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Top 10 Cyprus news stories in 2009

top-10OVER the last year the Cyprus Property News Magazine has attracted more than 350,000 readers, many of whom have signed-up for our free e-mail subscription service and receive snippets of the latest news in their mailboxes as soon as it is published.

As we approach the end of the year we are publishing a list of the Top 10 articles that have attracted the most interest from our readers over the past 12 months. It is perhaps not surprising that the name MacAnthony appears twice in our Top 10.

Cyprus Property News Magazine Top 10 articles

1. Cyprus property forecasts for 2009

Published December 17th 2008 – read by 7,974

THE CYPRUS PROPERTY MARKET is going though its worst period for the last ten years with most of those involved in the sector predicting that the current price falls will continue and may even accelerate in the coming year.

[The predictions were correct. The collapse of the Cyprus property market, down 47% this year compared to last, has resulted in serious problems for the Island’s economy. In its latest 6-month bulletin, the Central Bank of Cyprus says that property prices will fall 8% this year].

2. Cyprus and MacAnthony Realty International (MRI)

Published January 6th January – read by 6,040

ENDING SPECULATION on various trade and investor blogs, the new CEO of MRI Overseas Property, Dominic Pickering, has outlined the company’s plans to focus on construction in 2009.

[MRI Overseas Property Limited has gone into voluntary liquidation. Also in liquidation are MRI Media (formally called MacAnthony Realty International UK Limited) and MRI TV Limited].

3. Cyprus developer appears in court

Published May 7th 2009 – read by 5,695

THE ASSAULT CASE involving a Cyprus property developer and Conor O’Dwyer finally got underway at the Famagusta District Court yesterday, with judge Evi Antoniou presiding.

[The last we heard was that the case is still on-going. Siga siga].

4. Resale property scam warning

Published May 8th 2009 – read by 4,961

WITHOUT TITLE DEEDS, the buyer must come to an ‘arrangement’ with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.

[We are still receiving reports from people who have been caught in this scam. If you are selling your home, use an independent property lawyer to ensure that you do not get caught and that your interests are protected].

5. Disneyland-style theme park at Pyla?

Published January 13th 2009 – read by 4,131

THE PROPOSED THEME PARK will cover an area of some 600 donums (around 80 hectares) and could be situated in the UN buffer zone that currently separates the Greek & Turkish Cypriot communities.

[When we first read this story, we thought this was an early April Fool. Needless to say, there has been no news of progress on the theme park since the announcement almost 12 months ago].

6. MacAnthony malpractice judgement by NFOPP

Published October 27th 2008 – read by 3,899

THE TRIBUNAL WERE APPALLED to hear of the Company’s misleading business practices, including unfulfilled promises of guaranteed rental returns and misleading descriptions of the facilities that would be available to owners.

[MRI Overseas Property Limited has gone into voluntary liquidation. Also in liquidation are MRI Media (formally called MacAnthony Realty International UK Limited) and MRI TV Limited].

7. Cyprus property companies on brink of bankruptcy

Published February 3rd 2009 – read by 3,574

DEVELOPERS AND CONTRACTORS from the Paphos area are in dire straits as a result of the recession. Many companies are on the brink of bankruptcy as hundreds of their properties are unsold and the banks are refusing to help them out with new loans.

[Since the article, two property developers have collapsed and we have received unconfirmed reports that two further developers in the Paphos area are having very serious financial problems].

8. EU court rules: Orams must demolish Cyprus house

Published April 28th 2009 – read by 3,429

THE EUROPEAN COURT OF JUSTICE has ruled that a judgement from the Republic of Cyprus ordering Linda and David Orams to demolish their house must be recognized by EU countries even if it concerns land in the occupied areas of the island.

[All eyes are now focused on the British Appeals Court to await the outcome of the Orams property dispute; the verdict could come at any time].

9. The end of Cyprus’ remarkable real estate boom

Published August 11th 2009 – read by 3,110

THE AMAZING CYPRUS REAL ESTATE BOOM is over. The weak pound and the UK economic problems have prompted potential British buyers, who account for 70% of overseas property sales, to look elsewhere.

[Up to the end of November, the number of properties bought by non-Cypriots fell to just 1,638 from 6,405 last year; a drop of 74%; a far cry from the 11,281 record bought by non-Cypriots during 2007].

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