As property sales slow in Cyprus’ residential sector, buy-for-rent is breathing new life into the real estate market as it is now proving very attractive for investors. Danos’ CYPRUS PROPERTY MARKET 2019 report shows the increased interest of investors in properties that can be rented out. According to the latest data for the Land Registry,
More
Cyprus’ ESTIA scheme subsidising borrowers with toxic mortgages is off to a shaky start as only one-fifth of applications submitted are expected to be approved as the large majority were filed incomplete. The scheme’s failure further diminishes banks’ expectations of reducing red loans from their balance sheets. The homeowner rescue scheme backed by the Ministry
More
France supports Cyprus in an escalating dispute with Turkey determined to drill for energy resources in Cypriot waters, said French Defence Minister Florence Parly on Tuesday. Parly met Cyprus President Nicos Anastasiades and Cypriot counterpart Savvas Angelides on Tuesday where she reaffirmed France’s solidarity with Cyprus. After the meeting in Nicosia, Parly told reporters: “It
More
Strong growth prospects and sustained fiscal discipline places Cyprus on a firm declining path but contingent liabilities, healthcare and public sector wage-related costs, as well as weaker external conditions, pose risks to the outlook, Scope rating agency said. Scope noted that Cyprus is set once again to outperform its budgetary targets for 2019, with the
More
Turkey is taking advantage of worsening relations between Russia and NATO to push for more influence in the eastern Mediterranean and most countries have failed to react, Cyprus warns. “Turkey feels unrestrained given U.S. efforts to keep the country in the western alliance,” President Nicos Anastasiades told Bloomberg in an interview. While sparring between Turkey and the U.S. has complicated relations
More
By Lukman Otunuga, Senior Research Analyst at FXTM Risk aversion swept through Asian markets on Tuesday morning after Apple warned investors it may not meet revenue targets for this quarter due to the coronavirus outbreak hitting production and demand in China. This stark warning has quelled investor optimism over monetary policy easing from China
More
A surge in tourists from Israel helped Cyprus achieve a record number of arrivals for January, increasing 4.5% annually to exceed 85,000. According to official figures, arrivals of tourists reached 85,622 in January 2020 compared to 81,970 in January 2019, recording an increase of 4.5%. “January 2020 had the highest volume of tourist arrivals ever
More
Cyprus reunification would see the income of Greek Cypriots and Turkish Cypriot increase by 7% within a decade post-solution, a World Bank and U.N.-funded report said. Study authors Enrique Aldaz-Carroll and Reena Badiani-Magnusson said economic growth could mark an extra annual increase of 0.4 percentage points in the Republic and 1.8 percentage points in the
More
Last year, the European Investment Bank provided €230 mln for investment in Cyprus, equivalent to 1.04% of GDP, the highest EIB ratio than anywhere in the EU. “2019 has been a particularly good year for our activities here,” said EIB President Werner Hoyer after meeting President Nicos Anastasiades in Nicosia. “Last year, the EIB group
More
French fighter jets took part in a joint military exercise on Monday to test Cyprus’ air defences to better prepare the island for any possible attack. Cypriot Defence Minister Savvas Angelides said the exercise was concrete proof of that France was a strong ally with more planned in the future. He said Cyprus is constantly
More
