Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: June, 2012

Fitch downgrades Island’s top three banks

Following Fitch Rating's downgrading of the Island's credit rating to junk on Monday, Fitch downgraded the Island's top three banks - the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank earlier today.

Papal infallibility in Cypriot companies

Years of meteoric growth in the economy when everything you touched turned to gold lead many Cypriot companies to believe they were infallible and ignore issues such as downside risks.

Cyprus bids for EU bank bailout

Cyprus has become the fifth Eurozone country that has turned to Brussels for emergency funding. It is seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks.

Venus rock resort under construction

Golf & Land Design's plans and vision are quickly being realised at the Secret Valley golf Club at Venus Rock Resort in Cyprus, where the first of two new 18 hole golf courses is under full construction.

Fitch cuts Cyprus credit rating to junk

Credit ratings agency Fitch downgraded the Island's credit rating to "junk" status earlier today due to the amount of rescue money needed to bail out its banks, which are heavily exposed to the Greek economy.

Banks and government destroying property market

The banks and the government have joined the band of 'crooks' masquerading as property developers and estate agents who seem intent on destroying the Island's once thriving property market and its reputation.

Chinese investors eyeing Malta

Delays by the Island's government in completing a proposal for the Chinese company Far Eastern Phoenix (FEP) to redevelop the old Larnaca airport could result in Cyprus missing out on the investment altogether.

Gotcha, Gotchiani!

Good news! One of our occasional contributors, Dr Alan Waring, is finally getting the Title Deeds to the property that he and his wife purchased in Oroklini - a mere eight years after they took delivery.

Have property prices reached rock bottom?

Residential property prices across the Island have been falling for some time. Have they reached rock-bottom? is there an upturn on the way? What do the price figures from RICS reveal?

Cyprus property prices and rents continue to fall

The tenth publication of the RICS Cyprus Property Price Index shows a continuing drop in property prices and rents across the main urban areas of the Island during the first quarter of 2012.

Russia and Cyprus close to loan deal

Finance Minister Vassos Shiarly has refused to speculate on Russian media reports that Russia is close to agreeing a loan deal worth 5 billion Euros with Cyprus to prevent it seeking an EU bailout.

UK jurisdiction granted in High Court ruling

The jurisdiction hearing at the High Court in London has concluded that Brits who purchased property in Cyprus can have their cases against their developer heard and decided by the UK court.

Energy Performance Certificates

Residential properties, both new and existing, are required by law to be certified – a fact that seems to have slipped under the radar for more than two years; Xenios Sofianos explains.

Moody’s pushes Cyprus deeper into junk status

Moody's has downgraded Cyprus government bond ratings two notches pushing it deeper into junk status on fears that Greece will leave the Eurozone and placed the ratings on review for further possible downgrade.

Cyprus seeking help from Russia and China

Deputy Europe Minister Andreas Mavroyiannis said that Cyprus could seek help from Russia and China in efforts to secure 1.8 billion Euro to recapitalise the Popular Bank and it could need as much as 4 billion Euro.

Development of Larnaca airport hits problems

A meeting will take place today to view a number of snags relating to the plan to transform the old Larnaca airport into a commercial centre by the Chinese company Far Eastern Phoenix.

Two Cypriot banks downgraded by Moody’s

Moody's Investor Services had downgraded the Bank of Cyprus and the Hellenic Bank and has rated them and the Cyprus Popular Bank on review for downgrade as a result of their extensive operations in Greece.

Bailout request before end of month

It seems incredible that the Island's government could be going cap in hand to the EU for a bailout before the end of the month, when just a few years ago it told us that we were immune from the world's economic woes.

British consumers seek UK justice

British consumers who bought property in Cyprus are taking action in the High Court in London on Wednesday in an effort for their cases against Cyprus-based organisations to be heard and decided in a UK court.

Decision over gas terminal final

The Minister for Commerce Industry and Tourism, Neoclis Sylikiotis has announced that decisions concerning a liquid natural gas terminal have been made and that negotiations will start in the near future.

Most Read

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.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.