Cyprus Property News magazine for overseas buyers & real estate investors

Saturday, June 6, 2020

Monthly Archives: February, 2012

Marfin Popular Bank posts €2.5 billion loss on Greece

Earlier today the Island's second largest lender, the Marfin Popular Bank, announced a record full-year net loss of €2.5 billion, hit by a write-down on its Greek sovereign debt holdings.

Cyprus house prices predicted to fall further this year

House prices in Cyprus registered one of the largest falls in European countries according to the latest edition RICS European Housing Review and prices are predicted to fall further in 2012.

Hellenic Bank takes €99.5 million hit on Greek debt

Hot on the heels of the €1 billion loss reported by the Bank of Cyprus last week, the Hellenic Bank has posted a loss of €99.5 as a consequence of a 70 percent writedown on its Greek debt.

Depressing outlook for Cyprus’ economy

The European Commission's interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.

Bank of Cyprus takes a €1 billion hit on Greek debt

The Bank of Cyprus, the Island's largest lender, posted a net loss of 1.01 billion Euros in its 2011 results on Tuesday after making a writedown totalling 1.32 billion Euros on its Greek sovereign debt holdings.

Cyprus economy has yet to hit bottom say economists

A panel of economists from the University of Cyprus' Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.

Corruption in Cyprus at all levels says former minister

Cyprus' former finance minister, Charilaos Stavrakis, has said that Cyprus is a small country and one can see that some people who entered politics poor have subsequently become very rich.

Transfer of development rights to be aided by new bill

Proposals designed to assist those whose properties are located in environmentally protected areas or that have been affected by public works involve transferring their development rights to another property.

Cyprus construction output falls 17 percent

Construction output in Cyprus experienced one of the highest falls in the 27 EU member states during the third quarter of 2011 and prospects for improvements in the short-term are not favourable.

Free tickets to ‘A Place in the Sun Live’ at Earls Court

Complimentary tickets are now available to ‘A Place in the Sun Live’ overseas property exhibition at Earls Court in London that will include sessions on buying property in Cyprus and many other destinations.

Casino revenues could help fill government coffers

The Finance Ministry has prepared a proposal for licensing a number of high-quality casinos in Cyprus, according to documents presented by the Greek-language newspaper Politis.

Striking construction workers threaten further action

The Valentine's Day strike by workers in the Cyprus construction industry went ahead as planned with the strikers threatening to visit construction sites today to ensure there are no subcontractors working.

Slowdown in the Cyprus construction sector continues

Figures released by the Cyprus Statistical Service (CySTAT) earlier today reveal that the slowdown in the Island's construction sector is continuing and is showing no signs of a recovery in the near future.

Residents in hot water over swimming pool regulations

A group of residents in Kato Paphos are demanding that the Cyprus laws on private swimming pools are updated after their passports were temporarily confiscated over non-compliance with regulations.

European Commission replies to property complaints

The Civil Justice Directorate of the European Commission has replied to numerous letters of complaint it has received concerning Cyprus property developers and unfair commercial practices.

When will the government protect property buyers?

A British buyer asks the Cyprus government when is it going to enforce existing legislation designed to protect the rights of those buying property and take action to pursue the guilty parties?

Valentine’s day construction workers strike confirmed

Workers in the construction sector have confirmed that they will go on a 24 hour strike on Valentine's day in a protest against “attacks on wages and benefits from a large number of employers”.

Interior minister calls for amnesty submissions

Interior Minister Neoclis Sylikiotis has called on those whose properties suffer from planning irregularities to submit Letters of Intent under the provisions of the Town Planning Amnesty before 7th April.

Fitch downgrades covered bonds of two Cyprus banks

The covered bonds of the Bank of Cyprus and the Marfin Popular Bank have been downgraded by Fitch Ratings following the downgrade of Cyprus' sovereign rating and the subsequent downgrades of Marfin and BoC's' Long-Term Issuer Default Ratings.

Property prices will continue to fall in 2012

Seventy percent of those who voted in a recent online poll conducted by the Cyprus Property News believe that property prices on the Island will continue to fall during 2012, while eleven percent believe they will increase.

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Developers insist on Paralimni golf course

Developers are yet again trying to go ahead with constructing a golf course in the Paralimni area, the Cyprus News Agency reported on Tuesday.

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.