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Archive for March, 2013

Crisis shakes overseas investor confidence

Honorary president of the Cyprus chapter of the International Real Estate Federation (FIABCI), Nicolas Lemonaris, has said that the financial crisis has shaken the confidence of potential foreign investors.

Central Bank press release on banking measures

A press release issued by the Central Bank of Cyprus clarifies the measures implemented at the Bank of Cyprus and Laiki Bank following the agreement reached between the Cyprus Government and the Eurogroup

Big depositors in Cyprus to lose far more than feared

Big depositors in Cyprus’s largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Price falls continue as uncertainty grows

Property prices in Cyprus continued to fall during the fourth quarter of 2012 according to the RICS Cyprus Property Price Index amid the worsening state of the economy and growing uncertainty.

Mortgages muggings and the gutter press

Many individuals and companies in Cyprus are facing difficult years ahead, but as so much sensationalist rubbish has been printed in the UK gutter press, it’s time to bring some honesty into the situation.

Price falls loom in wake of bailout

In the wake of the island’s financial bailout, property prices in Cyprus are anticipated to fall according to the chairman of the Property Valuers Association which has temporarily suspended work.

Bailout deal for Cyprus agreed in Brussels

Cyprus has avoided bankruptcy by securing a last-minute €10 billion EU bailout deal in Brussels following hours of tense negotiations; but the island will have its second largest bank closed with losses expected for big depositors.

Buyers’ grievences heard in EU Parliament

The European Parliament’s Committee on the Internal Market and Consumer Protection heard from a petitioner about the problems he encountered when buying property in Cyprus.

Extra holiday to pass legislation on bank deposits

President Anastasiades may need extra time to get the deeply unpopular levy on Cyprus bank deposits through parliament and may have to declare Tuesday & Wednesday as public holidays to stave off a possible run on the banks.

UCPD review offers no solution for Title Deeds

Appeals to the EC that it would recommend that the withholding of title deeds or legal ownership of immovable property would be blacklisted under the provisions of the UCPD have been rejected.

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