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Archive for May, 2012

Fraudulent property scheme of biblical proportions

British home buyers have filed a class action against the ‘Turkish Republic of Northern Cyprus’ and the HSBC claiming they are victims of a fraudulent property scheme of biblical proportions.

With value gone out the window, liquidity is the key

Although the Central Bank’s Property Price Index shows a fall in residential property prices of 8.3 percent over the past two years, anecdotal evidence suggests that the decrease is at least double this figure.

Now the storm has broken

Even now with irrefutable evidence that property prices are falling at a quickening pace across the island, one senses a sanguine mood that something will soon interrupt the decline.

Tax incentives expanded and extended

The government has expanded the 5 percent VAT payable on new homes used as primary residences to include non-EU citizens and has extended the Property Transfer Fee reduction/suspension until the end of the year.

Fitch places three top banks on rating watch negative

International ratings agency Fitch has placed the Island’s top three commercial banks on rating watch negative meaning that they could be downgraded in the near future as they remain highly sensitive to events in Greece.

Luxury real estate market resists crisis

The Cyprus Residential Development Prime market report 2012 by international property consultancy firm Frank Knight says that demand for the very top-end of the real estate market has remained strong.

Will Cyprus follow Dubai initiative to protect investors

Cyprus is not the only property market suffering from a lack of overseas investment. Next month, Dubai plans to introduce legislation designed to protect investors enabling them to obtain a full refund.

Greece exit from Eurozone would hit Cyprus hard

Experts agree that Greece leaving the Eurozone would hit Cyprus hard; the Island will be plunged into a deeper recession, the entire population will have to make sacrifices and we will end up in an EU bailout.

Could Cyprus be the next domino to fall

In a programme first broadcast on the BBC News Channel earlier today, HARDtalk’s Stephen Sackur asks the former finance minister Michalis Sarris if Cyprus could be the next domino to fall in the Eurozone crisis.

Government steps in to shore up Popular Bank

The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island’s second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements.

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