Cyprus-Forum.com

[Big Al]

cant speak for cyprus but i know australia is feeling the pinch. Property prices fall a few years back in sydney and have been flat since, lenders are too afraid money to the very few people that still want to purchase property, retail sales have declined dramatically, unemployment is starting to increase and the government has injected billions into the economy in the form of cash payments and incentives to first home buyers inorder to avoid a recession.
Our only saving grace is our exports of iron ore, coal etc, looks like as long as china keeps buying our raw materials we will avoid a recession here but we are in for some very hard times..
Funny that some cowboys all the way on the other end of the earth (US) have been able to bring the whole world to its knees by lending money to people they shouldnt have lent to.

[Z4]

Interesting post Big Al

[CBBB]

The construction industry is already suffering and companies are laying people off now.

The unemployment figures will probably not reflect true levels of redundancies as many workers in construction are illegals, so will not be counted.

With that and the slowdown in tourism, there will be a trickle down effect into all sectors.

[Tim Drayton]

The main income to the Cyprus economy is tourism... this global issue doesn't make it any better.

That was about 20 years ago. The Cypriot economy has diversified away from tourism, which now contributes about 20% to total GDP.

When I go to the town centre in Limassol nowadays, I notice far fewer British tourists around than before ... but a lot of Russian tourists, quite a lot of French/German/Belgian/Dutch visitors and a handful of Arabs.

[Z4]

The main income to the Cyprus economy is tourism... this global issue doesn't make it any better.

That was about 20 years ago. The Cypriot economy has diversified away from tourism, which now contributes about 20% to total GDP.

When I go to the town centre in Limassol nowadays, I notice far fewer British tourists around than before ... but a lot of Russian tourists, quite a lot of French/German/Belgian/Dutch visitors and a handful of Arabs.

Still tourists Tim...if they stop coming then there will be trouble.

Tourism is the main income to Cyprus.

[Tim Drayton]

Still tourists Tim...

My point exactly.

I am worried about reports of a huge fall in freight rates charged by shipping companies. That could hit Limassol hard.

[Z4]

Do you know what this years tourist figures are like?

[Get Real!]

Tourism is the main income to Cyprus.

It doesn't even make the top three anymore.

[Get Real!]

Do you know what this years tourist figures are like?

http://www.mof.gov.cy/mof/MOF.nsf/All/A ... penElement

Copy and drop this in Word, then CTRL + L-click to open.

[Tim Drayton]

I have just heard from friends of my mother who are selling their small traditional town house in the centre of Limassol that, in the few weeks the property has been on the market, several serious potential buyers have lined up, all ready to part with the asking price in the region of 400,000 euro. For whatever reason, the Limassol property market remains hot. There are no serious signs of an economic slowdown, yet, over here.