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Archive for January, 2012

Construction workers threaten strike action

As waves of industrial unrest sweep the Island, construction sector workers in Cyprus are planning the first in a series of 24 hour token strikes on St. Valentine’s Day over the use of cheap foreign labour.

Cyprus one of five Eurozone nations cut by Fitch

Following its warning a week ago, Fitch cut the sovereign credit ratings of Cyprus and five other Eurozone nations yesterday, indicating there was 50 percent chance of further cuts in the next two years.

Department of Land and Surveys Citizens Charter

The Department of Lands and Surveys ‘Citizens Charter’ provides information on the services it offers together with the procedures to be followed and the costs associated with various types of applications related to immovable property in Cyprus.

Title Deeds hopes dashed by latest property legislation

Residents of the Harbour Shore Estates at Coral Bay, some of whom have been waiting for their Title Deeds for more than 30 years, have found that the new Specific Performance Law introduced last year may have ruined their chances.

Cost of housing loans may increase

Banks are considering increasing housing loan interest rates of in light of the tough conditions in the sector and the increased risk in the Island’s property market, according to StockWatch.

EU congratulates Cyprus on measures

European Commissioner for Economic and Monetary Affairs Olli Rehn and President of the European Central Bank Mario Draghi have congratulated Cyprus on the tough decisions and the austerity measures it has adopted to achieve fiscal consolidation.

Residential property construction plunges 41 percent

Investments in the Cyprus construction sector continued their downward spiral in November according to the Island’s Statistical Service, which released the latest building permit figures earlier today.

Cyprus may be further downgraded by Fitch

Cyprus faces the prospect of a further ratings downgrade by the end of the month after credit ratings agency Fitch repeated its intention to downgrade the Island and five other eurozone countries.

Property market review and expectations for 2012

A fall in Cyprus’ GDP and rising unemployment means that the good days have gone. We are probably approaching the worst point, but things are unlikely to get back to where they were.

Licence for Polis golf project expected by June

The golf project at Limni in Polis Chrysochous by Limni Resorts & GolfCourses Plc. is expected to have a licence to start the project issued by June according to the local mayor, Angelos Georghiou.

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