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Archive for 2012

Valentine’s day construction workers strike confirmed

Workers in the construction sector have confirmed that they will go on a 24 hour strike on Valentine’s day in a protest against “attacks on wages and benefits from a large number of employers”.

Interior minister calls for amnesty submissions

Interior Minister Neoclis Sylikiotis has called on those whose properties suffer from planning irregularities to submit Letters of Intent under the provisions of the Town Planning Amnesty before 7th April.

Fitch downgrades covered bonds of two Cyprus banks

The covered bonds of the Bank of Cyprus and the Marfin Popular Bank have been downgraded by Fitch Ratings following the downgrade of Cyprus’ sovereign rating and the subsequent downgrades of Marfin and BoC’s’ Long-Term Issuer Default Ratings.

Property prices will continue to fall in 2012

Seventy percent of those who voted in a recent online poll conducted by the Cyprus Property News believe that property prices on the Island will continue to fall during 2012, while eleven percent believe they will increase.

Cyprus Government debt reached 67.5% in Q3 2011

Government debt in Cyprus increased to 67.5% of the Island’s GDP at the end of the third quarter of 2011 according to a press release issued yesterday by Eurostat, the Statistical Office of the EU.

Saga of the Title Deed rip off in Paphos

The actions of Land Registry staff in Paphos who seem to be ripping off foreigners by demanding excessive amounts of Property Transfer Fees from them are damaging Cyprus’ reputation and killing the overseas property market.

Cypriot developers find new ways to extort money

Nefarious property developers continue to exploit their customers by thinking up new ways of extorting money from them and using the threat of withholding Title Deeds to elicit payment.

Paying for my developer’s illegalities

A Pegeia resident demonstrates how the provisions of the Town Planning Amnesty enable ‘dishonest and devious developers’ responsible for planning infringements to escape the consequences of their actions.

Domestic sales improve – overseas sales decline

Although the number of properties sold to Cypriot buyers improved for a second consecutive month in January, there is still no sign of a recovery in the Island’s overseas property market where the number of sales continues to decline.

Fitch downgrades three Cypriot banks

Fitch Ratings has downgraded three Cypriot banks by one notch saying that finding private capital to cover their capital needs until June will be “difficult”. Fitch downgraded the three banks to BB+ from BBB- with negative outlook.

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