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Central Bank issues stark warning on foreclosures

The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.

Construction workers strike may spread

Striking construction workers received support from trade unions representing more than three quarters of workers who may call members out on a general strike if their dispute is not settled soon.

Now the storm has broken

Even now with irrefutable evidence that property prices are falling at a quickening pace across the island, one senses a sanguine mood that something will soon interrupt the decline.

Building industry warns of action over new VAT law

The island’s Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking “dynamic measures”

Efforts to combat illegal real estate agents stepped up

Court orders have been issued against a number of unregistered estate agents in Cyprus, some of whom appear to be British, to stop them from practising until a final adjudication of their cases has been made.

Cypriot economy faces substantial risks

The International Monetary Fund has warned Cyprus that it must take swift action to shore up its economy, saying it faces strong head winds and substantial downside risks that are likely to persist.

Cyprus warned of Fitch downgrade

On Monday, Fitch Ratings put Cyprus on ratings watch negative when the agency said it could lose its AA minus rating. Fitch is looking at the Island’s state pensions as well as its close relationship with Greece.

Storm clouds darkening over Cyprus

An economist report has highlighted a number of significant problems in the Cyprus property market and warns that prices have still to fall from their already depressed levels before they bottom out.

Pissouri ‘The Edge of Heaven’

Popularised by Gordon Honeycombe in his book ‘The Edge of Heaven’, the Cyprus village of Pissouri has become a hot spot for those seeking a place in the sun. A long time resident advises prospective property buyers about the importance of seeking independent advice.

EU acts against Cyprus over estate agent curbs

Brussels considers that Cyprus’ estate agents law that imposes conditions on the professional requirements of estate agents from other EU member states is incompatible with European rules.

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