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The declining Cyprus property market

Further details on the declining Cyprus property market were revealed today in new statistics published by the Department of Lands and Surveys showing that the number of overseas buyers continues to fall.

Construction industry unrest escalates

Trouble erupted at a hotel construction site in Paphos on Tuesday when violent scuffles broke out between striking builders and police; unions accused the police of using excessive force.

Building permits slump

Uncertainty in the Cyprus construction industry continues with the awaited signing of the island’s bailout agreement with international lenders and an indefinite strike by construction workers.

Great Cyprus property crash continues in 2013

Property sales in Cyprus are on course to set an all-time record low in 2013 with sales in January down by more than 50 per cent on the corresponding month last year, posting the lowest monthly figure on record.

PIMCO delivers final report

The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.

Construction workers strike may spread

Striking construction workers received support from trade unions representing more than three quarters of workers who may call members out on a general strike if their dispute is not settled soon.

Fitch downgrades Cypriot covered bonds

Following yesterday’s storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.

VAT on property purchases

Although the standard rate of VAT in Cyprus was increased to 18 per cent on 14th January 2013, concessions are available for those buying property as their first and primary residence.

First marina apartments delivered

The first ninety four apartments on the new marina development in Limassol have been delivered marking the completion of beginning of the project’s operation; the first yachts are anticipated to arrive in March.

Property scam leaves families with no home

A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.

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