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No respite as property slump continues in 2012

Property and rent prices have continued to drop in the first quarter of 2012, making it harder for the Cyprus market to exit the slump, a spokesman for RICS Cyprus said on Wednesday.
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Alpha Bank Cyprus Ltd announces interest rate cut

An announcement by the Alpha Bank appeared in today's press advising its clients of a reduction in the default interest rate from 7th May 2012 in acknowledgement of the recession.
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Contract for marina at Ayia Napa signed

After years of discussions and countless hours of dialogue involving two governments and six ministers, a contract has been agreed and signed for the long-awaited marina project at Ayia Napa.
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Popular bank may need government bailout

The Cyprus government may have to pump up to 2.5 billion Euros into the Popular Bank to cover its losses resulting from the write-down on its holdings of Greek Government bonds according to newspaper reports.
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Cyprus moves up three places in Top of the Props chart

The popularity of Cyprus for those seeking out investments in overseas property moved up three places in March according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com
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Deal for development of old Larnaca airport signed

The Island's airport operator Hermes signed a multi-million Euro deal with Chinese company Far Eastern Phoenix early this morning for the redevelopment of the old Larnaca airport facility.
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Moody’s downgrades three Cyprus banks again

Despite their efforts to raise fresh funds, Moody's Investor Service has downgraded the three leading Cyprus bank ratings following Tuesday's cut to 'junk' of the Cyprus sovereign ratings.
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Moody’s downgrades Cyprus sovereign ratings to junk

Moody's Investor Service cut Cyprus' sovereign ratings to junk earlier today saying there was a heightened risk that the government would have to support the banks, which are heavily exposed to the Greek debt.
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Significant boost to economy from foreign investment

The economic map of Cyprus may be about to change following a meeting between the government and Canadian giant Triple Five to be held at the Presidential Palace in Nicosia tomorrow.
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Paphos seaplane project comes under fire

Plans to build a multi-million Euro tourist project in Paphos including seaplane landing and take-off facilities and a series of recreational developments have come under fire from the Cyprus Antiquities Department.
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Disneyland-style theme park still a long way off

Plans to build a 'Euro Disney of the Mediterranean' including a luxury hotel, water park and restaurants on 300 to 400 donums of land near Oroklini have stalled as discussions continue over land acquisition.
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Marfin Popular Bank posts €2.5 billion loss on Greece

Earlier today the Island's second largest lender, the Marfin Popular Bank, announced a record full-year net loss of €2.5 billion, hit by a write-down on its Greek sovereign debt holdings.
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Hellenic Bank takes €99.5 million hit on Greek debt

Hot on the heels of the €1 billion loss reported by the Bank of Cyprus last week, the Hellenic Bank has posted a loss of €99.5 as a consequence of a 70 percent writedown on its Greek debt.
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Depressing outlook for Cyprus’ economy

The European Commission's interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.
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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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Free tickets to ‘A Place in the Sun Live’ at Earls Court

Complimentary tickets are now available to ‘A Place in the Sun Live’ overseas property exhibition at Earls Court in London that will include sessions on buying property in Cyprus and many other destinations.
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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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Property prices will continue to fall in 2012

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.
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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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