View Issue 84, July 2017 in your browser Newsletter archive: 2010 - 2014 | 2015

Issue 84, July 2017

Overseas Cyprus property sales rocket

RICS: Cyprus Property IndexThe surge in Cyprus property sales in May that we reported last month was helped significantly by a more than three-fold increase in sales to the overseas market according to official figures.

Of the 756 contracts for the sale of immovable property that were deposited at Land Registry offices across Cyprus in May, 496 (65.6%) were deposited by Cypriot purchasers and 260 (34.4%) were deposited by overseas purchasers.

Full Article

Central Bank: Cyprus Real Estate Sector Recovering

Finance Minister Harris GeorgiadesThe House Price Index marked a quarterly increase in the fourth quarter of 2016, for the second consecutive quarter, said the Central Bank, while annual house prices recorded a small decrease.

According to the House Price Index (Houses and Flats), compiled by the Central Bank of Cyprus (CBC), the real estate sector, as shown by other relevant indicators, is exhibiting a stabilizing path and a small recovery. This provides the market with optimism that the challenges that exist (non-performing loans, bank stock availability) might be successfully addressed.

Full Article

Cyprus casino contract signed

The Presidency of the Republic welcomed the signing on Monday of the contract for Cyprus’ first integrated casino resort, the only one of its kind in Europe.

“It (signing) marks a new era for Cyprus,” it said in a written statement.

“Today, the implementation begins of an investment exceeding €600 million – the biggest ever investment in the tourism sector of our country,” it added.

Full Article

Moody's upgraded BOCH

Moody`s Investors` Service has upgraded Bank of Cyprus Public Company Limited`s (BoC`s) long-term local and foreign currency deposit ratings to Caa1 from Caa2 and its Provisional Senior Unsecured EMTN ratings to (P)Caa1.

The bank`s Not Prime short term ratings have been affirmed. The rating action is driven by the upgrade of BoC`s Baseline Credit Assessment (BCA) to caa1 from caa2. The outlook on the long-term deposit ratings remains positive.

Full Article

CYPRUS: Is Limassol becoming a sky-rise bubble?

Cyprus, and Limassol in particular, seems to be divided between two basic principles – to allow a new construction boom, with 30-storey sky-high towers, contributing significantly to the local economies in the short term, or to introduce a sustainable growth plan that will see benefits in the medium- to long-term.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

• The upsurge of the tourist trade has brought about an increased profitability to hoteliers by approximately 20% as this is reported in some of the listed hotels.

• The C.T.O. reported that tourism has brought a gross income of around €2.500/per resident in Cyprus. The increase by 20% of tourists numbers last year is expected to reach 3.5 million this year (another ±20%).

•  HB announces new NPL management unit Hellenic Bank Public Company Ltd announced that it has sold its non-performing loan and real estate management business for €20,6 million to a newly established entity APS Debt Servicing Cyprus Ltd that started operations on Monday.

First test for NPLs plans in Cyprus Cyprus’ systemic banks are anxious as they expect the first evaluation from European regulators on their medium-term plans for the reduction of non-performing loans (NPLs). Meanwhile, bankers are testing the waters for different scenarios.

Deposits increase The deposits in the Cypriot banking system increased in May 2017 after a decline last month, while the deleveraging of the Cypriot economy continued with loans recording a decline during 19 months in the last two years.

Properties sold to Foreigners only

District

2017 (June) 2016 2015 2014 2013
Nicosia 66

131

96 90 92
Limassol 351

611

394 290 267
Larnaca 162

335

292 234 130
Famagusta 51

109

86 125 83
Paphos 359

627

481 454 445
TOTAL 989

1813

1349 1193 1017
Source:
Department of Lands and Surveys:

Total number of properties with registered contract of sales by foreign buyers

 

Real Estate Sales in Cyprus

District

2017
(June)
2016 2015 2014 2013
Nicosia 584

1031

749 748 709
Limassol 1335

2496

1566 1417 1049
Larnaca 599

1360

1072 794 604
Famagusta 193

436

324 330 241
Paphos 899

1740

1241 1238 1164
TOTAL 3610

7063

4952 4527 3767
Source:
Department of Lands and Surveys:

Total number of registered contract of sales

China’s $9tn Bond Market Open for Foreign Investors. A long-awaited scheme enabling foreign investors to buy and sell Chinese bonds has been launched.
The Bond Connect programme is Beijing's latest attempt to open up its financial markets and attract foreign capital, the BBC reports.

Property prices in Ireland up 5% in second quarter of 2017, latest figures show: House prices increased by 5% in Ireland in the second quarter of 2017 and by 8.9% year on year with growth expected to remain strong in 2017 despite the likely abolition of the country’s Help to Buy scheme.
The data from the latest property report from MyHome.ie in association with Davy also shows that in Dublin prices rose by 2.8% and by 10.3% year on year.
The mix adjusted asking price for new sales nationally reached €251,500, an increase of over €24,000 in the last six months while in Dublin it is €360,000, an increase of €32,000.

Prime property rents in 17 key global cities struggling to grow, latest index shows: Prime residential rents in key locations around the world are struggling to achieve growth, up by just 0.5% in the 12 months to the end of March 2017, the latest published index shows.
However, over 70% of the 17 cities tracked by the Knight Frank index did see a rise of varying levels, led by Cape Town with an annual rise of 5.9% while Nairobi saw rents fall by 6.2%.

The Best Deal Going: Privatize U.S. Public Lands: Earlier this week, Nobelist Vernon L. Smith penned an important piece, “Trump’s Best Deal Ever: Privatize the Interstate,” which was published in The Wall Street Journal. Smith argued that the Trump administration should expand the scope of its privatization efforts to include the Federal government’s vast holdings of commercial public lands.

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(June)

989 2829 3610
English Articles for the Month
 

Property Sale Prices & Celebrities

11/06/2017

Property Sale Prices & CelebritiesIn Greece it is normal in rather large scale development project to either offer for free or next to nothing a unit, e.g. house, to a celebrity, in order to attract as an addition the sort of people who want to live “next” to a celebrity. The celebrity gets the property next to nothing, but then there is a good percentage of locals that are attracted because of this and who are prepared to pay a premium depending on how close is one to the celebrity’s house.   Read Article
 

A shocking situation for building development in Cyprus

04/06/2017

A shocking situation for building development in CyprusDuring our holidays we visited Protaras Beah (Paralimni Municipality) within the very heart of the tourist area, where most of the hotels and entertainment establishments are located at. The Government has recently constructed a 5 km footpath next to the seaside, as part of a 18 km footpath which will join the Paralimni beach to that of Ayia Napa (the Ayia Napa part is almost completed). This Protaras footpath is indeed the best seaside footpath so far constructed in Cyprus. It has sitting benches, view points, drinking water at stages, as well as w.cs.  Read Article
 

Problems in Sight - VAT on Real Estate

28/05/2017

Problems in Sight - VATThe E.U. is placing pressure on the Cyprus Government to introduce the VAT (19% charge) on building plots and development plots on the acquisition price. The matter is under discussion at the House of Parliament, but it seems that there is no way out and the E.U. is threatening Cyprus with penalties which could amount to several millions if we do not introduce this measure very-very soon.  Read Article
 

Aiming for Retirement in Cyprus

21/05/2017

Aiming for Retirement in CyprusFor those who are around the age of 40-50 should start considering their retirement income as a first priority and things to do once they reach the retirement age of 63 (optional 65) years old.

Read Article

 

Houses in agricultural areas in Cyprus

07/05/2017

Houses in agricultural areas in CyprusWe wrote on the subject in the past on the change of the Governmental planning policy in building one’s home within agricultural areas (outside development zones) and the anticipated problems, social and economic matters that this change of legislation would have brought about. A wrong decision at the time which is still troubling the public Read Article
 

 

Greek Articles for the Month

 

Υφυπουργείο Εσωτερικών; Ναι

18/06/2017

Σωκράτης Χάσικος - Τέως Υπουργός ΕσωτερικώνΥποβάλαμε προ ετών στον τότε Υπουργό Εσωτερικών κ. Συλικιώτη, ότι ήταν ανθρωπίνως αδύνατον ένα άτομο (Υπουργός Εσωτερικών) με όσα προσόντα και να έχει να μπορεί να διοικήσει ένα τέτοιο πολύπλευρο υπουργείο (για τα άλλα υπουργεία δεν γνωρίζουμε, μόνο εκείνο που αφορά τον τομέα μας). Η συζήτηση προχώρησε με την δική μας πρόταση όπως χρησιμοποιηθούν ιδιώτες βοηθοί με τα ανάλογα προσόντα. Read Article
 

Ο 4ος Υπουργός στην Σειρά; - Κοινόχρηστα

11/06/2017

Ο 4ος Υπουργός στην Σειρά; - ΚοινόχρησταΠροσπαθούμε εδώ και χρόνια να κινήσουμε το ενδιαφέρον της Κυβέρνησης στο σοβαρό θέμα των κοινοχρήστων και της μη εφαρμογής της σχετικής νομοθεσίας. Κάθε φορά που αλλάζει ο Υπουργός Εσωτερικών, τον προσεγγίζουμε κτυπώντας την καμπάνα του κινδύνου για την κατεύθυνση της καταστροφής που οδηγούμαστε. Read Article

Νέοι Επιστήμονες & Επιχειρήσεις

04/06/2017

Νέοι Επιστήμονες & ΕπιχειρήσειςΣε πρόσφατη μας επίσκεψη στην Σκωτία μας έκαναν μεγάλη εντύπωση τα διάφορα μέτρα, με τα οποία η Σκωτσέζικη τοπική Κυβέρνηση προσπαθεί να μειώσει την ανεργία για νέους, προσφέροντας κίνητρα μέχρι 50% της συνολικής επένδυσης με μέγιστο €300.000 και τα υπόλοιπα με δάνειο από εμπορικές τράπεζες με Κυβερνητικές εγγυήσεις (μέχρι €100.000) για “innovative industries” (πρωτοποριακές παραγωγικές επιχειρήσεις).  Read Article
 

Μακαρίου (Λευκωσία) - Πεζόδρομος;

28/05/2017

Μακαρίου (Λευκωσία) - Πεζόδρομος;Ο Δήμος Λευκωσίας όντως προσπαθεί να εφαρμόσει πολεοδομικά έργα με στόχο την αναβίωση της παραπαίουσας Λεωφόρου Μακαρίου και του κέντρου γύρω. Είναι δεδομένο ότι το κέντρο της Λευκωσίας χρήζει αναβάθμισης για να επανέλθει η περιοχή αυτή σε κάποιο βαθμό σε κάποιο επίπεδο εμπορικότητας παρόμοιας του παρελθόντος. Read Article
 

Καλυτερεύοντας τις Παραλίες

21/05/2017

Καλυτερεύοντας τις ΠαραλίεςΕίναι γεγονός ότι η ποιότητα/ελκυστικότητα μιας παραλίας αντικατοπτρίζεται στην ζήτηση της για τουρισμό και κατ’ επέκταση στην αξία της. Ταυτόχρονα άλλου είδους οικοδομικά έργα επί της παραλίας επίσης αντικατοπτρίζουν την ποιότητα της παραλίας. Read Article
 

Ο Συντελεστής Δόμησης & Ανάπτυξης

07/05/2017

Ο Συντελεστής Δόμησης & ΑνάπτυξηςΔεν είναι πρώτη φορά που καταγράφουμε σε αυτήν την φυλλάδα 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
 
Office News & Activities
  • We were invited to help resolve a difference between a beach house owner and the local Municipality who wished to construct public w.c. right at the end of the house private garden. Visited the site and suggested a couple of alternatives to both. Both were accepted by the disputing parties. The reward was a quite good quality bottle of Scotch whisky!!

  • An extended meeting took place with ETEK representatives where we discussed the various incentives given by the Government for tourist development and other matters. Well worth it.

  • The Ayia Napa Marina was presented to us by the sales management team. A very impressive project with reasonable prices, approximately 50% less than that of Limassol.

  • We got involved in a dispute by co-owners for a very expensive plot of land (around €3.0 mil.) since one wanted to sell his share and the other not. As a jointly appointed arbitrator we had the parties agreed within 15 days from appointment.

  • Another meeting took place with Chinese visa agency. Yet again the required 20% commission on their part, could not be met either by us or the owners (resale clients).

  • One happy client of ours invited Antonis Loizou to attend the end of the year schooling for his beloved 2 years old grandson. We could not refuse. A touching ceremony and equally interesting was what followed (wining and dining).

  • The Bank of Cyprus called a conference with the valuers that the Bank is using. We were the only valuer out of the 50 firms attending in all towns that we have submitted proposals for improvement (per Bank’s statement).

  • A Ukrainian client invited us for a kleftiko dish at Aglantzia (well known for his top quality). The invited team of 20 people was disappointed since there was no reservation. Be that as it may, we ended up with a souglakia place – No harm done since one of the foreign guests place a reservation fee (on spot mind you) for an apartment we were selling.

 

Featured Properties for sale

Nicosia - Strovolos / Eleonon

Limassol - Mesovounia

Larnaca - Kato Drys

4 Bedroom penthouse in Strovolos Eleonon for sale

Four Bedroom Detached House for sale in Mesovounia

Four Bedroom Detached House in Kato Drys for sale

4 Bed Penthouse €630,000
Covered 244m², Plot 521 m²
Covered Verandas 30m² 
Uncovered Veranda 208²
Private Pool

4 bed House €1,300,000
Covered 380m², verandah 12m²
Mature gardens, Private Pool
Plot 348m², Sea views

Title Deeds Available

4 bed House €900,000
Covered 240m²
Covered
verandah 43m²
Plot 1,334m²
 

Famagusta - Agia Thekla

Paphos - Panos Arodes

Three Bedroom villa for sale in Agia Thekla

4 bedroom bungalow in Pano Arodes Paphos for sale

3 bed beachfront villa, €575,000
Covered 120m², Plot: 370m²
Age 4, Title Deeds Available

4 bed bungalow, €595,000
Covered 220m², Plot: 4,232m²
Age 3, Private Pool

Property for Sale in Cyprus

Houses

Houses for sale in Cyprus

Nicosia | Limassol | Larnaca
 
Paphos |
Famagusta

Apartments

Apartments for sale in Cyprus

Nicosia | Limassol | Larnaca
 
Paphos |
Famagusta

Land

Land for sale in Cyprus

Nicosia | Limassol | Larnaca Paphos | Famagusta

Register for property updates

Property for Rent in Cyprus

View Rental Apartments in: Nicosia, Limassol, Paphos, Larnaca, Famagusta

View Rental Houses in: Nicosia, Limassol, Paphos, Larnaca, Famagusta

Register for rentals updates

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

 
Articles
Questions & Answers
News & Exhibitions

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 681Follow us on Twitter
Follow on LinkedIn - Antonis Loizou & Associateswww.aloizou.com.cy | www.aloizou.ru

Remove me from this list