News related to the Cyprus property market Cyprus Property News Magazine Latest news on the Cyprus property market Greece exit from Eurozone would hit Cyprus hard Experts agree that Greece leaving the Eurozone would hit Cyprus hard; the Island will be plunged into a deeper recession, the entire population will have to make sacrifices and we will end up in an EU bailout. Related articles: Cyprus rating cut on banks’ Greece exposure Marfin Popular Bank posts €2.5 billion loss on Greece Cyprus one of five Eurozone nations cut by Fitch Could Cyprus be the next domino to fall In a programme first broadcast on the BBC News Channel earlier today, HARDtalk's Stephen Sackur asks the Cyprus former finance minister Michalis Sarris if Cyprus could be the next domino to fall in the Eurozone crisis. Related articles: Popular bank may need government bailout Hellenic Bank takes €99.5 million hit on Greek debt Moody’s reviews Cyprus banks for possible downgrade Government steps in to shore up Cyprus Popular Bank The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island's second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements. Related articles: Popular bank may need government bailout Marfin Popular Bank posts €2.5 billion loss on Greece Marfin Popular and Bank of Cyprus to face CEBS tests Bailiffs strip Paphos Land Registry office Bailiffs acting on a court order have stripped the Paphos Land Registry office of anything that wasn't nailed down to compensate creditors whose land was expropriated for the Paphos/Polis road and who have yet to be paid compensation. Related articles: Long queues at Paphos land registry Land Registry & Town Planning to enter 21st century Ombudswoman Blasts Cyprus Land Registry Construction quality of new homes set to improve The first insurance provider offering a 10-year warranty against hidden (latent) defects for newly built and converted homes and commercial property has established a presence in Cyprus. Related articles: Construction Quality Holiday homes bosses accused of huge swindle Valentine’s day construction workers strike confirmed Building industry warns of action over new VAT law The Cyprus Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking "dynamic measures" Related articles: Paphos building contractors sound alarm bells Fears of more unemployment in construction industry 20,000 Cyprus property industry workers face job losses Little interest in Town Planning Amnesty Speaking at the House Interior Committee, the Interior Minister said that the public was showing little interest in the Town Planning Amnesty and that the numbers of applications submitted were unsatisfactory. Related articles: Town Planning Amnesty – plan to extend and simplify Town Planning Amnesty: further extension announced Town Planning Amnesty architects and engineers Town Planning Amnesty: further extension announced A further six-month extension to the Town Planning Amnesty, which was introduced a year ago, has been announced by the Interior Ministry. The amending laws were published in the Cyprus Gazette on April 6. Related articles: Town Planning Amnesty: six month extension agreed Town Planning Amnesty architects and engineers Town planning amnesty presentation at Paphos UKCA No end in sight to the collapse in property sales With the exception of January, when sales improved compared with January 2011, property sales in Cyprus have been shrinking for the past 22 months with no signs of a recovery in the foreseeable future. Related articles: Overseas property sales in 2011 lowest for ten years Domestic sales improve – overseas sales decline Property sales slip to lowest level since January 2009 Massive gas finds off Cyprus announced in New York At a function held at the Cyprus US Chamber of Commerce in New York, Noble Energy’s CEO announced that the company has discovered much larger quantities of natural gas in the Eastern Mediterranean. Related articles: Natural gas find offshore Cyprus worth tens of billions Cyprus may get a natural gas terminal Cyprus Town Planning Amnesty penalties announced