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Archive for March, 2012

Paphos homes in danger of collapse after heavy rain

Although their houses are only a few years old, residents living on an estate at Armou in Paphos have been warned to leave their homes as they are in real danger of collapse if heavy rain continues.

Almost one in four properties are co-owned

Twenty four percent of properties in Cyprus, about 274,000, are co-owned of which the majority are located in Famagusta according to information received by MP Ionas Nicolaou of the DISY party.

Moody’s downgrades three Cyprus banks again

Despite their efforts to raise fresh funds, Moody’s Investor Service has downgraded the three leading Cyprus bank ratings following Tuesday’s cut to ‘junk’ of the Cyprus sovereign ratings.

Vanishing Cyprus: consumerism

Cyprus has become the most expensive country in Europe while consumers are trapped and as victims of sheer greed, corruption and government incompetence they try to make ends meet against insurmountable odds.

Moody’s downgrades Cyprus sovereign ratings to junk

Moody’s Investor Service cut Cyprus’ sovereign ratings to junk earlier today saying there was a heightened risk that the government would have to support the banks, which are heavily exposed to the Greek debt.

Significant boost to economy from foreign investment

The economic map of Cyprus may be about to change following a meeting between the government and Canadian giant Triple Five to be held at the Presidential Palace in Nicosia tomorrow.

Bar Association fines lawyer for misconduct

Paphos lawyer Emily Lemoniati has been fined for misconduct by the Cyprus Bar Association after breaching her client’s instructions and the Association’s code of professional ethics.

Paphos seaplane project comes under fire

Plans to build a multi-million Euro tourist project in Paphos including seaplane landing and take-off facilities and a series of recreational developments have come under fire from the Cyprus Antiquities Department.

Dreams of a home in Cyprus turn into a nightmare

British buyers seek redress as mortgage payments on their Cyprus properties double, Title Deeds fail to materialise and bailiffs threaten, alleging that Cypriot lawyers may not have complied with crucial legal formalities.

Disneyland-style theme park still a long way off

Plans to build a ‘Euro Disney of the Mediterranean’ including a luxury hotel, water park and restaurants on 300 to 400 donums of land near Oroklini have stalled as discussions continue over land acquisition.

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