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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 32
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 36 |
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Cyprus Economy• According to Cystat, the Cyprus unemployment rate in May 2012 has increased for the tenth consecutive moth since July 2011. Based on the seasonally adjusted data that shows the trend of unemployment, the number of registered unemployed for May 2012 increased to 36.313 persons in comparison to 35.402 persons in the previous month. The highest numbers recorded in the sectors of construction, trade, manufacturing, public administration, accommodation and food service activities. • Inflation hit a seven month low in May in contrast to the increasing construction cost of buildings. According to Cystat May 2012 inflation rate fell to 2.95% from 3.08% in April 2012 and 3.88% in May 2011. The sectors of housing, water supply, electricity and liquid gas rose by 14.04% compared to 13.68 in April. The sector of transportation surged 3.28%, while that of education and hotel-restaurants rose 3.05% and 1.38% respectively.
• According to Central Bank of Cyprus reports, the Total Deposits on non Monetary and Financial Institutions held with the Monetary and Financial Institutions in April 2012 faced a rise to € 71.601 mil. from €70.713 mil. in relation to previous month. This increase was a result of the savings by residents coming from Europe and rest of the world countries residents. • New reports by the Ministry of Finance have showed that the tax amnesty has helped a lot the flow of income for the Government and thus the public debt has been reduced for the fist four months of 2012. Specifically, the debt until the end of April 2012 was reduced to €241.9mil which reflects to 1.3% of the GDP. Last year's debt was €378.1mil which reflects to 2.13% of the GDP. The direct taxes figure was improved due to the increase of € 98.5mil or 18.2% which was achieved by the inflow of tax amnesty.
Cyprus Property Market • According to RICS Cyprus Price Index the prices have continued to be reduced in the first Quarter of 2012. Limassol has been affected the most due to the low demand terms by the foreigners. The report states that for houses and residential flats, there was a reduction in prices in terms of 2.4% and 2.6% respectively. Furthermore the prices of commercial shops has been reduced in terms of 3%, for office spaces 3.1% and for industrial warehouses 2.1%. The average price of rent in all over Cyprus has been reduced by 2.2% for residential flats and houses, about 1.8% for shops, for industrial units 2.8% and about 4.3% for office spaces. • Land Registry reports have showed that property sales were increased in May 2012. They have accepted the largest number of deeds of sale since June 2010. According to new Land Registry data the deeds of sale were increased by 23% to 854 plots, from 697 in the corresponding month of 2011. The deeds of sales by foreigners rose 18.7% to 222 from 187 in May 2011. Domestic demand rose by 23.9% to 632 from 510 in May 2011.
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Global Property Market & Economy• The Euro Area annual Inflation rate was 2.4% in May 2012, down from 2.6% in April 2012. The inflation rate in May 2011 was 2.7% while monthly inflation in April 2012 was 0.0%. The lowest annual interest rates were recorded in Greece and Sweden (both 0.9%), Bulgaria(1.8%). The highest annual rates were recorded in Hungary (5.4%) and Estonia (4.1%). The sectors and components with the highest annual rates were alcohol and tobacco (4.7%), housing (4.0%), transport (3.7%), while the lowest components were the communications (-3.7%) and education (0.7%). • As Eurostat has published, the hourly labour costs in the euro area (EA17) rose by 2.0% in the year up to the first quarter of 2012, compared with 2.8% for the previous quarter2. In the EU27, the annual rise was 1.7% up to the first quarter of 2012, compared with 2.7% for the previous quarter. The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 2.0% in the year up to the first quarter of 2012, as did the non-wage component, compared with 2.6% and 3.5% respectively for the fourth quarter of 2011. In the EU27, hourly wages & salaries rose by 1.7% and the non-wage component by 2.1% in the year up to the first quarter of 2012, compared with 2.6% and 3.4% respectively for the fourth quarter of 2011. • According to Bloomberg, UK Home Sellers push asking prices to record. As they stated, asking prices for U.K. homes rose to a record in June, bolstered by London and southeast England. The average asking price in England and Wales rose 1 percent from May to 246,235 pounds. Prices in London jumped 1.7 percent to a record 477,440 GB Pounds. Further gains in values may be limited as the worsening debt turmoil in the euro area undermines consumer confidence and pushes up bank funding costs. Bank of England Governor Mervyn King said last week the crisis is casting a “long shadow” over Britain’s recovery as he announced measures to boost bank liquidity and try to lower borrowing costs • As Bloomberg stated this month, China`s Home prices fall in more than half Cities tracked. China’s home values fell in a record 54 of 70 cities tracked by the government in May as developers cut prices to boost sales amid housing curbs. “China’s property market is approaching gently the bottom of its decline path and I expect we’ll see a touchdown sometime over the next three to four months,” Peter Churchouse, managing director of Portwood Capital, a Hong Kong-based property investment firm, said in a Bloomberg Television interview. “They’ve definitely succeeded in slowing the market down. They’ve engineered it pretty nicely so far.”
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New
Democracy is the winner of the Greek Elections
and now they are urged to form government as
soon as possible in order to continue their
Eurozone campaign. Mr Samaras`s party has won
129 seats in the new Parliament and therefore he
must start negotiations with other parties to
find the remaining seats (more than 150 seats)
in order to form independent government. The
outcome of these efforts will also be an
improvement for the Cyprus Economy. 
Antonis
Loizou has been invited by the Limassol Mayor to
explain his proposal on how Limassol might
invest in sport activities using the numerous
water dams and countryside ranging from water
sports, extreme sports, animal shows, model
plan/beach competitions etc.
Knight Frank have
published the report concerning the trends of
the Cyprus Residential Development for 2012.
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Articles from Local Press (Greek) According to Phileleftheros, University of East London will begin to operate in Nicosia in October and the campus will be ready in the next two or three years. The university will start using the Ledra Collage building in Athalassas avenue in Nicosia. The Property developers association have presented their views to the presidential candidate Mr. Nicos Anastasiades regarding the property market and their suggestions on what measures should be applied. InBusiness News
Cyprus Tourism Organisation has published (in Greek) a
"Consumers Guide
for 2012 summer holidays"
According to stockwatch.com.cy the University of Cyprus economic research centre has reported that the coincident indicator index has risen 0.6 units in June compared with May to 74,8 units from 74,2.
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