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Reports written by Alan Lawton
Cypriot economy still in recession
Although the Cyprus economy is still in recession it may have started to climb out in the fourth quarter of 2009 according to the latest flash estimates from the Cyprus Statistical Service (CYSTAT).
Construction & Housing Statistics (2008)
In a press release issued this morning, the Cyprus Statistical Service announced that it has published its annual Construction and Housing Statistics report for the year 2008.
Bank of Cyprus loan for Limassol marina
An agreement has been reached between the Bank of Cyprus and Limassol Marina Limited for a loan for the construction of the new marina which should open in 2012.
Non-performing bank loan restructuring
Reports suggest that the Cyprus banks are restructuring unpaid loans to avoid them having to be classified as ‘non-performing’ as required under the Basel II Accord.
Cyprus property prices down
As the property crisis continues to worsen, prices of residential properties in the urban centres have dropped by more than 10%, while prices of summer residences have fallen between 30% – 40%.
Fears of more unemployment in construction industry
The Chairman of the Cyprus Contractors Federation, Sotos Lois, fears that unemployment in the construction industry could rise to 20,000 next year.
Cyprus slips into recession
According to the latest “flash” estimates from the Statistical Service, Cyprus slipped into a recession during the second quarter of 2009.
Property prices and gross rental yields
Cyprus property investors should expect to pay in the region of €2,004/sq.m for a 120sq.m apartment in Paphos and expect to receive a gross rental yield of 2.83% according to the latest figures published by the Global Property Guide.
Cyprus property sales stage slight recovery
Figures published by the Land Registry report that the number of properties sold during June fell by 45.7%, taking the first six months decline to 58.3% compared to last year.
Qatari investment deal collapses
It seems that the Qatari plans to invest in the development of a €500 million mixed-use real estate project in Nicosia may have collapsed
Cyprus building permits March 2009
It is difficult to draw any conclusions from the CYSTAT figures as developers in Cyprus often start construction work before the authorities have issued the building permits.
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