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Archive for June, 2012

Cyprus new homes down fifty percent

Home construction in Cyprus is showing no signs of a recovery with the number of new residential properties authorised in March falling by more than half those authorised in March 2011.

Property market shows encouraging signs

Property sales in Cyprus increased in May with the number of contracts deposited at Land Registries reaching their highest level since June 2010, raising expectations that a recovery may be underway.

Impending collapse of Qatar deal

Qatar’s investment in land opposite the Hilton hotel in Nicosia will probably collapse, although the Emir of Qatar has reportedly expressed his intention to proceed with other investments in Cyprus.

The world has turned upside down

The country makes its living from tourism and financial services but, with banking being six to eight times the country’s GDP, there are systemic risks given the size of domestically owned banks and their exposure to Greece.

Glimmer of hope for distressed borrowers?

A specialist property advisory company with significant experience in renegotiating property loans is now offering a service to distressed borrowers in Cyprus to renegotiate and reset their loan terms with the bank on their behalf.

VAT law protest by building industry workers

Following a warning in May that the construction industry would take “dynamic measures”, workers staged a demonstration outside parliament last Thursday over the new VAT laws that threaten their survival.

EU bailout request by end of June

As Cyprus scrambles to announce a new package of austerity measures, some pundits predict that a request for a bailout from the EFSF may be imminent saying this could happen by the end of June.

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