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Issue 82, May 2017

Cyprus heading for a new record in tourism in 2017

Finance Minister Harris GeorgiadesA significant new increase of 23.9% was recorded in February 2017 as revenues from tourism, according to the Statistical Service of the country. In particular, based on the results of the Passenger Survey, revenue from tourism in February 2017 amounted to € 46.6 million, compared to € 37.6 million in the corresponding month of 2016, recording an increase of 23.9%.
This is the 17th of the last 18 months that recorded an increase in tourism revenue, on an annual basis. The exception was December 2016 when there was a decrease in tourism revenue by 3.2%.

Full Article

India - Cyprus tax treaty to boost bilateral investments: Joint statement

Nicos Anastasiades with Narendra ModiRevised tax treaty between Indian and Cyprus will help promoting bilateral investments which has immense potential for growth, said a joint statement today.

At the invitation of India, President of Cyprus, Nicos Anastasiades is visiting the country. India and Cyprus signed the revised India-Cyprus Double Taxation Avoidance Agreement in November 2016. Prime Minister Narendra Modi held a one-to-one meeting followed by discussions at delegation level with Anastasiades.

Full Article

Realtors concerned about property market

Finance Minister Harris GeorgiadesChairman of the Cyprus Real Estate Agents Association (SKEK) Marinos Kinegirou has said that the complicated lending procedures followed by the banks are a reason that leads to the stagnation of purchases of real estate by Cypriots.

In contrast, Kinegirou said that the real estate market improves every year, when it comes to foreign buyers, as a result of the incentives introduced by the Government.

Full Article

CYPRUS: Growth rate ‘close to 3% in next two years’

The growth rate of the Cyprus economy will be slightly less, but close to 3%, Finance Minister Harris Georgiades said, adding that this growth on the back of a 2.8% rate in 2016, is more sustainable than ever before, as it is not fuelled by public spending or irrational credit expansion. In his speech at the 7th Nicosia Economic Forum, sponsored by Alpha Bank, Georgiades said that the government is “determined not to allow the repetition of the mistakes of the past,” adding that “the right mix of fiscal consolidation and encouraging economic and investor activity with tax and other incentives is the most important element that led to economic recovery and the highest growth rates in the euro area.”

Full Article

Poseidon goes to supreme court over Paphos marina rejection

THE Poseidon consortium whose bid to construct and run a new Paphos marina has been rejected said on Thursday it would launch an appeal with the supreme court, saying the decision was unlawful.

Poseidon’s tender was rejected by the marine management committee on Wednesday after the Paphos Chamber of Commerce insisted Poseidon didn’t meet the financial conditions of the tender and offered the project to Pafilia developers, which was next on the list of tenders.

But Poseidon project manager Aris Sophocleous said on Thursday that the company had complied with all the criteria.

Full Article

IMF: Cyprus' economy growing slightly in 2017

Cyprus’ economy is growing slightly for 2017 and 2018, according to the International Monetary Fund (IMF), CNA reported on Wednesday.

The IMF’s projections have aligned with the corresponding European Commission evaluations for the next two years.

According to the IMF’s World Economic Outlook report for April 2017, after a GDP of 2.8% in 2016, the IMF estimates that the growth rate will be slightly slowed to 2.5% and in 2019 to 2.3%. Similar estimates were presented by the Commission in February 2017.

The corresponding report in October 2016 estimated that the Cyprus economy’s growth would reach 2.8% and to 2.2% in 2017.

Full Article

Overseas interest strengthens in Cyprus

Overseas interest in Cyprus strengthened in March, reveals TheMoveChannel.com’s latest Top of the Props index. The country re-entered the top 10 most popular countries on the portal for the third time in six months, becoming the sixth most sought-after destination.

Foreign buyers returned to the island’s property market at the end of 2016, with enquiries rising 22 per cent in the second half of the year. After 2016’s strong finish, enquiries faltered at the start of 2017, but buyers are now showing signs of returning in greater numbers. In real terms, enquiries for Cypriot property rose by more than 50 per cent in Q1 2017 compared to Q4 2016. The country accounted for 3.03 per cent of enquiries, its highest share in two years.

Full Article

Unemployment falls to 12.5%

Seasonally adjusted unemployment rate in Cyprus further decreased to 12.5% in March 2017 compared to 12.8% in February according to Eurostat, the Statistical Service of the EU.

This means that 2000 less Cypriots were unemployed in March (53 000 compared to 55 000 in February). Youth unemployment remained broadly stable ta 30.3% or 12 000 individuals and in general unemployment prevailed in female workers (13.7%) compared to male (11.3%)

Meanwhile in the euro area (EA19) seasonally-adjusted unemployment rate was 9.5% in March 2017, stable compared to February 2017 and down from 10.2% in March 2016. This is the lowest rate recorded in the euro area since April 2009.

Full Article

Bank contracts for buying property

THE HOUSE of Representatives plenary unanimously voted on Friday two bills into law, thus transposing EU rules into national law on contracts with credit institutions for the purchase of property. The new legislation regulates mortgages which relate to property which will be the residence of the consumer, as well as credit contracts without collateral for amounts over €75,000 for the renovation of property which is used as a residence.

Full Article

Jordanian journalists adored Paphos & Leptos Group

A fifteen member group of significant journalists from Jordan who cover the tourism, economy and social segment, visited Paphos & Limassol for a four day trip, following a special invitation by the Leptos Group.

During their stay, they visited the property developments of the Group, the new University of Neapolis, the Iasis Medical Centre as well as the Hotels and Holiday Resorts which are operated by the Leptos Group in the towns and provinces of Paphos and Limassol.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

Standard & Poor’s raises Cyprus rating: Ratings agency Standard & Poor’s has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to ‘BB+’ from ‘BB’ and has affirmed its ‘B’ foreign and local currency short-term sovereign credit ratings.

One-sixth of properties are not registered Some 200,000 real estate properties were not registered with the Department of Lands and Surveys in the time period between 1980 and 2013

CYPRUS: Building permits up in January The number of building permits approved by municipal authorities and the district offices in January rose to 465 from 356 in January last year, the Statistical Service Cystat said.

Polis mayor: Government has abandoned us Polis mayor Yiotis Papachristofi has announced that members of his community are protesting what he says is the neglect of the government when it comes to the wellbeing of the coastal resort.
“We will deliver a letter of protest to the House Speaker [Demetris Syllouris] but we have also sent a letter to President Nicos Anastasiades demanding a meeting with him so that political and not technocratic measures can be taken,” said Papachristofi.

NPL dispute body unable to cope Financial ombudsman Pavlos Ioannou complained to MPs that the lack of staff at the agency is negatively affecting its output. Ioannou said the office is unable to cope with increasing workload, and warned that the agency was on the verge of ‘collapse’. The operation and budget of the financial ombudsman was discussed at the House finance committee.

Tourism minister confident for 2017 After a record 2016, Tourism Minister Giorgos Lakkotrypis expects even more positive results this year barring unforeseen obstacles, he said on Tuesday in an address to a hoteliers’ conference in Nicosia.

Real Estate Sales in Cyprus

District

2017
(April)
2016 2015 2014 2013
Nicosia 304

1031

749 748 709
Limassol 733

2496

1566 1417 1049
Larnaca 384

1360

1072 794 604
Famagusta 109

436

324 330 241
Paphos 481

1740

1241 1238 1164
TOTAL 2011

7063

4952 4527 3767
Source: Department of Lands and Surveys:
Total number of registered contract of sales

 

Properties sold to Foreigners only

District

2017 (Apr) 2016 2015 2014 2013
Nicosia 21

131

96 90 92
Limassol 138

611

394 290 267
Larnaca 73

335

292 234 130
Famagusta 19

109

86 125 83
Paphos 143

627

481 454 445
TOTAL 521

1813

1349 1193 1017
Source: Department of Lands and Surveys:
Total number of properties with registered contract of sales by foreign buyers

Trump’s Corporate Tax Rewrite Faces Major Obstacle: Its Cost. President Donald Trump offered corporate America a sweeping tax vision whose ultimate promise of lower rates and more global competitiveness depends on one thing: longevity. Given the plan’s uncertain costs, longevity may be one thing the proposal can’t deliver.

UK ‘wants generous deal for EU residents post-Brexit’: Britain’s intention in negotiations over the post-Brexit status of European Union nationals already living in the United Kingdom is to give them very similar rights to those they enjoy now, Brexit minister David Davis said on Wednesday.

Residential property sales and rents fall in Dubai in first quarter of 2017: Demand in both the sales and rental property markets in Dubai continued to be weak in the first quarter of 2017, the latest research report shows. Residential rents fell by 1% quarter on quarter and property sales were also down by 1% compared with the fourth quarter of 2016, according to the report from international real estate firm CBRE.

Sales activity slowing in the US as supply fails to keep up with demand: Pending home sales in the United States continued to maintain their recent high level in March but momentum slackened slightly in most of the country, the latest index data shows.
A severe lack of supply is affecting the market with only the south seeing a rise in contract signings in March, according to the pending home sales index from the National Association of Realtors (NAR).

Trump says was 'psyched to terminate NAFTA' but reconsidered: President Donald Trump told Reuters that he was "psyched" to terminate the NAFTA trade deal with Canada and Mexico, but changed his mind after their leaders asked for it to be renegotiated instead.
Trump said in an interview with Reuters that he will not hesitate to change course again and pull the plug on the North American Free Trade Agreement if the negotiations become "unserious."

Property Sales in Cyprus
Year To Foreigners To Locals Totals
2000 450 12214 12664
2001 1207 12849 14056
2002 2548 14111 16659
2003 3991 15294 19285
2004 5384 11947 17331
2005 6485 10106 16591
2006 8355 8598 16953
2007 11281 9964 21245
2008 6636 8031 14667
2009 1761 6409 8170
2010 2030 6568 8598
2011 1652 5366 7018
2012 1476 4793 6269
2013 1017 2750 3767
2014 1193 3334 4527
2015 1349 3603 4952
2016 1813 5250 7063

2017 (April)

521 1490 2011 
English Articles for the Month
 

An unexplored wealth - Department of Lands & Surveys

26/03/2017

Logo - Department of Lands & Surveys CyprusThe Department of Lands & Surveys is the recipient of a lot of information regarding sales and other matters relating to real estate. Since the publication of the basic statistics a few years ago, no attempt has been made to expand the information received, with the only information given is the number of transactions per district and if local buyers or foreign. Useful as it may be such a statistic it could be misleading in many respects. Read Article
 

We have real estate options

19/03/2017

House for saleFor those brave people who want to invest in real estate with particular reference to houses, now is “their time” to get a good deal, as opposed to that of the previous years. Building land/plots prices are on a downward scale as are building costs and professional fees. Depending on location and district, building land has been reduced in prices by around 25%-35% (from their 2008 levels), whereas building costs are either stable (since 2009) or even showing signs of a reduction (by approximately 10%) but now (2017) they are ... Read Article
 

Returns on Real Estate in Cyprus

12/03/2017

Property Investment in CyprusThe returns (yields) on real estate in Cyprus has always being at the lower end. Returns (yields) is the income of a property let in the open market (i.e. the rent) as a proportion of the prevailing market value. The returns are historically low since prior to the 2008 real estate crisis there was a healthy capital appreciation for most properties amounting to 5%-7% p.a. These yields at the time (2008) compared with the deposit rates at approximately 5% showed a return of 4%-5% on real estate and it was reasonable if one adds on top the capital.  Read Article
 

Chinese Buyers & Others

5/03/2017

Cyprus - China FlagsIt is a fact that part of the foreign buyers of real estate in Cyprus comes from China. China is such a huge country that one cannot pin point the particular locality that demand comes from. The Chinese are mainly interested for the visa acquisition (not so much for the passport measure) at the lower end budget. Read Article
 

Time for Real Estate Funds?

26/02/2017

Time for Real Estate Funds?There are the parameters nowadays, which show that the time is ripe, at least for an initial examination, for the creation of real estate funds in Cyprus.

Read Article

 

A velvet revolution for Famagusta planning zones?

19/02/2017

Famagusta beachThe Famagusta region, especially the beach areas (Paralimni - Ayia Napa - Sotira) seem to have been left behind in terms of planning zones and densities adopted. The region which attracts the most tourists (local and foreign) does not have demanding Municipalities which can promote the region’s interest, whereas the technocrats in the Government must think “they are villagers what do they know”!!  Read Article
 

A new generation of apartments

12/02/2017

Apartments plansNotwithstanding the prevailing economic situation in Cyprus and notwithstanding the ample supply in the market for apartments, both from the forced sale procedures, as well as the private market, there appears under creation an emerging market for quality units. Read Article
 

Worries for overdoing it?

05/02/2017

Construction in CyprusYou must be aware of the numerous large scale projects that are under construction and others on the pipeline. These projects including the marinas and golf developments, target mainly foreign buyers who are after the permanent residency visas and passports, which based on the Ministry of Interior reports over the last 3 years approximately €1.7 bil. housing and other units have been sold to this market source. Read Article
 

 

Greek Articles for the Month

 

Μια νέα πορεία καταστροφής;

26/03/2017

Σημαία της Κύπρου κατεστραμμένηΕίναι δεδομένη η κάποια ανάκαμψη της οικοδομικής βιομηχανίας και ακόμη να παρατηρείται και αύξηση των τιμών σε ορισμένες περιοχές και είδη ακινήτων. Άνκαι η ανάκαμψη βρίσκεται σε αρχικά στάδια, εντούτοις είναι προσεκτή από την αυξητική ζήτηση. Η ανάκαμψη δεν είναι όμως γενική και παρατηρείται κυρίως στις πόλεις, όσο και στο παραλιακό μέτωπο αυτών. Read Article
 

Αποδώσεις από Ακίνητα

19/03/2017

Αποδώσεις από ΑκίνηταΟι αποδόσεις από τα Κυπριακά ακίνητα ήταν πάντοτε σε χαμηλά επίπεδα. Η απόδοση ενός ακινήτου αναφέρεται στο επίπεδο του ενοικίου σε σχέση με την τρέχουσα αξία. ΄Ετσι εάν ένα διαμέρισμα έχει τρέχουσα αξία €100.000 και το συνολικό χρονιαίο ενοίκιο είναι €5.000, η απόδοση εκφράζεται ως 5%.

Read Article

Ενοικιαζόμενες Κατοικίες & Φοροδιαφυγή

12/03/2017

Κατοικία προς ενοικίασηΜια και που είμαστε στην περίοδο της φοροδιαφυγής/αποφυγής, στον δικό μας τομέα υπάρχει μια τεράστια «τρύπα» στην οποία τόσο οι τοπικές αρχές όσο και τo ΤΕΠ δεν την έχουν αγγίξει. Εκείνο τον τομέα των ενοικιάσεων ακινήτων, με ιδιαίτερη έμφαση στις ενοικιάσεις για διακοπές από επιμέρους ιδιοκτήτες και ιδιαίτερα τις ενοικιάσεις από ξένους (ενώ υπάρχει αυξητική τάση για παρόμοιες ενοικιάσεις και από ντόπιους). Read Article
 

Ποιος θα μας εξηγήσει επιτέλους; - Δημόσια ή Ιδιωτική Πισίνα;

5/03/2017

ΠισίναΥπάρχει μια τεράστια σύγχυση στην κατάταξη μιας πισίνας κατά πόσο αυτή είναι ιδιωτική ή Δημόσια. Κάπου υπάρχει αναφορά (δεν την βρήκαμε) που υποβάλλει ότι εάν η πισίνα εξυπηρετεί πέραν των 10 μονάδων, αυτή θα πρέπει να θεωρείται ως Δημόσια. Και εδώ αρχίζει η σύγχυση, διότι Δημόσια πισίνα σημαίνει, αποδυτήρια, αποχωρητήρια, δωμάτιο πρώτων βοηθειών, μπάνια, ερμάρια κλπ και όλα εις διπλούν (ανδρών/γυναικών)... Read Article

Χρόνος για δημιουργία επενδυτικών ταμείων Κύπρου;

26/02/2017

Επενδυτικά ταμείαΥπάρχουν αρκετά δεδομένα που τείνουν να καταδεικνύουν ότι ήλθε ο χρόνος προβληματισμού για την δημιουργία επενδυτικών ταμείων σε ακίνητα στην Κύπρο και τούτο λόγω του ότι Οι τιμές έχουν φθάσει στον πάτο (εκτός από γεωργικά κτήματα) και δεν θα αναμένεται ουσιώδης μείωση στο άμεσο μέλλον. Read Article
 

Ενθάρρυνση της Επανάστασης;

19/02/2017

Παραλίες στην ΑμμόχωστοΔεν γνωρίζουμε εάν οι Δήμοι της επαρχίας Αμμοχώστου έλαβαν υπόψη τις παροτρύνσεις μας του περασμένου μήνα που κατά την δική μας υπόδειξη είναι οι πιο αδικημένοι Δήμοι στον τομέα της ανάπτυξης. Υποδείξαμε στους Δήμους αυτούς ότι δεν μας είναι κατανοητό πως οι άλλες πόλεις να τους επιτρέπονται ψηλοί συντελεστές δόμησης, με τα διάφορα κίνητρα και άλλες παραχωρήσεις, με συντελεστές δόμησης και πέραν των 400% και απεριόριστο ύψος και η περιοχή αυτή της Αμμοχώστου, η οποία έχει και τον πιο ψηλό αριθμό ... Read Article
 

Τελειώνουν οι ευκαιρίες;

12/02/20117

Ακίνητα προς πώλησηΜήπως είναι το έτος 2017 το τελευταίο έτος των ευκαιριών αγοράς ακινήτων; Υπάρχει η άποψη ότι επειδή οι πωλήσεις του έτους 2016 αυξήθηκαν κατά 42% (σε σχέση με το 2015), υπάρχει ανάκαμψης και άρα είναι στο τέλος οι ευκαιρίες.

Read Article

 

Το παλιό Λιμάνι Λεμεσού και άλλα - Διάψευση των αρνητικών

05/02/201777

Παλιό Λιμάνι ΛεμεσούΈχουμε επισκεφθεί το αναβαθμισμένο παλιό Λιμάνι Λεμεσού (Ψαρολίμανο) και πράγματι μας εντυπωσίασαν τα κτίρια της μοντέρνας αρχιτεκτονικής, που ορισμένα ανεγείρονται πάνω από την θάλασσα σε ένα οργανωμένο έργο ψηλής αρχιτεκτονικής ποιότητας, που κέρδισε κατ’ επέκταση και το Α’ βραβείο αρχιτεκτονικής της Κύπρου. Read Article
 
Office News & Activities
  • We seem to have an increasing interest for Cyprus with high budgets relating not only for the passport requirements but for ordinary investments including agriculture. An enquiry to buy/lease an area of land 200.000 sq. mts. suitable to plant bananas is a case in hand.

  • Our Greek Associates sent us a draft of the Greek Government proposal for the visa / passports procedure in Greece. We cut down their enthusiasm when we provided comparison to our own. They were very disappointed.

  • New multi-storey storey apartment buildings are under way in Limassol and we are understand that Amathus and St. Raphael hotels will follow the Four Seasons example.

  • We are under negotiations with the Ayia Napa Marina promoter in order to get involved in the promotion of the project. A most attractive and well thought project for which the Famagusta region has high expectations.

  • The World Bank has sent our Office a Thank you Certificate for our help we have provided in the preparation of their research on «Doing Business» over the last 3 years.

  • Our negotiations with the Russian Radio fell through at this point of time but we will renegotiate over the near future.

 

Featured Properties for sale

Nicosia - Agioi Trimithias

Limassol - Pissouri

Larnaca - Aradippou

3 Bedroom Detached House in Agious Trimithias

Three Bedroom Detached Bungalow for sale in Pissouri

Four Bedroom Super Luxury Villa in Aradippou for sale

3 Bed Villa €810,000
Covered 225m², Plot 1,200 m²
Covered Verandas 30m² 
Large garden with swim. pool
Title Deeds Available

3 bed Bungalow €1,160,000
Covered 205m², Uncovered 34m²
Plot 761 with Private Pool
Hilltop, unobstructed sea views

Title Deeds Available

4 bed Villa €4,500,000
Covered 635m²
Uncovered
47m²
Plot 4,610m²
Annex 210μ²

Famagusta - Kapparis

Paphos - Chloraka

Four Bedroom Detached House for sale in Kapparis

Luxurious 5 bedroom beachfront villa in Chlorakas for sale

4 bed villa, €2,200,000
Covered 250m², Plot: 1,376m²
Beach Front, Title Deeds Available

5 bed villa, €1,350,000
Covered 278m², Plot: 450m²
Beach Front, Title Deeds Available

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«Living, Buying Property and Doing Business in Cyprus» on www.cyprusinformation.com is translated to Chinese and Arabic and Russian. The website's aim is to provide general information about Cyprus, with more emphasis for Real Estate, Tax and Legal matters. The website is part of a joint venture of Antonis Loizou & Associates - Chartered Surveyors, the international accountants KPMG Cyprus  and the largest Law Office in Cyprus Andreas Neocleous.

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