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Archive for July, 2011

Foreign currency mortgages turn sour

Buyers advised to take out home loans in Swiss francs to buy property in Cyprus are struggling to repay and face repossession and ruin as exchange rate movements send their mortgage repayments soaring.

Crisis deepens as Cyprus property sales continue to tumble

The crisis in the Cyprus real estate industry continues to deepen with sales of property falling for the twelfth consecutive month and sales so far this year lower than those of 2008; the year the market crashed.

Building permits fell in April as construction slowed

Latest figures from the Statistical Service confirm that Cyprus’ construction industry is continuing to struggle with the number of building permits issued in April falling 16.2 percent compared with April last year.

Developers association calls for tax review

The Cyprus Land & Building Developers Association has proposed as series of measures, including a tax review, that it believes will help stimulate the Island’s beleaguered property industry.

Cyprus Title Deed campaign gathers pace

An estimated 50,000 Cypriot property owners moved closer to getting their Title Deeds this week, after MEPs, British leaders and the European Commission rallied to pressure Cypriot authorities to enforce EU law.

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