View Issue 85, August 2017 in your browser Newsletter archive: 2010 - 2014 | 2015

Issue 85, August 2017

Cyprus property sales up 18% in July

RICS: Cyprus Property IndexProperty sales in Cyprus rose 18 per cent in July compared with July 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.

This rise follows a 28% increase in June, a 59% increase in May and a fall of 2% in April. During July a total of 739 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 625 deposited in July 2016.

Full Article Table with all districts

New projects worth €70 mln in Limassol

Finance Minister Harris GeorgiadesThe President of the Republic of Cyprus Nicos Anastasiades has announced a series of new projects for the coastal town of Limassol, the second biggest town in Cyprus and home of the island’s main port, worth 70,2 million euro.

The President, accompanied by members of his Cabinet, presided over a meeting in Limassol on Thursday with the participation of the local authorities of the Limassol district. The aim of the meeting was to review the progress of projects that were announced two years ago and to discuss about new projects.

Full Article

Georgiades says public debt of 107% of GDP is “absolutely sustainable”

Finance minister Harris Georgiades said that Cyprus’s government debt is “absolutely sustainable” after the government smoothed out debt maturities to 2020.

Georgiades who was commenting in an interview to Bloomberg said that the government could “probably” tap international markets in the second half of the year in anticipation of better market circumstances.

“We have a very comfortable cash position, we do not have a deficit which means we choose the time when access the market,” he said. “We are not under particular pressure to do so at a particular time”.

Full Article

NPLs drop by €48.4m to €23.2bn, CBC says

The level of non-performing loans dropped on a monthly basis in April by €48.4m, to below €23.2bn, or 46.1 per cent of the total, on a decline in corporate bad loans, the Central Bank of Cyprus announced.

Non-performing loans extended to non-financial corporations dropped in April by €57.1m, to €10.7bn, the central bank said in a statement on its website on Friday. The figure includes a €58.5m drop in delinquent loans of small and medium size enterprises to €9.3bn.

Household non-performing loans rose by €6.9m, to €12bn in April, the supervisory authority said. In the case of other financial corporations, non-performing loans rose by €2m, to €452m.

Full Article

Cyprus home prices fall 1.4 per cent

Although a quarterly fall of 1.4 per cent in Cyprus home prices was recorded during the first quarter of 2017, prices rose 4.1 per cent on an annual basis according to a press release from the Cyprus Statistical Service (CYSTAT)

ACCORDING to preliminary estimate of the Statistical Service, the Home Prices Index for the first quarter of 2017 amounts to 101.32 units (new base year 2015=100).

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

LONDON CONFERENCE
CIPA in its attempt to promote Cyprus economy attraction had a conference in London with numerous financial managers/advisors attending. The interesting part was the replies given by the attendees on the question how Cyprus economy and doing business in the island was rated. 89% stated that Cyprus is attractive because of the quality of life, its location 18% and 15% for its legal system/laws.

• A worthy report to study prepared by the Auditors PWC under the heading «Cyprus Real Estate Market - 2016 Year in Review»

• Moody’s positive outlook on Cyprus economy regarding the local Banks was based on the recovery of the building industry which will in turn reduce the N.P.Ls and the expected property values increase will increase the value of the real estate securities.
To be noted that during the first 4 months of 2017 the number of the building permits increased by 8% (by comparison to the year 2016) whereas the value of the permits increased by 36%.

• CYPRUS TAX UPDATE: August 2017
On 14 July 2017 there has been an amendment to the Income Tax Law with regards to the criteria for an individual to be considered a tax resident of Cyprus. This enters into force as of 1 January 2017.

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(July)

1240 3109 4349

Where Chinese millionaires want to move. In the latest survey by Hurun Report of high net worth individuals (HNWI) from China, the most popular emigration destination was revealed to be the United States. Of those surveyed - all of which had either already emigrated or were applying/planning to do - 9 percent rated the U.S. as the most desirable country, followed by Canada with 8.7 percent and the U.K. with 8.4 percent.

Brexit inflation pushing British shoppers to cheaper goods: British firms are keeping a lid on pay and automating more production while some shoppers, faced with rising prices, are switching to cheaper products, the Bank of England said on Wednesday.

Oil prices steady as Saudi cuts September supplies: Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher production from other large exporters including the United States. Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), an industry source familiar with the matter told Reuters on Tuesday.

Properties sold to Foreigners only

District

2017 (July) 2016 2015 2014 2013
Nicosia 81

131

96 90 92
Limassol 426

611

394 290 267
Larnaca 203

335

292 234 130
Famagusta 80

109

86 125 83
Paphos 450

627

481 454 445
TOTAL 1240

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
(July)
2016 2015 2014 2013
Nicosia 708

1031

749 748 709
Limassol 1604

2496

1566 1417 1049
Larnaca 702

1360

1072 794 604
Famagusta 252

436

324 330 241
Paphos 1083

1740

1241 1238 1164
TOTAL 4349

7063

4952 4527 3767
Source:
Department of Lands and Surveys:

Total number of registered contract of sales

English Articles for the Month
 

Foreign Investments in Cyprus

16/07/2017

Foreign Investments in CyprusThere appears to be some sort of increasing interest for Cyprus alternative investments. Real estate demand from wealthy buyers is active ranging from the acquisition of top quality houses, to office buildings (as an investment – for income) etc. Other investors (mainly foreign) are looking over the island for other nature of investments such as hotels, whose preference is on the top and with a rather positive future, since the tourist industry is improving. Read Article
 

The Casino is here

09/07/2017

The Casino is hereThe casino is here dear readers and the location is Zakaki village on the western outskirts of Limassol. These western outskirts together with the adjoining Asomatos and other immediate villages, have been so far considered to be the lowest income group residential area of the town. Read Article
 

Celebrity Places

02/07/2017

MykonosLast week we wrote about real estate and celebrities and how their “name” and owning real estate in a certain project affect real estate prices. We want to expand this to celebrity places and their affect on property sales and prices. This time we have opted for Mykonos which is becoming more and more popular by celebrities over the very recent years. An island of 30.000 people (winter time) which increases to 100.000 during summer and which accommodates around 2 mil. tourists, is an evident exaggeration of everything.  Read Article
 

Quality Beach Services in Cyprus

25/06/2017

Fig Tree Bay in Protaras, CyprusIt is interesting to record how public beaches are exploited by the various Municipalities and other local authorities in Cyprus. Beach service in Cyprus so far has been restricted to providing umbrellas and beach beds. You might ask that how much is this worth – We can assure you, depending on the beach quality and extent, it can reach an income of €1 mil. p.a. income per area.

Read Article

 

Seasonal Houses & Preparation for Occupation

18/06/2017

Seasonal Houses & Preparation for OccupationAs the summer season comes closer and closer so the owners’ visits will increase. It is not advisable that you pay a visit in order to check if everything is okay and not wait the last minute Read Article
 

 

Greek Articles for the Month

 

Αύξηση Συντελεστή Δόμησης - Πόλις Χρυσοχούς

16/07/2017

Αύξηση Συντελεστή Δόμησης - Πόλις ΧρυσοχούςΗ τελευταία συζήτησης του Δήμου Πόλης Χρυσοχούς με τον Πρόεδρο της Δημοκρατίας, πιστεύουμε ότι ανοίγει ένα παράθυρο διόρθωσης στην αναθεώρηση των τοπικών πολεοδομικών ζωνών. Από καιρού εις καιρό προσφέρουν κάποια κίνητρα για αύξηση του συντελεστή δόμησης, μερικώς οφειλόμενα στους πολύ χαμηλούς συντελεστές για διάφορους λόγους. Έχουμε κατ’ επανάληψη αναφέρει τους πολύ χαμηλούς συντελεστές δόμησης σε περιοχές όπως Πρωταράς - Αγία Νάπα, Λάρνακα, Μαζωτός και εκείνων της Πόλης, Λατσί κλπ. Read Article
 

Νέα ποιότητα διαμερισμάτων

09/07/2017

Νέα ποιότητα διαμερισμάτωνΗ νέα κατάσταση πραγμάτων με τα νέα πολυώροφα έργα και την κατά πολύ αναβαθμισμένη ποιότητα των μονάδων και περιλαμβανομένων και των διάφορων υπηρεσιών που προσφέρονται, έχει προκαλέσει και παράπλευρες επιδράσεις για τις υπόλοιπες οικιστικές μονάδες (διαμερίσματα). Read Article
 

Ανεξάρτητος Μάρτυρας Ακινήτων

02/07/2017

Ανεξάρτητος Μάρτυρας ΑκινήτωνΣε περίπτωση που υπάρχει διαφορά μεταξύ διάδικων σε διάφορα θέματα, αλλά αναφερόμενοι στο θέμα των ακινήτων, η κάθε πλευρά μπορεί να παρουσιαστεί στο δικαστήριο με τον δικό του μάρτυρα, ο οποίος θα δώσει την θέση του, θα αντεξεταστεί από την άλλη πλευρά κλπ. Read Article
 

Ασφάλεια Κτιρίων - Λάθος Κατεύθυνση;

25/06/2017

Ασφάλεια Κτιρίων - Λάθος ΚατεύθυνσηΟυδέποτε στην ιστορία αυτού του Γραφείου των 37 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.

Read Article

 
Office News & Activitiesss
  • Due to our expanding business our Office has hired a new sales person and an assistant at our Paralimni office.

  • Due to our increasing valuation reports, we needed to hire two added real estate U.K. graduates to cover mainly the Limassol and partly the Pafos region.

  • New person is required for our Pafos sales office, after one of our existing members resigned.

  • We seem that we are a quality “graduate school” for young professionals to the extent that some of the new employers called to thank us for the quality of our staff (unusual for Cyprus)!!

  • Numerous invitations to participate for Chinese exhibitions were turned down. We simply cannot ask our clients to place their properties for sale due to the high commissions that the Chinese agents ask (15%-20%).

  • Our recent reports on the low building density regarding hotels/tourist projects, seem to have been taken on board by the Hoteliers Association, who have put forward the matter with the Minister of Interior “with a good response” as the Association said.

  • Our Q & A column seem to becoming of a wider interest from local and foreign people, for all sorts of subjects, real estate apart. We even have now enquiries regarding divorce cases real estate related, maintenance problems, undivided shares in property etc. We respond to all (on average 10 letters per week).

 

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

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Nicosia | Limassol | Larnaca Paphos | Famagusta

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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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