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Archive for 2013

One third fewer homes in 2012

The slowdown in the islands construction sector continued in December, according to figures released by the Cyprus Statistical Service, with new home construction falling a third in 2012.

Risk of Cyprus default “material and rising”

Cyprus faces a “material and rising risk” of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor’s said on Wednesday.

PICAS meeting at Dhekelia Leisure Resort in Larnaca

The Property in Cyprus Action Support Group (PICAS) will hold an open forum for those facing difficulties when buying or selling property at the Dhekelia Leisure Resort in Larnaca on Wednesday 27 February.

Free tickets to ‘A Place in the Sun Live’ at Olympia

London’s Olympia will host ‘A Place in the Sun Live’, the official overseas property exhibition of the hit Channel 4 TV show that helps house-hunters find their dream property, on 12th – 14th April 2013.

Armou family still living in limbo

A family of four living at a stricken development in Cyprus that is slipping down Armou in Paphos remain in limbo, unsure of their future, after their homes were declared unfit for habitation in November last year.

Gaining access after paying reservation fee

A potential buyer should never assume that he/she will be allowed to visit and enter a property after paying a reservation fee because that may not be the case and can lead to frustration.

Construction workers strike ends

After nearly three weeks, the construction workers indefinite strike action has ended following an agreement in principle between the contractors and trade unions on the workers collective agreements.

Limassol property market’s dependence on Russians

The number of real estate transactions for December 2012 was recently announced. Once again the number of transactions was reduced compared with the same month last year (-24%) and 2012 ‘ended’ with an 11% reduction in transaction volume compared with 2011.

Cyprus property mis-selling could cost €1 billion

Cyprus must adopt a clear plan to resolve the many cases of mis-selling if its once thriving property market is to breathe again – and the cost could reach a billion Euros argues George Kounis.

PIMCO’s worst case assumes 65% property devaluation

In its worst-case scenario, where the Cyprus banking system would require €10.1 billion for its recapitalisation, PIMCO assumes a devaluation of properties by up to 65 per cent according to informed sources.

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