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Archive for June, 2014

Dramatic fall in Cyprus property prices

Over the past year residential house prices in Cyprus have fallen by 7.8 per cent while apartment prices have fallen 10.7 per cent, according the RICS Cyprus Property Price Index for Q1 2014.

Cyprus property values updated

Announcing the completion of the task of updating Cyprus property values as part of the island’s bailout agreement, Interior Minister commented that privately owned land in Cyprus is worth some €200 billion.

Swiss Franc loans breakthrough

Out of court settlements in connection with the alleged mis-selling of Swiss Franc loans have been widely reported in the Cyprus and UK media and we have been inundated with requests for further information.

Limassol marina open for business

President Nicos Anastasiades presided over the official opening ceremony of the Limassol marina on Thursday describing it as “a jewel for Limassol and for Cyprus” according to media reports.

No more escape for tax cheats

Those with tax arrears exceeding €3,000 will be prevented from selling or transferring their property under a new law passed by the Cyprus government to help with the crackdown on tax evasion.

Bank of Cyprus results analysis

There are some concerns highlighted in the Bank of Cyprus Group Financial results published a short time ago that suggest that the island’s largest bank is not out of the woods yet.

Larnaca project sold to Russian investors

The land on which the Kimon Phinikoudes project in Larnaca is to be built together with its designs has been sold by the Lefkaritis family to a group of Russian investors for an undisclosed sum.

Cyprus drops in Top of the Props chart

Cyprus dropped to fifteenth place in last month’s Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

Fourth highest fall in house prices

Although house prices have gone through the roof in most of the 52 countries listed in the latest IMF Global Housing Watch report, house prices in Cyprus suffered the fourth highest fall.

Distressed borrowers threaten to revolt

As banks are taking defaulting borrowers to court rather than exhausting options under the Cyprus Central Bank’s directive on loan restructuring, distressed borrowers are threatening to freeze loan payments.

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