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Issue 83, June 2017

RICS: Cyprus Property Prices Increase

RICS: Cyprus Property IndexAcross Cyprus, residential prices for both houses and flats increased on a quarterly basis by 1.7% and 0.7% respectively, with the biggest increase being in Larnaca, 3.3% for flats and Limassol 1.8% for houses. Values for holiday homes on a quarterly basis increased by 2.3% for flats and 2.2% for houses, according to RICS data.

During the fourth quarter of 2016 the Cyprus economy showed further signs of stability, with a seasonally adjusted quarterly GDP growth of 0.7% and an annual seasonally adjusted GDP growth of 2.9%. Unemployment remained at relatively high levels, on a downtrend to ca 13% (from the high levels of 17%). Given prevailing economic conditions and the marginally improved confidence in the Cyprus’ banking system, there are relatively higher transactions during the quarter. Financial institutions, despite of their NPLs, have been more willing to provide access to finance and there is a sluggish interest from locals.

Full Article | Download the index (pdf)

Tender awarded for Paralimni marina

Nicos Anastasiades with Narendra ModiTHE ministry of energy, commerce, industry and tourism announced on Friday that PMV Maritime Holdings Ltd had been awarded the tender for the lease of a state area (land and sea) for the development of the Paralimni marina.

The tender was launched on June 16, 2015. PMV Maritime Holdings Ltd submitted its tender on November 27, 2015.

Full Article

EU fears Brexit delay, uncertainty after shock UK vote

Finance Minister Harris GeorgiadesEuropean Union leaders fear Prime Minister Theresa May’s shock loss of her majority in the snap British election will delay Brexit talks due to start this month and raise the risk of negotiations failing.

Guenther Oettinger, the German member of the European Commission, said it was unclear whether negotiations could be launched on June 19, as planned, while a weak British government raised the risk that talks could fail to reach the kind of deal that can limit disruption when Britain leaves in March 2019.

Full Article

Βαρόμετρο για την πορεία της οικονομίας τα ακίνητα

Finance Minister Harris GeorgiadesΚαλώς ή κακώς, τα ακίνητα στην Κύπρο αποτελούν βαρόμετρο για την πορεία ολόκληρης της οικονομίας. Η αγορά εργασίας εξαρτιέται σε μεγάλο βαθμό από τον τομέα, όπως και τα κρατικά έσοδα. Άλλωστε, από τις πολλές πωλήσεις ακινήτων δημιουργήθηκαν τα εντυπωσιακά έσοδα για την κρατική μηχανή το 2007. Από την πορεία των ακινήτων εξαρτιούνται και οι τράπεζες, γιατί, από τη μία, τα πλείστα είναι υποθηκευμένα και τυχόν αυξομειώσεις στις τιμές θα επηρεάσουν τα αποτελέσματά τους κι από την άλλη, είναι ο κλάδος τον οποίο δανείζουν περισσότερο. Παράλληλα, ο τρόπος και ο χρόνος που θα καταφέρουν να πωλήσουν τα ακίνητα που προέκυψαν από ανταλλαγή με χρέος, θα είναι κλειδιά για την πλήρη εξομάλυνση της λειτουργίας τους.

Full Article

Golden Visa Program raises €4 billion

THE GOLDEN Visa Program that gives foreigners residency permit and passports in exchange of investment in real estate and other sectors has fetched €4 billion in revenue to Cyprus in the past 2-3 years. In fact, the revenue earned from the program now accounts for 25% of the Cyprus gross domestic product. The program has outperformed a similar program in Greece and other countries by a large margin. Most of the foreigners buying real estate in Cyprus are Russians and Chinese, real estate experts said. It is estimated that so far approximately 2000 passports have been issued for the purpose.

Full Article

Δήμαρχε ξανασκέψου το, θα είναι τραγικό για την πόλη!

Η εισήγηση του Δήμου Λεμεσού προς την πολεοδομική αρχή για την δημιουργία δρόμου δυο λωρίδων στην Ακταία Οδό είναι το λιγότερο θα λέγαμε μια τραγική εξέλιξη για την πόλη μας πέραν του ότι είναι μια παντελώς ακατανόητη και παράλογη απόφαση και σίγουρα θα είναι κάτι για το οποίο οι επόμενες γενιές θα μας φτύνουν, όλους μας.

Δήμαρχε σε εκλπιαρούμε να το ξανασκεφτείς, η Λεμεσός θα χάσει μια τεράστια ευκαιρία και δυστυχώς θα καταγράψει εσάς η ιστορία της πόλης μας σαν αυτούς που έριξαν την ευκαιρία αυτή κυριολεκτικά στον κάλαθο των αχρήστων. 

Παραθέτουμε πιο κάτω τι έγραψε ο γνωστός αρχιτέκτονας της πόλης μας Μάριος Χριστοφίνης κάτω από το σχετικό δημοσίευμα μας στο facebook

Full Article

Μύλος η υπόθεση με το ΦΠΑ στη γη - Οριστικά 19% στα ενοίκια

Όπως λέχθηκε στην Κοινοβουλευτική Επιτροπή Οικονομικών, με το εναρμονιστικό νομοσχέδιο της Κυβέρνησης εξαιρούνται από την καταβολή ΦΠΑ τα οικόπεδα που βρίσκονται στις κτηνοτροφικές περιοχές. Όταν ξεκαθαρίσει ο ορισμός τότε θα περιοριστούν και περιπτώσεις που θα επιβάλλεται ΦΠΑ.

Ο πρόεδρος της Επιτροπής Αβέρωφ Νεοφύτου σημείωσε πως υπάρχουν περιθώρια βελτίωσης, καθώς με το νομοσχέδιο όλη η Κύπρος είναι οικοπεδοποιήσιμη γη. Ξεκαθάρισε επίσης πως η Βουλή δεν ζητά να εξαιρεθούν από την καταβολή του ΦΠΑ τα οικόπεδα που είναι σε τουριστικές, εμπορικές και οικιστικές ζώνες.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

• Technological Park – At Limassol Pentacomo area is not to be at this point of time. The Government is seeking new tenders in hope, but we doubt, for its success.

• Limassol Casino – The deal is concluded. A much published multi million casino resort to be erected in the Zakaki area with a time span of execution approximately 3 years. In the meantime, smaller satellite casinos can operate immediately in all towns.

• KPMG – Based on a European Report this auditing firm has reported that the average sales price of Cyprus’ apartments is €1.530/sq.m. (one level at the lower end), whereas the returns (based on gross rental) is around 5.9%/p.a.

• Volume of Sales – The volume of sales has increased by 43% for the year 2017 which is partly due to the passport/visa deals as well as the abolition of the capital gains tax (during the year 2016).

• The Protaras marina tenders have been concluded. The project will accommodate approximately 300 births as well as residential and commercial developments. The project is expected to be completed around end 2019. The new infrastructure project will enhance the Paralimni region adding to an increased demand and value. So, we have now the golf course left to do (not hopeful).

• Reasons for optimism in construction sector - Cyprus President Nicos Anastasiades said that “the real estate sector is now showing dynamic growth that allows optimism about the future”. Addressing the General Assembly of the Cyprus Land and Building Developers Association (LBDA), he said "The real estate market is moving at a satisfactory pace at all levels, both in terms of sales and number of building permits, where we find today that real estate sales are at about pre-crisis levels, with even more optimistic prospects.” He added that this also has a significant social dimension, as employment in the construction sector is increasing at a similar rate, the Cyprus News Agency reports.

• Moody’s sees 3.3% growth rate in Q1 as “credit positive” - Moody’s Investors Service said that the 3.3 per cent annual growth rate of the first quarter announced last Tuesday is a credit positive for Cypriot banks, as it strengthens borrowers’ capacity to repay restructured distressed debt. “Additionally, the growth will support real estate collateral values on which Cypriot banks rely heavily for most lending, and increase new lending opportunities that will support banks’ declining net interest income,” the rating company said last week, citing a report prepared by its Limassol-based analyst Melina Skouridou.

Real Estate Sales in Cyprus

District

2017
(May)
2016 2015 2014 2013
Nicosia 422

1031

749 748 709
Limassol 1031

2496

1566 1417 1049
Larnaca 503

1360

1072 794 604
Famagusta 147

436

324 330 241
Paphos 664

1740

1241 1238 1164
TOTAL 2767

7063

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

Donald Trump pulls US out of Paris climate accord to 'put American workers first'. The decision was condemned immediately by environmental campaigners and by the president’s political opponents who said it heralded the death of America’s position as a global leader.

Rents in UK down year on year for first time since 2009: Residential rents fell in five out of 12 regions in the UK in May compared to the same month a year ago, the first such fall since December 2009, and month on month they were down across most of the nation.

Ireland’s largest private rented sector portfolio hits the market for over €425m: Savills has been appointed to bring ‘Dublin Living’ to the market this week and will be seeking forward funding proposals for this unique portfolio. The sale will represent Ireland’s largest Private Rented Sector (PRS) public offering comprising approximately 1,170 units within four schemes in one lot.

Moscow's Office Vacancy Rates at Lowest Point Since 2014: According to JLL, office completions in Moscow in Q1 2017 dropped to 21,143 square meters, 63% down Year-over-year. The delivery of 63,000 square meters of future office space was postponed.

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 (May)

781 1490 2767 

 

Properties sold to Foreigners only

District

2017 (May) 2016 2015 2014 2013
Nicosia 54

131

96 90 92
Limassol 274

611

394 290 267
Larnaca 136

335

292 234 130
Famagusta 36

109

86 125 83
Paphos 281

627

481 454 445
TOTAL 781

1813

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

Ο Συντελεστής Δόμησης & Ανάπτυξης

07/05/2017

Πολεοδομικές ΖώνεςΔεν είναι πρώτη φορά που καταγράφουμε  την διαμαρτυρία μας για τους χαμηλούς συντελεστές που υπάρχουν και η τροχοπέδη που αυτοί θέτουν στην ανάπτυξη. Σας αναφέρουμε το σχόλιο ενός Λιβανέζου πολύ γνωστού αρχιτέκτονα διεθνώς ότι «Η Κύπρος παραμένει στην πολεοδόμηση του 1950».  Read Article
 

A Provocation for a Disaster

30/04/2017

A Provocation for a DisasterThe visas/passports was originally thought off by the year 2007 by the then Government of Tassos Papadopoulos. This measure was there but since the market/economy was booming especially the real estate, no particular effort was undertaken to exploit this. Then Mr Christofias Government took over who seem to be against it during which the Government had around 15 cases studied notwithstanding the hundreds of applications. Then the Anastasiades Government went all for it, keep changing the incentives to become  Read Article
 

Shopping Malls in Cyprus?

23/04/2017

Shopping cartIt is interesting to record the change of shopping habits of the Cypriot consumer. Initially the corner grocer has been replaced by larger shops and then the latter by the very large supermarkets. The very large supermarkets such as the ex Orphanides and others, who offer in addition to food, other products as well, are now experiencing a change. Shoppers now cannot be bothered to spend hours in a supermarket trying to find where everything is. The small supermarket (called Express) of around 1.000 sq.mts. on ground  Read Article
 

Preparing your Home for Sale

16/04/2017

Preparing your Home for SaleWe have reported in the past that whereas buying a property in Cyprus is not difficult due to the abundance of supply, selling your own property may be more difficult than buying, since you will have to compete against the well organised developers and agents. For this reason the selling time may take up to six months and even more (depending on how marketable your property is). Consequently, if resale of the property is in your mind when buying, bear in mind the general market needs and not your own.  Read Article
 

The 20% building density increase and its side effects

09/04/2017

Construction in CyprusThis Government, a few months ago, in order to introduce a simple procedure to cover illegalities relating to the building extent and referring to houses/apts, has introduced a new regulation which allows the owners/buyers to increase the building density prevailing at the time of construction by 20% or up to a minimum of 60 sq. mts (applications are accepted if submitted by the 31.12.2019).

Read Article

 

Black money is helping the Cyprus real estate market?

02/04/2017

Black money is helping the Cyprus real estate market?Undeclared income, a sudden upsurge a business for some services and limited places to deposit one’s income, are driving some investors towards real estate investment. To this end the somewhat uncertain future of some of the local financiers, the difficulty in exporting one’s money abroad (with questions asked) and low deposit rates, have directed the attention of some cash rich individuals and firms towards local real estate investment. Read Article
 

 

Greek Articles for the Month

 

Μεγάλη απώλεια η αποχώρηση Χάσικου

07/05/2017

Σωκράτης Χάσικος - Τέως Υπουργός ΕσωτερικώνΗ πρόσφατη παραίτηση του Υπουργού Εσωτερικών κατά την άποψη μας θα πρέπει να χαρακτηρισθεί ως Μεγάλη Απώλεια στον τομέα της οικοδομiκής βιομηχανίας.
Θα πρέπει να ομολογήσουμε ότι στην αρχή δεν είμασταν σίγουροι κατά πόσο ο κ. Χάσικος ήταν το κατάλληλο άτομο για το Υπουργείο Εσωτερικών, αλλά οι ενέργειες και τα έργα του μας έπεισαν ότι είχαμε λάθος. Read Article
 

Η τελευταία προειδοποίηση - Διαβατήρια & Βίζες

30/04/2017

Η τελευταία προειδοποίηση - Διαβατήρια & ΒίζεςΈχουμε αναφερθεί στο πρόσφατο παρελθόν για τα αξιόλογα κτίρια τα οποία ανεγείρονται και/ή βρίσκονται υπό ανέγερση ιδιαίτερα στην Λεμεσό. Από την τελευταία μας πληροφόρηση υπάρχουν στην αγορά τώρα γύρω στα 200 διαμερίσματα προς διάθεση, πλέον εκείνα που προγραμματίζονται να ανεγερθούν στο άμεσο μέλλον. Read Article

Μεμονωμένη Κατοικία & Διαβουλεύσεις

23//04/2017

Μεμονωμένη Κατοικία & ΔιαβουλεύσειςΗ διαφοροποίηση των κανονισμών της μεμονωμένης κατοικίας άρχισε επί εποχής της κας Μαύρου (τότε Υπουργός Εσωτερικών) χωρίς καμία διαβούλευση εκ μέρους του Υπουργείου με έντονες απόψεις του τότε Γενικού Διευθυντή του Υπουργείου που είναι πολεοδόμος στο επάγγελμα. Read Article
 

Επεκτάσεις & Ιδιωτικότητα

16/04/2017

Υπο κατασκευή οικοδομήΤο πρόσφατο μέτρο που δίδει την δυνατότητα επέκτασης σε αδειούχες οικιστικές μονάδες για επέκταση κατά 20% του αδειούχου εμβαδού (με μέγιστο τα 60 τ.μ.) είναι ένα καλό μέτρο, διότι καλύπτει τις διάφορες παράνομες επεκτάσεις και έτσι επιτρέπει μετά την έκδοση τίτλων. Το μέτρο αυτό έχει πολλά υπέρ του και ήλθε να καλύψει το κενό της Πολεοδομικής Αμνηστίας που, δυστυχώς, απέτυχε και λόγω του χρηματικού «προστίμου», αλλά το κυριότερο λόγω της μεγάλης γραφειοκρατίας (που ζητούσε την εξ’ αρχής έκδοση άδειας) Read Article
 

Λάθος Προσέγγιση - Κυβερνητικά Γραφεία

09/04/2017

Κτήριο Υπουργείο ΟικονομικώνΜε την συζήτηση που υπάρχει τώρα στην Βουλή για τις ενοικιάσεις Κυβερνητικών Γραφείων, σας υποβάλλουμε την άποψη μας. ΄Ισως η πιο κάτω πρόταση να ξαφνιάσει αρκετούς, προσφέροντας ένα εναλλακτικό τρόπο ανάπτυξης προς όφελος των Κυβερνητικών ταμείων. Επί προηγούμενης Κυβέρνησης η όλη φιλοσοφία ήταν να ανεγείρονται Κυβερνητικά γραφεία παρά να ενοικιάζονται διότι θεωρείτο ότι οι ενοικιάσεις ήταν “πεταγμένα χρήματα” με τα σημερινά ενοίκια να ανέρχονται σε €23 εκ./χρόνο. Read Article
 

Αναπαλαίωση του Κέντρου της Πάφου

02/04/2017

Παλιό Λιμάνι ΛεμεσούΕπισκεφθήκαμε το εμπορικό κέντρο της Πάφου για να διαπιστώσουμε οι ίδιοι την πρόοδο και την ποιότητα των εργασιών. Φαίνεται ότι από πλευράς Δήμου και Κράτους έγινε ένα τεράστιο έργο με πολλή αγάπη και με σημασία στην εκτέλεση (κατά την περιοδεία μας κάποια φρούτα από τα πρόσφατα φυτεμένα δένδρα έπεφταν κάτω στον δρόμο και παρευρισκόμενος εργάτης/επιστάτης τα μάζευε για να τα πετάξει στους καλάθους στην οδό Μακαρίου. Αυτό από την μια σημαίνει ότι εμπεδώθηκε ακόμη και στους εργάτες η αγάπη για το έργο και ... Read Article
 
Office News & Activities
  • The rate of sale for properties suitable for passport acquisition is very fast. No later than a project is announced and within 3 months of works commencement, 50% of the number of units appear as being sold in the developers’ books.

  • The new high end projects in addition to international architectural names, they are also using international decorating firms who are also responsible to advise individual purchasers. Costly, but then bearing in mind the sales prices in Limassol in particular (around €1 mil. for a 2 bedroom apartment – not on the beach), it is not necessarily unreasonable. A recent presentation made to our sales staff left us impressed.

  • We are attempting to help the mountain resort/hotels by providing various suggestions to the Troodos Promotion Group. Some of our ideas have been adopted, but there is a long way to go in order to achieve some sort of recovery signs.

  • The enclaved buyers law which has been turned down by the Courts is now under reconsideration and we have advised both MPs and financiers of our opinion in order to get round this hurdle. Similarly, with the new VAT provisions, which we find it is a disaster for the industry.

  • Our worries on a possible political upsurge during the July gas drilling (based on Turkey’s threats) has been addressed to an extent by us through the Minister of Exterior (one of many ideas that the Ministry is looking at).

  • Our newsletter will become partially in the Greek language following complains by some of our readers that many items are not published in Greek.

  • The announcement of the Protaras Marina with around 300 births has introduced a renewed interest for the region, especially by the Nicosia boat owners. The sales prices of the apartments to be is yet unknown at the Marina. In theory it should be less than that of the Ayia Napa Marina (now in the region of €6.000-€7.000/sq.m.).

  • The recent change of the inheritance tax in the U.K. regarding foreign residents on real estate (tax could reach up to 45% of the property’s value) has had many locals (Cypriots) worried based on the letters and calls that we have received (it seems that a good number of Cypriots own property in the U.K. especially in London).

 

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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Company Profile

Antonis Loizou & Associates is a professional firm of Chartered Surveyors offering valuation, estate 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 35 years. The firm employs 35 members of staff across 6 offices in Cyprus and is the leading real estate advisors for corporations, finance houses, as well as the local government and individual members of the public. About us                      Subscribe  Forward

 
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