Ratings agency Standard & Poor's has cut Cyprus’ long-term sovereign credit rating a notch pushing it deeper into junk territory and placed it in on CreditWatch with negative implications.
The tenth publication of the RICS Cyprus Property Price Index shows a continuing drop in property prices and rents across the main urban areas of the Island during the first quarter of 2012.
Overseas investment in the Cyprus real estate market continues to dwindle with the number of sales falling a quarter during the first three months of 2012 compared to the same period last year.
Despite cuts in VAT and transfer taxes, and revised laws designed to improve consumer protection, the number of properties being sold in Cyprus is continuing to decline according to government figures.
Seventy percent of those who voted in a recent online poll conducted by the Cyprus Property News believe that property prices on the Island will continue to fall during 2012, while eleven percent believe they will increase.
October saw a sharp fall in the number of building permits issued in Cyprus according to figures published earlier today by the Island's Statistical Service which show a drop of 19 percent compared with October 2010.
Cyprus bank executives see a further deterioration in the Island's economic conditions next year that they consider will further reduce liquidity, increase the cost of borrowing, and put further downward pressure on property prices.
We have received further reports of property developers in Cyprus continuing to extort money from buyers by using the threat of withholding Title Deeds to elicit payment of highly inflated amounts of Immovable Property Tax.
Property prices and rents across the major urban areas of Cyprus continued to fall during the second quarter of 2011, according to the seventh issue of the RICS (Cyprus) Property Price Index published earlier today.
More bad news from the Cyprus Statistical Service emerged today as the number of building permits approved sank further in July as investments in the Island's real estate continued their downward trend.
Latest figures to come out of the Department of Land and Surveys show that the number of properties being transferred at District Lands Offices across Cyprus is continuing to improve.
Real estate prices across the island continued to fall during the first quarter of 2011 according to the sixth issue of the RICS Cyprus Property Price Index, with house and apartment prices dropping by an average of 1.6% and 0.9% respectively over the quarter.
The crisis in the Cyprus real estate industry continues to deepen with sales of property falling for the twelfth consecutive month and sales so far this year lower than those of 2008; the year the market crashed.
Figures published yesterday by the Department of Lands and Surveys reveal that property sales continue to weaken with the number of properties sold during May falling for the eleventh consecutive month.
February 2011 saw a further drop in property sales in Cyprus compared with the same period last year, with the number of properties sold down by 14 percent.
During the third quarter of 2010, the capital values of residential houses and apartments fell by 0.9 percent and 2.1 percent respectively according to the fourth issue of the RICS Cyprus Property Price Index.
The number of properties sold in Cyprus fell for the fifth consecutive month during November, sparking worries of the difficulties facing the market in 2011.
Figures released in the week by the Statistical Service show that the number of building permits issued for the construction of residential properties in Cyprus continued to fall in August.
During the first nine months of 2009 output production in the Cyprus construction sector and output prices in construction have fallen, according to the latest figures published by the island’s statistical service.
Capital Gains Tax receipts in Cyprus, Stamp Duty and Immovable Property Tax continue to fall as a result of the on-going slump in the real estate market.
