Reports written by Editorial
Time to buy? House prices fall 20-30 percent
Although prices of property in some part of Cyprus have fallen by as much as 30 percent, the risk in the market has increased and calls for extreme caution by prospective buyers and their lawyers warns leading expert.
Interior Minister surrounded by corrupt advisors
Neoclis Sylikiotis, the Cyprus Interior Minister, has come under fire in the local press for the delay in implementing the property reforms and amnesty packages and accuses his advisors of being corrupt and incompetent.
Cyprus welcomes EU-stress test results
In a recent press release, the Cyprus Ministry of Finance welcomed the results of the EU-stress tests recently carried out on 91 credit institutions throughout the member states of the European Union
AIPP set to launch new disciplinary code
The AIPP is about to launch a new, reinvigorated disciplinary code for its members designed to boost the Association’s levels of credibility, efficiency and independence according to a report in Overseas Property Professional.
Demolition and black-listing threat in Cyprus
The Overseas Property Professional has reported on recent developments in Cyprus with ETEK calling for the demolition of illegal building and MEP Daniel Hannan calling on the European Commission to send a fact-finding mission to Cyprus.
Moody’s cuts Cyprus’ two main bank ratings
Moody’s has downgraded the deposit and debt ratings of the Bank of Cyprus and the Marfin Popular Bank. According to their report “The country’s real estate market, which is a significant component of the banks’ loan books, remains a risk area with unclear growth prospects and weak demand”.
Massive development planned for Cyprus
Plans for the largest development ever to be undertaken in Cyprus have come to light. We understand that the massive construction project, which will create 6,000 new jobs and attract more than half a million tourists each year, will get under way shortly.
Cyprus joins EU excessive deficit watchlist
The EU is proposing that the public finances of Cyprus, along with those of Denmark and Finland, requires further scrutiny as it poses a threat to the wider European economy.
Cyprus deal targets Scandinavian buyers
A Cypriot developer has signed an exclusive deal with one of Norway’s largest agents in hope of cashing in on growing demand from Scandinavian buyers.
Cyprus government set to increase property tax
The government of Cyprus is expecting to collect an additional €10 million to €20 million in taxes from property owners in a bill designed to increase state revenues to combat the recession.
