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Everything posted by Tuberider

  1. mate you have a very narrow-minded view of the world, i must say we have been fighting the 'suicidal islamists' since time immemorial. we were under muslim occupation for God's sake, they used to take away greek children and train them as islamic janissaries ! the english/americans etc did not ever lift a finger to help us in the past, so why should we go and fight on your side now ? anyway, you step into a snakepit, you get bit. the english should not have stoked the flames of islamic fundamentalism in the first place by selling out the palestinians in israel, or encouraging the breakup of india into pakistan etc and lets not forget iraq i could go on but you sound like a boring little man with a very limited perspective
  2. very true those nice brits also stole our land, we have two 'soverign' british military bases here on cyprus which the UK owes us rent for and has never paid
  3. absolutely none. we do not believe in that ******** war, and we not believe in the ******** iraqi war either
  4. yeah we never really had an empire, at least since the days of alexander, and that was a long time ago. we only just surfaced from 400 years of brutal ottoman occupation less than 200 years ago. cyprus has only been independant from the british since 1960, and we have done quite nicely without them, despite the lingering effects of their divide-and-rule plicies (turkish invasion etc)
  5. i think you were the one who started in on the 'stavros' thing. i merely said, that while i do not condone the greek riots, IMO the british have been neutered and do not have the stomach for any meaningful uprising any more
  6. maaan i get soooo tired of the certain british people and their post-colonial 'we saved the world you owe us everything' mentality they ran a crooked empire which basically pillaged the whole world and they think they were somehow doing people a favour
  7. i think YOU are the ignoramus here the british empire was not kind to greece. they inflicted many injustices on the greek people. good case in point is cyprus, which was under a rather brutal british colonial rule until eoka kicked the english out but you are still welcome here on holiday, even if your money isnt worth so much anymore and you make the place look untidy with all those beer guts and bad tattoos
  8. my name is not stavros, that is like saying you are a pink sunburned tattoed flabby man, which you may well be for all i know. and when exactly did england save greece ?
  9. when was that exactly ? i seem to remember the spanish toppling their government after the madrid bombings and forcing an iraq withdrawl, but no such events in the uk people in england are dulled down and compliant.. it starts at terminal 5 when you land and they herd you around that post-orwellian nightmare building like sheep to the slaughter
  10. i'm greek (well, greek-cypriot) and i can tell you, the situation is complicated (what isnt with us) yes, we firmly believe that the government / police / army etc need a good kicking by the people from time to time to teach them who is boss (something the british do not have the guts to do) but this thing is getting out of hand and a lot of opportunists are using it to vent their various issues
  11. not sure about this theory for that to happen, the money would have to enter the wider economy banks are using the money to repair their bottom lines after the mega losses they have incurred recently. they are not borrowing from the central bank to lend on to customers even if the central banks try and bypass the banks and inject the money directly into the economy there is no gaurantee thta people will borrrow it. consumers are tapped out right now and not borrowing - there is revulsion right now against debt and i think its unlikely that people will want to take on more looks like deflation to me, at least until this whole mess unwinds. and that wont be quickly i could be wrong though often am
  12. always had a gut feeling that the UK would join the Euro due to this crisis those feelings are only getting stronger maybe when euro-sterling are at parity they will jump in
  13. Anyone going ? When this guy talks, I listen
  14. very true lurker07, and well put but you can keep england. not for me thanks. no f*cking way.
  15. mate i escaped from the uk many years ago... i was there last week for business and at risk of offending some people here, wild horses could not drag me back there
  16. i'm in shipping and have been for over a decade looks bad right now, but dont forget we have just experienced the biggest boom the industry has ever seen. some bulkers which were earning 8k usd a day in 2002 were earning up to 70k a day last year. so those companies which planned prudently and did not leverage themselves too greatly should weather the storm, pun intended a lot of these guys will go tits up, especially those who built mega- carrier contships above 4000 teu and a lot of these newbuilding orders will be cancelled IMHO chinese yards will suffer could write more but busy day
  17. yeah poland is nice... my other half is polish and i work with a lot of poles great food and everything still relatively cheap for most tourists people are polite, very helpful and respectful when they learn you are a foreigner industious people, although alcohol can be a problem especially in the industrially-shattered south (silesia etc) women are stunning, which is a welcome change from the women in the uk can't think why any poles would want to stay in the uk really
  18. Crisis in property market expands First Published: 29/09/2008 07:38:32 Stockwatch.com.cy A new StockWatch survey among twenty developers and real estate agents carried out last week shows that crisis in the property market has expanded. It started to affect not only the plot prices but also the value of shops and offices. The crisis is exceptionally intense on housing properties, where prices have declined up to 25%. Although in the previous survey crisis focused on tourist areas only, the new survey shows that it affects all housing properties in the market. Sixteen of the total twenty developers support that prices fall. Only one sees that prices will go up and three expect that they will stabilize. Two developers stressed that conditions in Limassol differ due to the interest on behalf of the Russian businessmen. All twenty developers and estate agents are actively involved in all cities of free Cyprus. The list includes businesses of all sizes, including the big. Most of the respondents said that shop and office prices fall too, while others see a decline in plots and farms. At the previous StockWatch survey, none of the respondents expected a drop in this type of properties. Almost all anticipated that plot prices would stabilize. According to a developer, he undertook the construction of a 23-flat complex in Larnaca in early 2008, but none of them has been sold yet. Two more developers said that they have not sold any property in 2008. One of the developers that participated in the survey said: “The Company has a new flat of 90m2 in Protaras of £100 thousand. We tried to sell it for £90 thousand but it was not sold. We pushed the price down to £85 thousand, but still nothing. We will be forced to push price further down to sell it”. A real estate agent from Larnaca said that the crisis does not concern housing properties only, but plots too. “About 5 months ago we were selling a plot in Alethriko for £120 thousand. Now we are forced to sell it for £90 thousand”, he noted. “We are in the middle of a crisis and there’s no room for sentiment. Each one of us will have to push prices down to save his business”, another developer said. “The market is moving in such a way so as to correct the fictitious property prices, which jumped 40-80% in 2005-2007”, a developer said. According to latest central Bank data, housing property prices grew 15% in 2007 against 10% in 2006, 12% in 2005, 20% in 2004 and 8% in 2003. There are no official data for 2008 yet. These figures, however, concern all properties, while the developers referred to properties for sale. “Two years ago we sold a property against £50 thousand. Now we ask for £200 – 250 thousand. With such prices, how we can avoid a crisis?”, he wondered. Some of the respondents talked about a depression in the property market with a disproportionate increase in offer, unemployment and loss. Due to the prevailing conditions, certain developers became more restrained. “We are more restrained now. We build fewer flats and houses to avoid stock and bank pressures”, they said. “We expect things will get worse in 2009. That’s why many businessmen have already reduced their staff. Also, a number of businessmen are not professionals and their activities are not based on strong foundations. Therefore, they are now forced to sell cheaper so at to pay their debts”, they said. The cooperation between the developers and the real estate agents has been affected too. Some developers say that sell without the agents’ intervention. On the other hand, the real estate agents support that developers offer a 10-15% additional commission to them if they manage to sell.
  19. Property activity slumps First Published: 12/09/2008 08:00:31 Last Updated: 15/09/2008 07:57:04 The revenues from the capital gains tax, which is paid on the goodwill of the properties, tumbled 42% in August 2008, pushing total losses for the first eight months of the year to 18%. The state collected €54.4 million less from the property sales compared to 2007, while the figures confirm the forecasts for a sharp drop in demand, especially in tourist areas, where the dependence on the British was big. According to IRD data released on Thursday, the revenues from the capital gains tax in the first eight months of the year fell to €246.9 million from €301.4 million last year, when they had jumped 172% in view of the imposition of the VAT on properties, which was finally postponed. Despite the lower property revenues, the total income from direct taxes exceeds the Ministry’s forecasts and boosts forecasts for a surplus of 1% of GDP. Total IRD revenues in January – August 2008 rose 2.7% to €1,301.1 million against €1,266.9 million in the corresponding period of 2007, when they climbed 49%. For the full year, the government expects an increase in its revenues of 0.1%. A similar decline in revenues was observed in stamp duties, charges, real estate tax and revenues from the self-employed. The revenues from the extraordinary contribution for defence, which include the companies’ dividends, surged 23% or €51.3 million to €274.3 million from €223 million in the corresponding period of 2007. The corporate tax revenues rose 8.8% or €31 million to €382.6 million from €351.6 million. The revenues from the employees’ tax recorded an increase of 2.7% to €281 million.
  20. Housing properties in the red First Published: 01/09/2008 08:05:59 Last Updated: 02/09/2008 08:01:18 Stockwatch According to a survey carried out and presented by StockWatch, the house and flat prices have dropped while property prices have stabilized. The survey, which includes real estate agents from all municipalities, shows that the crisis that started in Paphos has spread to the other seaside cities too except for Limassol, where the Russian purchases interest keep prices at last year’s level. The real estate agents talk about a significant decline in prices in non-seaside cities too. The real estate agents noted that slump in sales to non-Cypriots expanded top domestic market too, exercising huge pressure on the property prices, which must be restrained so as not to decline further. According to their statements to StockWatch, the house and flat prices have dropped, especially those destined to non-Cypriots. However, domestic demand faces problems too, since prices in non-tourist areas fall as well. On the other hand, it is quite impressing that the price of plots, fields, offices and shops has stabilized. “Under the table” sales StockWatch’s survey reflects the size of the crisis and the concerns for the prospects of the property market since the sellers have already admitted that they dropped their profits from 20% to 30% “under the table”. For the time being, however, the advertising spots have not changed. “If someone advertises in lower prices, the system will collapse”, one of the real estate agents said. Sharp increase in the previous years On the question whether there has been a drop or an increase in property prices, 11 of the 12 real estate agents replied that prices will drop or stabilize, while 1 said that prices will increase as a result of the increased construction cost. The vast majority admitted that the price hikes in the past few years were unrealistic. “We expect a depression just like in the CSE, where only the big funds survived”, an agent stated. Another agent referred to a “tsunami that hits property market”, especially in external demand. “The sharp increase in property prices as a result of the huge demand by non-Cypriots and the uncertain future of economy make the investments in properties unfeasible for the Cypriots”, he noted. According to latest Central Bank figures, the price of housing properties grew by 15% in 2007 against 10% in 2006, 12% in 2005, 20% in 2004 and 8% in 2003. Reasons Almost all real estate agents said that the drop in the domestic market is attributable to the bank interest rates, the inflationary pressures, and the increase in the deposits’ interest rate. Part of them believes that the sales by the non-Cypriots, especially the British who cover 85% of the market, hit the stability of the property market. “In order to take advantage of the difference between the sterling and the euro, the British sell their flats and houses either to buy in their country or in some other country such as Spain, where unsold houses and flats reach one million”. Sharp drop of activity The problem with the prices starts with the slump in demand. All 12 agents support that the in the seaside areas of Paphos, Larnaca and Ayia Napa the real estate agents are inactive. “They beg us to sell them even a flat so as to give us 8% additional commission”, an agent from Nicosia said, while another from Larnaca stated that if the sales index stood at 100 in 2007, today fell to 5. Limassol is the exception to the rule due to the Russians. “The Russians push sales up in Limassol and the city does not have to deal with the same problem”, the real estate agents concluded. *************************** Real estate agents’ concerns on property prices First Published: 26/08/2008 08:00:11 Stockwatch The boom in the property market has been affected badly lately, since the sharp decline in Paphos has spread to other regions too. The increase in interest rates and inflation has pushed domestic demand down and together with the drop in external demand, the problems are acute in many Cyprus’s regions. In his statements to StockWatch, Chairman of the Pancyprian Association of Real Estate Agents, Solon Kourouklides said that the drop in the construction activity in Paphos is more than real. “Sales have dropped significantly and the number of indisposed properties increases drastically. In the past three months, the drop is of 30-40% for the external market and 5% for the domestic, while forecasts say that it will continue until the end of the year – early 2009”, he said. The decline, however, does not concern sales only, but prices too. “Comparatively, Paphos had the highest prices. Today, property prices show a drastic decrease of up to 30% or even 50% for flats”, Mr. Kourouklides noted. The problems in the property market do not concern Paphos only. “The future of the property market is gloomy due to the slowdown in the number of sales across Cyprus. The commercial plots and land are exempted since the demand by foreign investors – Russians mostly – who want to expand their business activities to the island, is big”, he added. Reasons Mr. Kourouklides said that the positive course has been overturned due to: - The interest rate increase by 125 base points in few months. - The impacts from the CB Circular, which provided for the increase in the advance payment for the purchase of a home from 30% to 40%. Although it has been withdrawn, it still causes problems because it is too hard to regain the external demand. - The global economic crisis that hit the British market, which is 80% of external demand. - The devaluation of the sterling against the euro. “The interest rate increase, which pushes monthly installments up, is the main reason for the drop in domestic demand, which will continue in the next few months”, Mr. Kourouklides stressed. Other reasons are the drop in the purchasing power of the consumers due to the sharp increase in the price of fuel and the confusion from the upcoming imposition of 15% VAT on properties. ----------------------------- Banks to impose stricter criteria First Published: 25/08/2008 07:45:06 Last Updated: 26/08/2008 07:53:51 Stockwatch The commercial banks decided to introduce stricter criteria for the loans granted to property investors and developers, increasing their charges. The international credit crunch and the drop in the price of properties in countries such as Spain, Estonia and the UK have shaken the banks, which decided to make borrowing more difficult. The first signs of the defensive policy were apparent since early 2008, but become clearer as time goes by. Banks mostly focus on the foreign property investors since the crisis in their countries makes their ability to pay off the loans more uncertain. Certain banks think of introducing stricter criteria for them, especially with regard to the period given until they start to pay the loans. Measures will also be taken for those developers with small volume of activities. Due to the sharp drop in external demand, many developers face financial problems. In order to deal with the issue, banks started to observe the development of the economic activities on a more systematic basis. “If the crisis goes on, lending will become more difficult for other professional groups too, such as hoteliers and traders”, bank officials say. At the current stage, many businessmen and householders go through hard times due to the installments that they are called to pay after the interest rate increase. The increase in ECB rates to ease inflation together with the consecutive increases in the price of the bank interest rates have pushed interest rates up to 125 base points. The banks have also increased their charges for relevant services. Inevitably, the interest rate increase and the acceleration of inflation have affected the loan market. Bank officials say that demand for loans has dropped in the past few months, although part of this decline is seasonal. However, credit growth, which neared 32% according to latest figures – remains at 20-25%.
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