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Bank of Cyprus takes a €1 billion hit on Greek debt

The Bank of Cyprus, the Island's largest lender, posted a net loss of 1.01 billion Euros in its 2011 results on Tuesday after making a writedown totalling 1.32 billion Euros on its Greek sovereign debt holdings.
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Cyprus economy has yet to hit bottom say economists

A panel of economists from the University of Cyprus' Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.
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Cyprus construction output falls 17 percent

Construction output in Cyprus experienced one of the highest falls in the 27 EU member states during the third quarter of 2011 and prospects for improvements in the short-term are not favourable.
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Slowdown in the Cyprus construction sector continues

Figures released by the Cyprus Statistical Service (CySTAT) earlier today reveal that the slowdown in the Island's construction sector is continuing and is showing no signs of a recovery in the near future.
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Fitch downgrades covered bonds of two Cyprus banks

The covered bonds of the Bank of Cyprus and the Marfin Popular Bank have been downgraded by Fitch Ratings following the downgrade of Cyprus' sovereign rating and the subsequent downgrades of Marfin and BoC's' Long-Term Issuer Default Ratings.
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Cyprus Government debt reached 67.5% in Q3 2011

Government debt in Cyprus increased to 67.5% of the Island's GDP at the end of the third quarter of 2011 according to a press release issued yesterday by Eurostat, the Statistical Office of the EU.
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Cyprus may get a natural gas terminal

Following the discovery of significant natural gas deposits off Cyprus' southern coast last December, one of the options Noble Energy is considering is a terminal in to provide gas for the domestic market as well as a potential for an LNG export project.
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Cyprus one of five Eurozone nations cut by Fitch

Following its warning a week ago, Fitch cut the sovereign credit ratings of Cyprus and five other Eurozone nations yesterday, indicating there was 50 percent chance of further cuts in the next two years.
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EU congratulates Cyprus on measures

European Commissioner for Economic and Monetary Affairs Olli Rehn and President of the European Central Bank Mario Draghi have congratulated Cyprus on the tough decisions and the austerity measures it has adopted to achieve fiscal consolidation.
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Cyprus may be further downgraded by Fitch

Cyprus faces the prospect of a further ratings downgrade by the end of the month after credit ratings agency Fitch repeated its intention to downgrade the Island and five other eurozone countries.
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Standard & Poor’s downgrades Cyprus to junk status

Ratings agency Standard & Poor's has cut the credit ratings of Cyprus by two notches to junk status as a result of the problems within the eurozone and the Cypriot financial institutions' significant exposure to Greece.
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Property sales in Cyprus plummet to lowest on record

The number of properties sold in Cyprus during 2011 fell to their lowest level since records began according to the figures published earlier today by the Department of Land and Surveys.
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Cyprus slips to number 14 in Top of the Props chart

The latest 'Top of the Props' chart shows that the popularity of Cyprus as a destination for those seeking out investments in overseas property slipped five places in December to number fourteen.
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Investments in Cyprus construction continue to fall

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.
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Natural gas find offshore Cyprus worth tens of billions

On Wednesday, Nobel Energy announced that it had found natural gas reserves offshore the Republic of Cyprus and that results from drilling and initial evaluation work indicate the reserves amount to between 5 and 8 trillion cubic feet.
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O’Dwyer aid marks a Cyprus legal first

Conor O'Dwyer, whose dispute with Paralimni-based property developer Christoforos Karayiannas & Son Ltd has been dragging on for more than six years, has been granted legal aid to continue his civil action.
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Top 10 stories from Cyprus Property News in 2011

The chart topper in our annual list of the most read articles published during the year brought news that the Alpha Bank had started legal proceedings against a number of developers and their clients.
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Cyprus’ popularity slips two places

The popularity of Cyprus as a destination for overseas property investors slipped two places to the number nine spot in the November ‘Top of the Props’ chart published by TheMoveChannel.com.
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Fitch places Cyprus on rating watch negative

Credit ratings agency Fitch has placed Belgium, Spain, Slovenia, Italy, Ireland and Cyprus on rating watch negative as it believes that a 'comprehensive solution' to the Eurozone crisis is technically and politically beyond reach.
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The Cyprus Property Titanic

The Island's Interior Minister, Neoclis Sylikiotis, has a number of questions to answer in light of applications made by the Alpha Bank to auction eight plots of land that it mortgaged to bankrupt property developer Yiannis Liasides.
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