EXTRACT – “It must also become clear that the ownership status of a buyer-owner of immovable property in Cyprus is definitely secured and cannot be challenged, as long as the buyer-owner has submitted the buying-contract to the Department of Lands and Surveys.”
EDITOR’S COMMENT – “Curiously though the Minister says this in his Statement he still sees it as necessary to change the Cyprus Law, because he has also announced that he is asking The House of Representatives to pass a new law .”
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Is this a Cyprus Government Guarantee of Cyprus Property Buyers Rights?
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The latest Cyprus Property Market News is that tough times are ahead, but as “This is Cyprus” bad news does not travel fast !
Rental yields in Cyprus are pitifully low, which means property prices are coming crashing down to earth.
StockWatch says that the drop in property demand pushed the number of unsold flats and houses sharply up and developers decided to make discounts that reach 30% for fear that worse days will follow. Big developers such Aristo determined a new phase in the market, where discounts are direct and not indirect.
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The Cyprus Informer has published two recent articles about certain aspects of the Cyprus Economy;
Cyprus Government will have to write off Cyprus Bank Debts
Cyprus Banks and Cyprus Property
Like most financial writers we are always looking for attributable facts and there is no better source than the IMF.
Do please read the articles linked to above and then read the following extracts from the IMF Report on Cyprus published on its own web site just a few days ago on 29 June 2009.
These are just extracts please do read the whole report from the above link.
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On 13 June the Informer published an article entitled “Cyprus Government will have to write off Cyprus Bank Debts”.
On 10 June Bank of Cyprus announced that its fund raising of up to 645.327.822 Euro Convertible Capital Securities had been oversubscribed with total subscriptions amounting to almost 659 million Euro.
The Bank said that the capital raised from the issue will be used to further strengthen the Group’s capital adequacy and in particular its Tier 1 capital. As at the end of December 2008 it reported its Tier 1 capital ratio at 7.5% and with this new fund raising it would increase to 10%. Good News.
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