Despite being ordered to leave their home on the troubled development at Armou that is slipping down a hillside, a family of four remains as they have no viable alternative at the present time.
Property sales in Cyprus plummeted in March as the financial crisis deepened as a consequence of the decisions taken by the Eurogroup to impose savage bailout conditions on the island.
A family of four living at a stricken development in Cyprus that is slipping down Armou in Paphos remain in limbo, unsure of their future, after their homes were declared unfit for habitation in November last year.
Families living on the stricken development at Armou, whose homes are continuing to slip down the hillside, have been advised that their properties are unfit for habitation and have been instructed to leave.
The multi-million Euro plan to develop the old Larnaca airport into a commercial showroom for Chinese products and a logistics centre has collapsed; the Chinese investor is no longer interested.
Qatar's investment in land opposite the Hilton hotel in Nicosia will probably collapse, although the Emir of Qatar has reportedly expressed his intention to proceed with other investments in Cyprus.
With the exception of January, when sales improved compared with January 2011, property sales in Cyprus have been shrinking for the past 22 months with no signs of a recovery in the foreseeable future.
As homes on a stricken development in Armou continue to slip and gaping holes appear, one resident has put a warning sign on his gate post warning visitors to enter at their own risk.
As their home continues to slip down the hillside, a family living in one of the houses on an estate at Armou in Paphos have been told to leave within seven days as it has become unsafe to live there.
The recently built estate of six houses in Armou in Paphos are continuing to slip down the hillside and two of the access roads leading to the development have now become impassable.
Although their houses are only a few years old, residents living on an estate at Armou in Paphos have been warned to leave their homes as they are in real danger of collapse if heavy rain continues.
Like thousands of others, I received an email from BuySell's sales director advising me that that keeping cash in the bank is too risky and offering to find me a property bargain.
People who bought property from the company operating the Froiber brand in Cyprus (A&G Property Wise Development Ltd) that went into liquidation last year are being chased by the banks and the tax authorities to repay the developer’s debts - or else!
Figures issued earlier today by the Cyprus Department of Lands and Surveys reveal that the Island’s overseas property market collapsed in 2009 with a mere 1,761 properties being sold to non-Cypriot buyers during the year.
According to reports, Cyprus tax revenues slumped during January - November 2009 and the fiscal deficit increased to more than 3% of the island's Gross Domestic Product, which means total losses during the period exceed €500 million.
Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.
Long term reforms are urgently needed to buffer the critical economic problems plaguing the island, the governor of the Cyprus Central Bank said yesterday.
The property industry in Cyprus is built on greed and nepotism. The developers borrow money from the bank using people’s homes as collateral and the banks and lawyers are part of the deception. I have proof that my home has been mortgaged by my developer.
The reason the company has collapsed is not the crisis, but the fact that Cyprus’ legal and regulatory framework allows a builder with five years’ experience to set up as a developer and apply his own standards of commercial behaviour.
