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28th March 2024
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Monthly Archives: October, 2011

Another Eurozone country bites the dust

What is unique about Cyprus' collapsing housing bubble is a title deed scandal of unimaginable proportions. But now this nightmare is unravelling the finances of home buyers, developers, banks, and the government.

Standard & Poor’s downgrades Cyprus’ credit rating

Yesterday Standard & Poor's downgraded Cyprus' long-term credit rating to BBB due to the banks exposure to the Greek debt, which it estimates to be 165 percent of the Island's Gross Domestic Product.

Many properties will remain unsold

It is unlikely that the existing stock of new properties in the oversupplied markets of Paphos, Larnaca and the Famagusta/Paralimni area will be sold in the near future as they were built for "buy-to-flip" investors and are unsuitable for permanent living.

Government to support banks in financial crisis

The Council of Ministers has approved three draft bills designed to shore up the banks that are heavily exposed to Greek government bonds and to establish an independent financial stability fund.

Residential property construction in meltdown

Cyprus Statistical Services figures published earlier today reveal that the number of residential properties for which building permits have been issued has dropped by more than 4,000 compared to last year.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

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