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All reports tagged with: "recession"

Cyprus: Dealing with a crisis

Hit by a severe crisis, Cyprus received financial assistance from the international community in May 2013. One year after, this IMF video explains the origin of the crisis and the subsequent evolution of the country’s economy.

Fourth year in recession

The recession in the Cyprus construction sector continued for the fourth consecutive year in 2012 recording a provisional decrease of 19.5 per cent compared to the previous year according to the Cyprus Statistical Service.

Cyprus to remain in recession until 2017

Against a backdrop of shattered consumer and investor confidence, soaring unemployment, and a credit crunch, the Cypriot economy will remain in recession until 2017.

Property sales crash 44 per cent

The number of properties sold during the first ten months of the year has fallen sharply, down 44 per cent on the numbers sold during the same period last year with no prospects of a recovery in the foreseeable future.

Banks may need a further 1.5 billion Euros

According to a report by Moody’s Investor Services, Cypriot banks and cooperatives may require some €1.5 billion on top of the €2.5 billion of EU support funds earmarked for the banking sector.

On-going collapse in Cyprus property sales

The number of properties sold in Cyprus continued to fall in August dropping 16 per cent compared with August 2012 according to figures published by the Department of Lands and Surveys.

One third fewer homes in 2012

The slowdown in the islands construction sector continued in December, according to figures released by the Cyprus Statistical Service, with new home construction falling a third in 2012.

Property sector will act as a further drag

The island’s property sector may be more of a problem for the economy than initially thought as, during the boom years, banks lent considerable amounts of money to property development and housing.

Cyprus has a growing housing stock overhang

If you are wondering why the Island’s real estate market has been doing so badly lately, the recently released data on dwellings from the October 2011 census provide a good clue.

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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