Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday 11th August 2020

Alan Lawton

More new homes in December

The number of new homes in Cyprus for which building permits have been issued increased by 55.7 per cent in December 2016 compared to the same period in the previous year according to the Cyprus Statistical Service.

November building permits up by a third

The number of building permits authorised by the municipal authorities and the district administration offices during November 2016 stood at 550 according to the Cyprus Statistical Service.

September building permits up 15 per cent

The number of building permits authorised by the municipal authorities and the district administration offices during September 2016 stood at 467 according to the Cyprus Statistical Service.

February building permits up 9 per cent

Although the number of building permits authorised in February 2016 rose by 9 per cent compared to the number authorised in February 2015, both their total area and total value fell.

Building permits up 3.2 per cent

The number of building permits authorised in Cyprus during November 2015 increased compared to the number authorised during the same period in 2014, while both their total area and value fell.

Building permits July 2015

The number of building permits authorised in July 2015 increased compared to the number authorised during the same period last year, while their total area and value also increased.

Building permits May 2015

Although the number of building permits authorised in May 2015 fell compared to the number authorised during the same period last year, their total area went up by more than a third and their value almost doubled.

Cyprus home construction weakens

The previous strong growth in new home construction in Cyprus was reversed in April with the number building permits authorised by the authorities for new homes falling compared to last year.

New home construction increases

The number of new homes being built in Cyprus improved in January, the Cyprus Statistical Service reported yesterday, with the number of permits authorised for new homes increasing compared to January 2014.

Construction and housing statistics (2013)

The Statistical Service of Cyprus (CYSTAT) has published the annual report "Construction and Housing Statistics, 2013", which contains detailed data on the performance of the industry during 2013.

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.

Fitch downgrades Cypriot covered bonds

Following yesterday's storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.

Fitch cuts Cyprus sovereign credit rating to ‘B’

Ratings agency Fitch has downgraded the Republic of Cyprus' sovereign credit rating two notches on its belief that it may cost the government more to bailout the island's banking sector than previously anticipated.

Moody’s downgrade piles on the junk

Moody's Investor Service has downgraded Cyprus' top three banks citing uncertainty over the country's bailout talks with international creditors, bringing them closer to the bottom of junk status.

More junk piled on Cyprus by Standard & Poor’s

Standard & Poor's Ratings Services pushed Cyprus further into junk territory by lowering its long and short-term sovereign credit ratings by two notches to CCC+. The outlook is negative.

Nonperforming loans at €23 billion

Confidential information from the Central Bank released by StockWatch today puts the level of non-performing loans of the domestic banks at €23 billion requiring several billions more to recapitalise them.

Fitch downgrades Cypriot covered bonds

Following its downgrade of three of the island's banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank's covered bond ratings.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank "is imminent".

Two notch downgrade from Fitch

Credit ratings agency Fitch has cut the island's credit rating by two notches with the possibility of a further downgrade citing a fiscal budget that has significantly underperformed expectations.

Two day construction worker strike

Construction workers plan a two day strike starting tomorrow (Thursday) blaming their employers for what they claim is their refusal to enter into a dialogue on renewing collective agreements.

Most Read

Small rise in construction of new homes

The Cyprus construction sector staged a slight recovery May falling by just 0.1% compared to May 2019 according to official figures released by the...

Property sales to foreigners continue to fall

The number of Cyprus property sales to foreigners continued to fall in July with numbers down to 36 per cent on the numbers sold in July 2019 according to the Department of Lands and Surveys.

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

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