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Construction sector collapse

The construction sector in Cyprus recorded the biggest drop in production year-on-year in the European Union member states according to a report published by Eurostat this morning.

The recent property boom and bust cycle

The continuous increase in property prices created a false sense of security in Cypriot banks and led to further credit expansion and a real estate “bubble” which burst resulting in a large increase in non-performing loans.

China Glory deal for Venus Rock terminated

Aristo developers is reported to be in talks with two further potential investors for its Venus Rock development following the termination of its agreement with China Glory Investment Group.

One in four construction firms bankrupt

The Registrar of Companies has been reported as saying that one in four construction firms in Cyprus are going bankrupt due to the pressure caused by the island’s financial crisis.

On-going collapse in Cyprus property sales

The number of properties sold in Cyprus continued to fall in August dropping 16 per cent compared with August 2012 according to figures published by the Department of Lands and Surveys.

Law of supply and demand will take care of prices

The law of demand and supply will take care of rental and sale prices of property much better than politicians would ever do. The market will adjust to the new economic conditions.

Millions owed by big names

A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.

How long is the long-run?

How can the government carry out the necessary reforms if its coalition is weak and its main supporters are those who are most heavily indebted in a country that went bust because of too much debt?

Paphos family unable to leave stricken home

Despite being ordered to leave their home on the troubled development at Armou that is slipping down a hillside, a family of four remains as they have no viable alternative at the present time.

Property sales collapse as crisis deepens

Property sales in Cyprus plummeted in March as the financial crisis deepened as a consequence of the decisions taken by the Eurogroup to impose savage bailout conditions on the island.

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