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29th March 2024
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Monthly Archives: February, 2013

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.

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.

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