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Archive for October, 2011

Another Eurozone country bites the dust

What is unique about Cyprus’ collapsing housing bubble is a title deed scandal of unimaginable proportions. But now this nightmare is unravelling the finances of home buyers, developers, banks, and the government.

Standard & Poor’s downgrades Cyprus’ credit rating

Yesterday Standard & Poor’s downgraded Cyprus’ long-term credit rating to BBB due to the banks exposure to the Greek debt, which it estimates to be 165 percent of the Island’s Gross Domestic Product.

Many properties will remain unsold

It is unlikely that the existing stock of new properties in the oversupplied markets of Paphos, Larnaca and the Famagusta/Paralimni area will be sold in the near future as they were built for “buy-to-flip” investors and are unsuitable for permanent living.

Government to support banks in financial crisis

The Council of Ministers has approved three draft bills designed to shore up the banks that are heavily exposed to Greek government bonds and to establish an independent financial stability fund.

Residential property construction in meltdown

Cyprus Statistical Services figures published earlier today reveal that the number of residential properties for which building permits have been issued has dropped by more than 4,000 compared to last year.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

Construction deal with Qatar on track

The deal between the Cyprus government and the Qatari Diar Real Estate Investment Company to build a luxury hotel, apartments, shops, offices and a leisure complex in Nicosia is on track.

Central Bank of Cyprus reports housing price falls

Residential housing prices in Cyprus have dropped for the sixth consecutive quarter according to the latest ‘Residential Property Price Indices’ report produced by the Real Estate Unit of the Island’s Central Bank.

No end to the hell in Paradise Hills

Life in Cyprus continues to be hell for buyers of properties on the Paradise Hills estate near Paphos who fear their homes may be demolished or auctioned to repay the bank that financed the developers who have gone bust.

The Cypriot real estate market will recover when…

Many reasons have been given for the decline in sales of property in Cyprus in recent times. In our latest ‘Have your Say’ poll we are asking our readers what needs to be done to set the beleaguered real estate market on the road to recover.

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