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Cyprus Property News

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.       About us
 

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Issue 32,
February 2011
Articles
Questions & Answers
News & Exhibitions

   

Reduction of V.A.T. + Transfer Fees

 
Reduction of V.A.T. + Transfer FeesThe Government has approved two new laws regarding the reduction of the transfer fees and the VAT. This is a temporary measure whose target is basically to encourage the sale of new property in an ailing real estate market.

Read More (English)

Περισσότερα (Ελληνικά)

 

 

Sales Contracts / Land Registry

REAL ESTATE CONTRACTS

  2010 2011 ±
Jan 570 522 -8%
Feb 704 602 -14%
March 792 625 -21%
April 675 542 -20%
May 803 697 -13%
June 864 589 -32%
July 797 605 -24%
August 554 527 -5%
September 687 608 -11%
October 714 565 -21%
November 741 485 -19%
December 697 651 -7%
Total 8,598 7,018 -19%

Sale contracts by the Land Registry by Local and Foreign buyers:
Year:            2006    2007     2008   2009    2010    2011
Local:           6199    9964     8031   6049    6568    
5366
Foreigners:  10754   11281    6636   1761   2030    
1652

It is evident from the sales contracts the crisis that exists in the Cyprus property market which shows a continuous drop in sales of property especially in 2011.

See further information from Land Registry in Greek

Cyprus Economy

Euro area annual inflation was 2.7% in December 2011, down from 3.0% in November. A year earlier the rate was 2.2%. Monthly inflation was 0.3% in December 2011. For Cyprus the annual inflation rate for December was at  4.20% , compared to a 4.00% in November 2011.

• The euro area   (EA17) seasonally-adjusted unemployment rate was 10.4% in December 2011, unchanged compared with November. It was 10.0% in December 2010.   For Cyprus, seasonally - adjusted unemployment rate was at 9.3% for December, compared to 9.0%November 2011.

• 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.

 

Sales Contracts (January)

District 2012 2011  Change %
Nicosia 182 174 5
Limassol 209 133 57
Larnaca 117 72 63
Famagusta 86 42 105
Paphos 209 101 107
Total 803 522 54

• 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), are a preliminary estimate, which could be revised either up or down by 0.2%. The ONS figures also show that the economy grew by 0.9% during 2011.

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.
The data from the Land Registry's flagship House Price Index are regarded as the most reliable figures as they are taken from actual sales. The only region in England and Wales to experience an increase in its average property value over the last 12 months was London with a rise of 1.4%.

• 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.

Cost of Debt

  GBP LIBOR EURIBOR
  16/2/2012 One year ago 16/2/2012 One year ago
3 month 1.08% 0.80% 1.09% 1.08%
6 month 1.39% 1.10% 1.39% 1.34%
12 month 1.89% 1.57% 1.72% 1.68%
2 year 1.28% 1.97% 1.15% 2.03%
3 year 1.35% 2.49% 1.23% 2.36%
5 year 1.65% 3.20% 1.61% 2.85%
10 year 2.49% 3.99% 2.36% 3.52%
15 year 2.89% 4.28% 2.68% 3.83%
30 year 3.16% 4.25% 2.61% 3.73%

English Articles of the Month

The Governing House of MPs?

29/1/2012

The Governing House of MPs?During these difficult times we have a new ally, which seems that it has waken up to the unprecedented challenges of the Cypriot economy.
It appears that this Government (as well as the previous ones) are hard to listen to people’s problems or/and even when they do, it has difficulties to implement even agreed measures to be taken. There are so many things going on in Cyprus, that it is humanly impossible for the President and the ministers to hear, but also to have the time to do something about it.
   ...                                                                                                            
Read Article
 

The Good Fortune for active people in Cyprus in the future?

22/1/2012

The Good Fortune for active people in Cyprus in the future?We wish to express our envy for the active locals (including of course foreign residents) that they will be around in Cyprus after 2-4 years. There are so many developments going on, that in a 2-4 years time there will be numerous options to keep one busy and happy living in the island                                                                                                               Read Article
 

The Arab Countries Relations & Cyprus Real Estate

15/1/2012

The Arab Countries Relations & Cyprus Real EstateWhen the present president was elected, he announced that he is a communist. Of course those of us who know the Cypriot communist party, it is far from being a truly communist party, but more of an old socialist party (similar to the old labor party in the U.K.). The Government has “inherited” from the previous one a budget surplus of €700 mil., only to end up after only 2½ years with a €4 bil. shortfall. Giving handouts to just about everybody (including local millionaires and not needy), awarding jobs not necessarily to the “best tender”, indecision and the constant preoccupation of the president by the  ...    Read Article
 

Managing the Electricity Bill

8/1/2012

Managing the Electricity BillYou must have noticed that the electricity bill has shot up over the recent months by approximately 20% and the signs are that it will continue to rise. The electricity bill has now come up as a priority in a household’s expenses, sometimes even surpassing the rent of a unit. For this reason we must all consider what to do in order to minimize the cost of this expense. One hopes of course that the electricity hike is a short term measure in order to cover the electricity station explosion and/or at least when “our” gas find reaches the island (expected within 2-4 years) the electricity cost will be reduced considerably.      Read Article
 

Confusion over Estate Agents Commission

1/1/2012

Confusion over Estate Agents CommissionEach 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.                                                                                                   ... Read Article
 

 

Greek Articles of the Month

Η εποχή των Ομάδων Φρούρησης;

29/1/2012

Η εποχή των Ομάδων Φρούρησης;Ουδέποτε στην ιστορία αυτού του Γραφείου των 32 ετών, πέρασε από την σκέψη μας ότι στην Κύπρο θα επαναλαμβανόταν η ταινία του Charles Bronson (Vigilante) στην πράξη. Η ταινία αναφερόταν σε ένα εξοργισμένο πολίτη που λόγω ανεπαρκούς προστασίας από την αστυνομία, πήρε το νόμο στα χέρια του. Η πρώτη κίνηση για δημιουργία τοπικής ομάδας περιφρούρησης της ακίνητης περιουσίας ξεκίνησε από το Δάλι, τώρα επεκτείνεται στο Γέρι και γίνονται σκέψεις για αλλού.                                                                   ... Read Article
 

Ανεργία + Εισοδήματα

22/1/2012

Ανεργία + ΕισοδήματαΗ αύξηση της ανεργίας συνεχίζεται με αυξητικούς ρυθμούς και έχοντας υπόψη τις δηλώσεις από τον Πρόεδρο της Δημοκρατίας μέχρι και την ΟΕΒ/ΚΕΒΕ/ Συντεχνίες, αναμένουμε ότι το έτος 2012 θα είναι χειρότερο από το 2011 και ως εκ τούτου δεν θα μας εκπλήξει η αύξηση της ανεργίας από το 8½% στο 11% εντός του έτους αυτού.   ... Read Article
 

Καλύτερο το έτος 2012;

15/1/2012

Καλύτερο το έτος 2012;Επικρατεί πλέον μια έντονη άποψη από τους επιχειρηματικούς φορείς, αλλά ιδιαίτερα από το κοινό, ότι το έτος 2012 θα είναι χειρότερο από οικονομικής άποψης από το 2011 (η τελευταία μας υποβάθμιση δεν βοήθησε). Το πρόβλημα του Ευρώ δεν έχει ακόμη λυθεί με τις διαφωνίες των κρατών της Ε.Ε. να συνεχίζονται, το κούρεμα του Ελληνικού χρέους του 50% φαίνεται να αυξάνεται κατά δημοσιογραφικές πληροφορίες στο 58%, ενώ οι δεσμεύσεις που έλαβε η Ελλάδα έναντι της Ε.Ε. και Δ.Ν.Τ. δεν φαίνεται να υλοποιούνται. Όλο αυτό το αλαλούμ της Ελληνικής οικονομίας και η μη ύπαρξη φωτός στην σήραγγα, με αρκετούς ΄Ελληνες ηγέτες να είναι μάλλον κατάλληλοι για κακόγουστα θεατρικά σενάρια, μας ανησυχεί, διότι επηρεάζει την οικονομία της  ...   Read Article
 

Αδικία εις βάρος του Κράτους;

8/1/2012

Αδικία εις βάρος του Κράτους;Όλοι μας αναφερόμεθα στο «σπάταλο Κράτος», το οποίο Κράτος ασφαλώς δεν αναφέρεται στην σημερινή Κυβέρνηση, αλλά μάλλον σε μια διαχρονική σπάταλη συμπεριφορά.

Είχαμε και έχουμε και την Γενική Ελέγκτρια για να μας πληροφορήσει ότι υπάρχει ακόμη επίδομα παπουτσιών και τόσα άλλα, τα οποία για εκείνους που έχουν μαλλιά στην κεφαλή τους σίγουρα θα πέσουν.                                                                             
 ... Read Article
 

Θρησκεία και Επενδύσεις στην Κύπρο

1/1/2012

Θρησκεία και Επενδύσεις στην ΚύπροΕίναι δεδομένη η προσπάθεια του Κράτους να ενθαρρύνει τις μεγάλης κλίμακας επενδύσεις. Είναι προσεκτή και η προσωπική εμπλοκή του Υπουργού Εσωτερικών κ. Συλικιώτη επί του θέματος, να βοηθά στην επίσπευση της έκδοσης των αδειών. Είναι προσεκτή η εμπλοκή του σε σχεδόν εβδομαδιαία βάση στην ενημέρωση του για την πρόοδο των αδειών, την εμπλοκή του στην ανόητη επιβολή (εκ μέρους ενός Δήμου) €1 εκ. για την έκδοση της άδειας οικοδομής για τις ανεμογεννήτριες (που δυστυχώς επιβεβαιώθηκε και από το Δικαστήριο) και έτσι είναι αμφίβολη πλέον η ενθάρρυνση νέων τέτοιων ...       Read Article

 

Our News

  • Mr. Antonis Loizou Interview with Stockwatch

    In an interview with Stockwatch Mr. Antonis Loizou discusses the property market. The recession is expected to continue until 2013, while the fall in demand and values in almost all Districts,is expected to continue throughout 2012.  The shrinking demand from the British market, the expectations from the forthcoming Russian market are discussed. Also discussed are the large numbers of available properties on the market, the problems facing business within the Industry and the deal with Qatar. 

    Read Interview (in greek)

  • Συνέντευξη Αντώνη Λοΐζου με Stockwatch: Σε ύφεση μέχρι το 2013 τα ακίνητα

    Μείωση στη ζήτηση και στις τιμές των ακινήτων σε όλες σχεδόν τις επαρχίες προβλέπει ο εκτιμητής ακινήτων Αντώνης Λοΐζου, χωρίς να διαβλέπει ανάκαμψη της αγοράς πριν το τέλος του 2012. Σε συνέντευξη του στη StockWatch μιλά για την παρατεταμένη ύφεση που υπάρχει στην αγορά ακινήτων, για τη συρρίκνωση της βρετανικής αγοράς και για τις ελπίδες που δημιουργεί η ενίσχυση της ρωσικής αγοράς. Μιλά επίσης για τις χιλιάδες αδιάθετα ακίνητα, για τις δυσκολίες που αντιμετωπίζουν οι επιχειρήσεις του κλάδου και για τη συμφωνία με το Κατάρ.

    Διαβάστε την συνέντευξη εδώ

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Newsletter archive:
Issue 1 - April 2009 | Issue 2 - May 2009 | Issue 3 - June 2009 | Issue 4 - July 2009 | Issue 5 - August 2009
Issue 6 - September 2009 | Issue 7 - October 2009 | Issue 8 - November 2009 | Issue 9 - December 2009 | Issue 10 - January 2010 | Issue 11 - February 2010 | Issue 12 - March 2010 | Issue 13 & 14 - April & May 2010 | Issue 15 & 18 - June / September 2010 | Issue 19 - October 2010 | Issue 20 & 21 November / December 2010 | Issue 22, January 2011 | Issue 23, February 2011 | Issue 24, April 2011 | Issue 25, April 2011 | Issue 26, June 2011 | Issue 27, July 2011 | Issue 28, September 2011 | Issue 29, October 2011 | Issue 30, November 2011

Find us on facebook - Antonis Loizou & AssociatesAntonis Loizou & Associates
Head Office | 68A Kennedy Avenue | 1076 | Nicosia | Cyprus
Tel: +357 22 477 600 | Fax +357 22 428 681
www.aloizou.com.cy | www.aloizou.ro | www.aloizou.ru

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