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Cyprus interest rates fall

Interest rates in Cyprus for consumer credit fell to 4.01 per cent and loans for house purchases fell to 2.94 per cent in July according to official figures from the Statistical Service of Cyprus.

Cyprus wooing Thai investors

Cyprus is offering investors from Thailand European Union citizenship for BHT 100 million (approx. €2.5 million) as it expects to raise capital from Thai investors in a number of sectors.

Steps to prevent Cyprus property price falls

Solutions are being sought from the Finance Ministry that will prevent property prices in Cyprus falling when the banks sell off the properties that have accumulated on their balance sheets as a result of repossessions and debt-to-asset swaps.

Residential twin towers at Ayia Napa

Work on the construction of two luxury residential twin towers ay Ayia Napa should get underway in late September and will form part of the town’s new marina accommodating 400 to 450 vessels.

Confusion over Cyprus property values

While the European Commission contends that Cyprus properties are overvalued by 5 per cent, the European Central Bank considers they are undervalued by between 4 per cent and 16 per cent.

Fitch affirms Cyprus at B+

Fitch Ratings has affirmed the long-term credit rating of Cyprus B+, with a positive outlook, but warned that “banks remain fundamentally weak and pose an ongoing risk to the economy and public finances.”

Plans for luxury apartments in Larnaca

Lebanese investor Yussef Kanaan has announced plans to invest €15 million to build luxury apartments in Larnaca on land that he purchased for €3.5 million and expects to get a building permit within the week.

Cyprus real estate market 2016

In isolated cases, where the demand for residential real estate in Cyprus is low and distressed assets result in excess supply, further discounts of up to 40% of market value are possible.

Cyprus plummets 18 places in property chart

Cyprus dropped eighteen places in the December Top of the Props chart published by TheMoveChannel.com, which records the most searched for overseas destinations to buy property.

Middle Eastern investors eyeing Cyprus

Chestertons reports that Cyprus has carved a niche for itself over the years and is receiving considerable interest from Middle Eastern investors who are looking to establish their second home overseas.

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