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Archive for February, 2013

Gaining access after paying reservation fee

A potential buyer should never assume that he/she will be allowed to visit and enter a property after paying a reservation fee because that may not be the case and can lead to frustration.

Construction workers strike ends

After nearly three weeks, the construction workers indefinite strike action has ended following an agreement in principle between the contractors and trade unions on the workers collective agreements.

Limassol property market’s dependence on Russians

The number of real estate transactions for December 2012 was recently announced. Once again the number of transactions was reduced compared with the same month last year (-24%) and 2012 ‘ended’ with an 11% reduction in transaction volume compared with 2011.

Cyprus property mis-selling could cost €1 billion

Cyprus must adopt a clear plan to resolve the many cases of mis-selling if its once thriving property market is to breathe again – and the cost could reach a billion Euros argues George Kounis.

PIMCO’s worst case assumes 65% property devaluation

In its worst-case scenario, where the Cyprus banking system would require €10.1 billion for its recapitalisation, PIMCO assumes a devaluation of properties by up to 65 per cent according to informed sources.

The declining Cyprus property market

Further details on the declining Cyprus property market were revealed today in new statistics published by the Department of Lands and Surveys showing that the number of overseas buyers continues to fall.

Construction industry unrest escalates

Trouble erupted at a hotel construction site in Paphos on Tuesday when violent scuffles broke out between striking builders and police; unions accused the police of using excessive force.

Building permits slump

Uncertainty in the Cyprus construction industry continues with the awaited signing of the island’s bailout agreement with international lenders and an indefinite strike by construction workers.

Great Cyprus property crash continues in 2013

Property sales in Cyprus are on course to set an all-time record low in 2013 with sales in January down by more than 50 per cent on the corresponding month last year, posting the lowest monthly figure on record.

PIMCO delivers final report

The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.

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