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Archive for February, 2019

Cyprus’ vulnerabilities remain significant

The European Commission notes that despite the recent improvement, Cyprus’ vulnerabilities, which are mostly due to long-lasting stock-imbalances, continue to be significant.

Pissouri landslide: the living hell

As the landslide in Pissouri gains momentum destroying everything in its path more residents are living in hell in the village once described by Gordon Honeycombe as being on ‘The Edge of Heaven’.

Compensation for Pissouri homeowners

The Government has finally agreed to pay compensation to residents in Pissouri whose homes have been damaged by the landslide and to undertake a study to see if the area can be stabilised.

Limassol land registry operating like a free-for-all

The situation in the Limassol Land Registry is chaotic with complaints of dodgy practices, bogus claims for travel expenses and overtime pay, co-workers covering for each other, etc.

Fewer new homes in November

Building permits for the construction of 580 new homes in Cyprus were authorised during November 2018; a fall of 11.9 per cent compared with the corresponding month in 2017 according to official figures.

Changes to Citizenship scheme approved

Changes to Cyprus’ controversial citizenship-by-investment scheme, which has granted 1,864 citizenships and generated €6.6 billion of foreign investment, have been approved by the Cabinet.

Cyprus banks awash with properties

Banks in Cyprus have acquired more than 14,000 properties from households and businesses through foreclosures and debt-to-assets swaps according to a report in the Phileleftheros.

Warnings of further rent rises in Limassol

Further rent rises in Limassol are expected as thousands of construction workers needed to complete numerous projects will require accommodation in or near the city pushing rents up even higher.

Citizenship linked to president’s family ties

Cypriot citizenship has been granted to a Russian billionaire; a former shareholder in a Russian bank whose premises in Limassol were built by a company co-owned by the president’s son-in-law.

Trapped buyers still at banks’ mercy

Despite promises made by deputies last November that they intended to resolve the ‘trapped buyers’ mess by Christmas, it seems that little (if any) progress has been made towards its resolution.

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