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Archive for April, 2012

Contract for marina at Ayia Napa signed

After years of discussions and countless hours of dialogue involving two governments and six ministers, a contract has been agreed and signed for the long-awaited marina project at Ayia Napa.

Popular bank may need government bailout

The Cyprus government may have to pump up to 2.5 billion Euros into the Popular Bank to cover its losses resulting from the write-down on its holdings of Greek Government bonds according to newspaper reports.

Court rejects appeal to cut Gary Robb’s sentence

The Island’s Supreme Court has rejected an appeal by Gary Robb’s lawyers to reduce his jail sentence for the appropriation of Greek Cypriot property in the northern Turkish occupied areas.

Property industry problems to be discussed on Monday

Problems plaguing the Island’s property industry will be discussed by the Cyprus Land and Building Developers Association’s Annual General Meeting, which is being held at the Nicosia Hilton hotel on Monday.

Timeshare touts are back in Paphos

Despite the police have made some efforts to clear the streets of touts plus endless meetings with government departments, timeshare touts in Paphos are continuing to hassle tourists.

Banks should offload distressed properties

The banks need to offload billions of Euros of property left on their books by bankrupt developers and offer 100 percent mortgages spread over 40 years, similar to those being offered in Spain.

Larnaca golf property group to hold London meeting

The Larnaca Golf Property Action Group (LGPAG) will be holding a meeting in North London later this month. Those wishing to attend should complete a booking form on their website.

Efforts to combat illegal real estate agents stepped up

Court orders have been issued against a number of unregistered estate agents in Cyprus, some of whom appear to be British, to stop them from practising until a final adjudication of their cases has been made.

Bill to repossess homes put on the backburner

The Interior Ministry has informed parliament that a bill enabling mortgaged properties to be repossessed and auctioned off has been “suspended indefinitely due to the economic crisis.”

Central bank reports property price falls intensifying

The fall in the prices of houses and apartments across Cyprus intensified during the final quarter of last year according the latest statistics published by the Central Bank on Monday.

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