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Loan financing further reduced for Cyprus property buyers

THE Central Bank of Cyprus has stepped in once again to reduce loan financing for those buying property in Cyprus. In October last year the Bank reduced financing from 70% to 60%; but in spite of this move, housing loans continue to surge, reaching a record €8.26 billion in January this year. The new measures […]

Paphos property sold for 66 million

According to Stockwatch Ltd, KEO has sold its property at the Tombs of the Kings in Paphos to a joint venture of Athienitis and Aristo Developers for €66 million. According to newspaper “Politis”, the development will be uniform but the property will be separated in two parts, the commercial and the housing. Aristo will deal […]

Moratorium on golf courses

Ecologists have requested the Cyprus government to impose a moratorium on the issue of new licenses for the golf courses. In their announcement released today, they demanded the “freezing” of the procedures until the adoption of extraordinary measures to deal with the current water supply crisis. The Ecologists also requested the minimization of the water […]

Property developers move in

LAND developers are showing an interest in the Pyrgos Tylliria area, now that the prospect of the Limnitis checkpoint opening appears firmly on the agenda. Citing sources yesterday, Phileleftheros newspaper claimed that

New Cyprus president elected

LEFT-WING Cypriot leader Demetris Christofias has won the presidential election, defeating rival right-winger Ioannis Kasoulides. In a victory speech, he promised to work on re-uniting the divided island. Mr Kasoulides congratulated him on his victory and offered to help find a solution to the division of Cyprus. Cyprus has been divided since 1974 when Turkey […]

Illegal hotel conversions

THE Cyprus Technical Chamber (ETEK) yesterday accused the government of standing idly by while ailing hoteliers illegally convert their hotels into residential properties. ETEK has compiled a list of 30 hotels which have converted to apartment blocks without permission from the Town Planning Department. Six of the hotels are in Limassol and one was selling […]

Cyprus president ousted

The closest-ever election in the Republic of Cyprus has ended President Tassos Papadopoulos’s five years in power. The MEP Ioannis Kasoulides won the knife-edge poll by just 980 votes, after a turnout of around 90%. The former foreign minister will face Demetris Christofias, who came second, in a run-off vote next Sunday. The election is […]

Cyprus rejects coastal building ban

SIGNATORIES to the Barcelona Convention, an international agreement to protect the sea, have agreed to ban development within 100 meters of the coastline. A total of 14 Mediterranean countries signed a protocol of agreement in Madrid, under which they undertake to stop all building less than 100 metres (about 328 feet) from the coast. However […]

Contracts for Limassol marina signed

Cyprus Trade, Industry and Tourism Minister Antonis Michaelides signed the contracts for the construction of a marina in Limassol worth 170 million euro. The marina, which will be constructed with the method of Build-Operate-Transfer (BOT) in three years, will have a capacity of 1,000 yachts in and out of water. Speaking during the signing ceremony, […]

Construction loans boom despite Banks’ measures

Despite measures taken by the Central Bank of Cyprus earlier in the year, loan growth hit a 10-year high in December 2007. According to the Central Bank’s figures, loans made by the commercial banks rocketed

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