Cyprus News Agency: News in English, 13-07-23

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cypriots pessimistic over economy, Eurobarometer shows

[02] Property prices and rents fall significantly during first half

of 2013

[03] Spokesman: Government consistent with implementation of memorandum

[01] Cypriots pessimistic over economy, Eurobarometer shows

The EU average at that question is 72% on the negative side and 26% on the positive. At the same time Cypriots surveyed remain divided on the euro, with those supporting it and those against it recorded at an even 47% respectively.

Cypriots were more pessimistic in relation to their other European counterparts as regards the next 12 months, with 67% predicting a worsening of the economic situation as opposed to an 11% of respondents who feel that there will be an improvement.

The EU average as regards the situation over the next 12 months was 34% and 18% respectively. As far as their household is concerned, 41% of the Cypriots asked describe it as good, while 58% as bad. The average response for the EU is 63% for good and 35% for bad.

At the same time 49% of Cypriot participants to the survey foresee a deterioration of their household situation in the next 12 months, 6% foresees an improvement, while 41% feels that things will remain unchanged.

[02] Property prices and rents fall significantly during first half of 2013

Nicosia and Limassol fared the worst, as they were the least affected markets up until the second half of 2012. RICS (Royal Institution of Chartered Surveyors) Cyprus' Property Price Index is a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types.

A press release issued here Tuesday says that across Cyprus the first quarter of 2013, residential prices for both houses and flats fell by 5.4% and 4.4% respectively, with the biggest drop in Paphos (8.8% for flats) and Nicosia (7.8% for houses). Values of retail properties fell by an average of 7.4%, whilst those of offices and warehouses fell by 4.1% and 5.4% respectively.

[03] Spokesman: Government consistent with implementation of memorandum

He also said that this is the only way out of the current economic predicament, adding that discussions with the Troika (European Commission, IMF and European Central Bank) were being carried out on a daily basis in a good atmosphere.

Stylianides said the government is patient, discusses the various issues with the Troika and would speak when discussions conclude. "We must not rush.

The road we are on is difficult but we insist on our fundamental positions. We are consistent regarding the implementation of the memorandum and we consider that only through its implementation will we exit the memorandum the soonest possible," he said.

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