other dwellings being built for which building permits have been issued has fallen by nearly 17 percent. There’s also a glut of second-hand/resale property on the market. I’ve just had […]

Property insulation scam

THE Cyprus Green Party General Secretary, George Perdikis, yesterday claimed properties were being sold under the pretext of being insulated, when they in fact weren’t. He claimed that financial interests were hidden behind a recent alteration of regulations for house insulations. “Following the intervention of higher interests, the laws on insulation have been altered in […]

Property construction continues slowdown

ACCORDING to figures just released by the Cyprus Statistical Service, CYSTAT, output in the property construction sector continues to slowdown. The number of building permits issued during the first four months of 2008 fell to 2,788 – a reduction of 15.2% over the same period last year when 3,286 were issued. Although the number of […]

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