Top 10 stories from Cyprus in 2010

SINCE the beginning of the year, Cyprus Property News has attracted more than 490,000 readers and as we approach Christmas we are publishing a list of the Top 10 stories that have attracted the most interest from our readers over the past 12 months.

Surprisingly, the most popular story was a ‘spoof’ video about a massive new development in Paphos which criticised the nefarious activities of those in the construction industry.

Cyprus Property News ‘Top 10 of the Props’ 2010

1. Massive development planned for Cyprus

Published 29th June 2010 – read by 10,014

IN THE NUMBER 1 SPOT this year is a story about the largest development ever to be undertaken in Cyprus codenamed ‘Papholand’. Heading up the consortium of property developers is none other than Adolf Hitler and the spoof video highlights the practices of the Island’s nefarious property developers. Watch it again below.

2. Time to buy? House prices fall 20-30 percent

Published 15^th August 2010 – read by 4,063

ANTONIS Loizou warned that although prices of property in some part of Cyprus have fallen by as much as 30 percent, the risk in the market has increased and called for extreme caution by prospective buyers.

3. Dark clouds loom over Cyprus property market

Published 22^nd April 2010 – read by 5,420

SAVVAS Savouri, partner and chief economist at Toscafund Asset Management LLP highlighted a number of significant problems in the Cyprus property market and warned that prices have still to fall from their already depressed levels before they bottom out.

4. Massive implications for property sector & economy

Published 1^st November 2010 – read by 5,128

FOLLOWING on from the revelations in the Cyprus Mail that developers, estate agents, lawyers and banks in Cyprus are continually, systematically and habitually infringing EU Directives and breaking the law we reported on the possible implications for the Cyprus property sector and banking system.

5. RICS Cyprus property price index published

Published 29^th January 2010 – read by 4,489

A NEW ERA dawned with the launch of the RICS Cyprus Property Price Index which aims to contribute to the transparency of the property market in Cyprus. The index uses a methodology developed by Professor Dr Pat McAllister MRICS and Dr Franz Fuerst from the Reading University Department of Real Estate & Planning at Henley.

6. Cyprus overseas property market collapse

Published 7^th January 2010 – read by 4,149

FIGURES published by the Cyprus Department of Lands and Surveys revealed that the Island’s overseas property market collapsed in 2009 with a mere 1,761 properties being sold to non-Cypriot buyers compared to the 6,636 sold in 2008 and the 11,281 sold in 2007.

7. Cyprus Property Action Group silenced by libel threat

Published 25^th April 2010 – read by 3,907

FOLLOWING a court order issued at the request of Leptos estates, the Cyprus Property Action Group (CPAG) closed down its website. The writ was moved on March 31 against Denis O’Hare, the CPAG representative who owned the website, by Armonia Estates Ltd and Pantelis Leptos.

8. Home buyers may lose their properties

Published 24^th October 2010 – read by 3,800

A BANK moved an application to appoint receivers and liquidators to recover the debts of a property developer in Paphos who owes his creditors approximately €3 million. Criminal proceedings were instigated against the developer for non-payment of VAT and some forty homeowners face the prospect of losing their homes.

9. Leptos Estates backs down in libel action

Published 11^th June 2010 – read by 4,774

LEPTOS Estates, the Cyprus property development company, backed down and withdrawn its libel action against property rights campaigner Denis O’Hare of the Cyprus Property Action Group. The packed public gallery of a Paphos courtroom broke into applause when the lawyer acting on behalf of Mr O’Hare announced that the libel case against his client, brought by Armonia Estates Ltd and Pantelis Leptos, had been dismissed.

10. Recovery plan for struggling Britons in Cyprus

Published 21^st March 2010 – read by 3,682

THE DREAM of owning a place in the sun has turned into a nightmare for Brits struggling to meet mortgage payments on a property that has sunk in value. But a new UK-based scheme claims it has a solution which could allow owners to bail out without incurring the penalties of repossession and negative equity.