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Archive for December, 2009

Desperate developers fall prey to funding fraud

Developers in Cyprus may have fallen for an alleged £12 million fraudulent loan scheme in the UK according to a report from the Overseas Property Professional (OPP), highlighting their vulnerability at a time when commercial funding is much harder to source.

Cyprus building permits for residential units fall in September

Figures released earlier today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,557 residential properties were authorised in September 2009; down 8.0% on the 1,692 authorised in September last year.

Property sales to non-Cypriots improve slightly

Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.

Cyprus property sales: December 2009 report

The number of properties being sold in Cyprus improved marginally last month. However, demand is still very low compared to previous years and some believe the Island’s property market will never return to the heady days of 2007.

Limassol marina weighs anchor

After more than 20 years of planning, proposals, legal wrangling and bureaucratic delays, construction work on the first of the five big marina projects in Cyprus may start in the next couple of months.

Cyprus property dealer murdered

Police are investigating the murder of a property dealer whose body was found on a beach in the Ayios Tychonas area of Limassol yesterday morning. A pathologist has confirmed that the man had been strangled.

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