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Archive for 2009

Cyprus property companies on brink of bankruptcy

A 20 to 30 per cent cut in the old prices, which were too high, could stimulate some interest from people and get the stagnant property market moving; at lower prices, the banks could also become more willing to offer housing loans to buyers.

Low cost property developments in Cyprus

The Cyprus Land Development Corporation is planning to build 500 additional low cost properties in Cyprus and to buy land from property developers.

What about the Ayia Napa golf course and marina?

Governments have focused their attentions on the West coast of Cyprus with infrastructure, golf courses and marinas while the East coast has been left to struggle on.

Russian roulette in Cyprus

I WAS deeply concerned to hear the news about the latest ‘brainwave’ for a theme park in Larnaca area, especially because of who is supposedly financing it. After having personal experience of working and living in Russia for 6 months in 2005/6, the persistent ‘brown-nosing’ of Russians for their capital now seems to have extended […]

Cyprus banks under stronger liquidity pressures

THE liquidity pressures that the banks in Cyprus face have become stronger and stronger lately; according to latest Central Bank data, they continue to lose deposits and increase their loan portfolios. In December, the banks granted loans of 549 million euro, a quite small amount compared to other months but they lost deposits of 683 […]

Under the mattress is just not safe enough!

THE PHRASES ‘toxic debt’ and ‘quantitative easing’ are now fashionable. What do they mean? The former means quarantining irredeemable bank debt to give banks breathing space so they can start lending again, and the latter means printing as much money as is needed to regenerate that lending. Hyperinflation or increased taxes to pay for it […]

Cyprus Housing Finance Corporation hit by global crisis

THE CYPRUS HOUSING Finance Corporation (HFC) has asked the Finance Minister to inform him on his plans to deal with the difficulties in the Cyprus banking system. The HFC is especially worried about what the government plans to do, especially since state funding towards banks was stopped and interest rates have increased due to the […]

Thousands of Cyprus property workers face job losses

AS MANY as 3,000 construction workers in Paphos could lose their jobs in the coming months if there is no turnaround in the real-estate slump, a survey of companies in the area has found. The survey was carried out by ACMA Consultants on behalf of the Paphos Building Contractors Association. It found that out of […]

Cyprus property sales down 50 per cent

PETER Paradisos, the marketing manager for Maispa Developers said property prices in Cyprus were falling steeply even though he didn’t have any official figures as yet. “I would say enquires and sales are down by 50 per cent. If you’re a good salesman you can close a deal on most enquiries, but if they aren’t […]

Government resolved to speed up golf course construction

EAGER to boost a weakened construction sector, the Cyprus government is trying to speed up the process of issuing licences for golf courses and the housing projects that accompany them. The details of this ‘speed-up plan’ are currently before the Minister of Commerce Antonis Pashalides, ahead of a decision by the Council of Ministers. For […]

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