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Archive for July, 2010

Limassol marina construction at full speed

Work on one of the most ambitious projects in Cyprus, the construction of a new marina in Limassol, is running at full speed and is expected to be ready to receive yachts in October 2012.

Cyprus welcomes EU-stress test results

In a recent press release, the Cyprus Ministry of Finance welcomed the results of the EU-stress tests recently carried out on 91 credit institutions throughout the member states of the European Union

AIPP set to launch new disciplinary code

The AIPP is about to launch a new, reinvigorated disciplinary code for its members designed to boost the Association’s levels of credibility, efficiency and independence according to a report in Overseas Property Professional.

Demolition and black-listing threat in Cyprus

The Overseas Property Professional has reported on recent developments in Cyprus with ETEK calling for the demolition of illegal building and MEP Daniel Hannan calling on the European Commission to send a fact-finding mission to Cyprus.

Cyprus banks try to protect themselves

The Bank of Cyprus and the Hellenic Bank will try to absorb half a billion euros from their shareholders in the next few months in efforts to protect their balance sheets from the Greek crisis and the unfavourable conditions in the domestic market.

Marfin Popular and Bank of Cyprus to face CEBS tests

The Marfin Popular Bank and the Bank of Cyprus will be part of an EU-wide stress testing exercise to be undertaken by the CEBS (Committee of European Banking Supervisors) before the end of the month.

Cyprus property sales improving

The number of property sales in Cyprus during the first six months of the year has improved by almost a quarter on the number sold during the first six months of last year. However, they are still less than half of the number sold during the first six months of 2008.

Cyprus to get financial ombudsman

The days of banks in Cyprus granting mortgages to home buyers without advising them that the land on which their property is built is already mortgaged may soon be over with the appointment of a financial ombudsman expected in the near future.

Sales to non-Cypriots improving slowly

Foreign interest in the Cyprus property market is showing signs of a slow recovery following last year’s disastrous performance, with sales during the first half of 2010 up 9.6% on last year.

Moody’s cuts Cyprus’ two main bank ratings

Moody’s has downgraded the deposit and debt ratings of the Bank of Cyprus and the Marfin Popular Bank. According to their report “The country’s real estate market, which is a significant component of the banks’ loan books, remains a risk area with unclear growth prospects and weak demand”.

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