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Archive for July, 2011

Ministry of Interior planning amnesty announcement

The Ministry of Interior has recently made the following announcement concerning the submission of applications under the recently announced Planning Amnesty laws.

Second agency cuts Cyprus credit rating

Following the announcement by Moody’s on Wednesday, Standard & Poor’s became the second agency to cut Cyprus’ rating this week citing the government’s indecision in introducing substantial consolidation measures.

Moody’s downgrades Marfin and Bank of Cyprus

In the wake of yesterday’s announcement that Moody’s had downgraded Government bond ratings, the ratings agency has downgraded the deposit and debt ratings of the Marfin Popular Bank and the Bank of Cyprus.

EC asked to rule on unfair commercial practices

The Island’s property laws and consumers’ rights are about to come under the scrutiny of the European Commission following a written question to the European Parliament by Irish MEP Seán Kelly.

Bar Association’s Disciplinary Board in the dock

Reports of “crooked” lawyers, particularly in Paphos, are widespread; but what hope is there for justice when the Bar Association’s Disciplinary Board appears unable to address complaints in a timely manner?

Paradise Hills buyers face uncertain future

Residents of the unfinished Paradise Hills estate built by MDB properties in the Paphos village of Marathounda may lose their homes as the Bank of Cyprus has rejected a rescue plan.

Monagroulli angel comes down to earth

Plans to build a record-breaking 135 metre high statue of an angel at Monagroulli on the Island’s southern coast will not be approved unless the height of the statue is reduced to be consistent with the broader character of Cyprus.

Property transfers continue to improve

Latest figures to come out of the Department of Land and Surveys show that the number of properties being transferred at District Lands Offices across Cyprus is continuing to improve.

New specific performance law increases safeguards

Designed to provide added protection for those buying property on the Island, a new Specific Performance law will come into force in Cyprus shortly that will replace the existing ‘Sale of Land (Specific Performance) Law’.

Property prices and rents continue to fall

Real estate prices across the island continued to fall during the first quarter of 2011 according to the sixth issue of the RICS Cyprus Property Price Index, with house and apartment prices dropping by an average of 1.6% and 0.9% respectively over the quarter.

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