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Company Profile
Antonis Loizou & Associates is a professional firm of Chartered Surveyors
offering valuation, agency and project management services. The firm was set up
in 1980 and is the largest and most comprehensive professional firm of
Chartered Surveyors in Cyprus and the Eastern Mediterranean over the last 31
years. The firm employs 55
members of staff across 7 offices in Cyprus and Romania, and is one of
the leading real estate advisors for corporations, finance houses, as well as
the local government and individual members of the public.
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Issue 32, |
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Cyprus Economy
•
Euro area
annual inflation
• The euro area
(EA17) seasonally-adjusted
unemployment rate
• Following the downgrading of three banks [ Bank of Cyprus (BOC), Marfin Popular Bank (MPB) and Hellenic Bank's (HB)] Fitch Ratings agency has downgraded Cyprus, to a notch shy of junk. Fitch said "that while the Cypriot government's propensity to support banks remains unchanged, its ability to do so has been reduced as reflected in the downgrade of Cyprus' rating. Cypriot banks have varying degrees of sovereign debt and loan exposures to Greece, with Marfin having the largest. The Bank of Cyprus and Marfin have submitted capital raising plans to the Central Bank of Cyprus to meet higher regulatory requirements by end-June 2012."
Cyprus Property Market The number of real-estate transactions in Cyprus rose in January 2012 to an 18-month high of 803, from 522 a year earlier, a 54 percent increase, according to the latest figures released by the Department of Lands and Surveys. The increase resulted from a drop in property prices and cuts in transaction fees and value-added tax for main residences.
• Banks are considering increasing housing loan interest rates in light of the tough conditions in the sector and the increased risk in the Island’s property market, according to StockWatch.(greek) The liquidity condition in the domestic and European markets has kept the cost of deposits high, forcing banks to readjust their lending rates. Total housing loans to Cyprus residents in 2009 stood at €1.9 billion while in the first eleven months of 2011 they did not exceed €0.3 billion. Lending conditions will deteriorate in 2012 due to the capital challenges that the banks face. Bankers expect that both offer and demand of housing credit will drop in 2012, intensifying pressures on the property market. • Memos to the Interior and Finance ministries will be sent by organized groups to facilitate foreign investors to acquire Cypriot passports and permanent residence status. On the initiative of the Office of "Antonis Loizou & Associates" on January 10, 2012 meeting was held with the President of the Chamber Mr. Pilides Phidias, to discuss the theme "Passport to foreign investors and foreign permanent residence in the housing market." The meeting was also attended by Director Mr. Sotiris Sotiriou and representatives of CIPA, Mr. Lakis Tofarides, president of the Association of Real Estate Developers and other officials. The Minister of Interior was invited but did not attend. It was found that the above measure is positive, while encouraging investment, but the implementation of the current data make it unworkable. It was agreed that attendees submit memoranda to the KEBE, which will undertake to promote the matter both to the Ministry of Interior and the Ministry of Finance. • A reduction of 18% was recorded in November 2011 in the number of building permits, compared with November 2010, while a decrease of 13.6% was recorded in the number of building permits during the period January - November 2011 versus the same period of 2010, according to data released Tuesday by the Statistical Service. The number of permits issued by Municipalities and District Offices in November 2011 stood at 601 compared to 733 in November 2010. According to the figures, the total value of permits in November 2011 reached 145.1 million euros, compared with 233.5 million during the corresponding month of 2010. |
Global Property Market & Economy• U.S. employment growth accelerated last month and the jobless rate dropped to a near three-year low of 8.5 percent, the strongest evidence yet the economic recovery is gaining steam. The unemployment rate fell from a revised 8.7 percent in November to its lowest level since February 2009. A string of better-than-expected U.S. data in recent weeks has highlighted a contrast between the recovery in the world's biggest economy and Europe, where the economy is widely believed to be contracting. • US home sales continued to rise in December 2011 for the third consecutive month according to the latest figures from the National Association of Realtors. Volumes were up 5% year-on-year to a seasonally adjusted annual rate of 4.61 million in December from 4.39 million in November. The numbers are based on completed transactions from multiple listing services that include single family homes, town homes, and condominiums. • Eastern Europe property investment activity doubled in 2011. Investment activity in the core Eastern Europe property markets of Poland, Czech, Slovakia, Hungary and Romania increased in 2011, according to global property consultant Cushman & Wakefield. It reached €6.1 billion, more than double the €2.9 billion invested in Central Europe during 2010. Poland continues to lead the region, but Czech experienced the largest increase in transaction volumes year on year, increasing from €479 million in 2010 to €2.2 billion in 2011. Poland remained in front with €2.58 billion transacted in 2011. Hungarian investment volumes increased from €240 million to €728 million, Romania edged forward with volumes increasing from €241 million to €320 million, whilst €263 million was transacted in Slovakia in 2011, up from €53 million in the previous year.
• UK economic activity shrank by 0.2% in the last
three months of last year according to official figures. It marks a sharp drop
in economic activity from the third quarter of 2011, when gross domestic product
(GDP) expanded by 0.6%. The figures, from the
Office for National Statistics(ONS)
• Average house prices in England and Wales were £160,780
in November as values increased by 0.3% on October, the newest figures
(published Friday 30 December) by the Land Registry show.
• House price growth remains weak on an underlying basis, despite prices rising by 0.6% in January, according to the latest Halifax House Price Index. House prices in the three months to January were 0.9% lower than in the preceding three months. This was the fourth consecutive month that this measure of the underlying trend has been slightly negative.On a monthly basis, house prices increased by 0.6% in January. This was the second rise in the past six months and the first since October.
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in Greek
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English Articles of the Month
Greek Articles of the Month
Our News
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Each
country has its own mode of operation regarding estate agency. In Cyprus
there is the Estate Agents Law which regulates most items, but yet people
coming from different countries have their own country’s system, which, at
times, creates confusion.
