3 responses

  1. Eileen McKeever
    July 4, 2011

    Paul thanks for all this. i really appreciate being kept up to speed on what is happening. I must admit I am shocked at the lengths which have been gone to to ‘fleece’ tourists.Sounds like they don’t want tourists! Can I ask why those with Swiss Franc mortgage are at a isadvantage. . . . did I read that correctly

    REgards

    Eileen

    Reply

  2. Protaras
    July 5, 2011

    Eileen,

    Properties in Cyprus are bought and sold in Euros not Swiss Francs. The exchange rate between the Swiss Franc and the Euro has worsened by more than 20% in recent years for owners with Swiss Franc mortgages. To clear a Swiss Franc mortgage owners therefore need at least 20% MORE Euros than they did when they took out the mortgage. As prices have fallen quite sharply (worldwide) there is no way a property can be sold for more today than the purchase price a few years ago.

    When the banks offered the Swiss Franc mortgages it was on the basis that they thought the Swiss Franc was a stable currency compared with the Euro or Sterling. I don’t think the banks made any effort to explain the dangers of having a mortgage in a currency other than that of the currency (Euros) where the property is located.

    Paul

    Reply

  3. Protaras
    July 8, 2011

    Famagusta Gazette are reporting that the Taxi drivers are set to strike next week. It doesn’t state what day or for how long but I thought I would mention it just in case you were planning to use a taxi next week.

    See the news item at http://famagusta-gazette.com/miffed-cabbies-to-stage-strike-next-week-p12389-69.htm

    Reply

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