Cyprus has so far weathered the storm, but the 2009 outlook is more uncertain, it is noted in Cyprus' Stability Programme (SP) for the period 2008-2012 which has been submitted to the European Commission.
The Stability Programme for the Period 2008-2012 which has been approved by the Council of Ministers on December 17, 2008 and subsequently amended on February 3rd, 2009, takes into account the European Commission’s recent proposal for a coordinated recovery plan to address the current economic downturn, and the joint conclusion adopted by the European Council in December 2008.
A key policy aim of the government is to promote growth and strengthen social cohesion. In this regard, the government aims at re-directing resources in favour of social expenditure and growth-enhancing expenditure categories, improving physical infrastructure in various segments of the economy while, at the same time, safeguarding macroeconomic stability.
Wednesday, February 25, 2009
Friday, February 20, 2009
Cyprus Property Boom Ends as Weak Pound Scares Away U.K. Buyers
Real estate salesman Michael Cartwright wasn’t sure he’d still have a job when he flew back to Cyprus from London in December.
His company, Leptos Estates, is struggling to sell vacation homes on the Mediterranean island to British buyers after the pound lost almost a quarter of its value against the euro and U.K. unemployment climbed to a nine-year high.
Two thousand miles away, Cyprus is feeling the aftershocks of the end of a British housing binge. Prices for apartments in the resort towns of Paphos and Paralimni fell as much as 25 percent in the past four months, after more than doubling since 2002, according to data compiled by broker Antonis Loizou & Associates Ltd. in Nicosia. Building permits for homes on the island, a gauge of future housing starts, declined 2.4 percent during the first 11 months of last year.
His company, Leptos Estates, is struggling to sell vacation homes on the Mediterranean island to British buyers after the pound lost almost a quarter of its value against the euro and U.K. unemployment climbed to a nine-year high.
Two thousand miles away, Cyprus is feeling the aftershocks of the end of a British housing binge. Prices for apartments in the resort towns of Paphos and Paralimni fell as much as 25 percent in the past four months, after more than doubling since 2002, according to data compiled by broker Antonis Loizou & Associates Ltd. in Nicosia. Building permits for homes on the island, a gauge of future housing starts, declined 2.4 percent during the first 11 months of last year.
Tuesday, February 17, 2009
Delivery of Phase 2 units in Sweetwater Bay has started
Sweetwater Bay is a located in a stunning natural sea front landscape east of Kyrenia of North Cyprus, below the picturesque village of Tatlisu.
The entire district of the property is undergoing development, with increased entertainment and dining facilities. The village site is bounded by two natural streams and lies above a private secluded bay, the best the Mediterrenean offers.
The new coast road passes half a mile south of the village, allowing easy, fast access, yet maintaining required privacy.
The village offers a variety of accomodation possibilities: bungalows, villas, garden apartments and penthouses, as well as numerous fully developed public features and facilities, including swimming pools, dining, recreation and access to a private beach.
The entire district of the property is undergoing development, with increased entertainment and dining facilities. The village site is bounded by two natural streams and lies above a private secluded bay, the best the Mediterrenean offers.
The new coast road passes half a mile south of the village, allowing easy, fast access, yet maintaining required privacy.
The village offers a variety of accomodation possibilities: bungalows, villas, garden apartments and penthouses, as well as numerous fully developed public features and facilities, including swimming pools, dining, recreation and access to a private beach.
Friday, February 6, 2009
house prices remained stable until end 2008
From January to December 2008, the index recorded a total increase of 2.8 per cent compared to 2007’s total increase of 19.2 per cent.
Home prices in Cyprus during 2008 began with a strong monthly increase of 3.6 per cent in January, followed by a one per cent rise in February. For the next few months, prices followed an overall descending path bringing the BuySell Home Price Index to its lowest level for 2008 in July at 142.42 units, with the average home price dropping to €189,583.
This was reversed during the subsequent four months with prices rising a total of four per cent, bringing the index to its highest level for the year in November (148.12 units).
Home prices in Cyprus during 2008 began with a strong monthly increase of 3.6 per cent in January, followed by a one per cent rise in February. For the next few months, prices followed an overall descending path bringing the BuySell Home Price Index to its lowest level for 2008 in July at 142.42 units, with the average home price dropping to €189,583.
This was reversed during the subsequent four months with prices rising a total of four per cent, bringing the index to its highest level for the year in November (148.12 units).
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