View Issue 86, September 2017 in your browser Newsletter archive: 2010 - 2014 | 2015

Issue 86, September 2017

Investment prospects gain momentum

RICS: Cyprus Property IndexThe Cyprus Investment Promotion Agency (CIPA) presented on Tuesday 12th September 2017, the island’s major investment opportunities as economic growth is gathering pace four years after the 2013 financial crisis.

“The Cyprus economy is currently growing at a rate of 3.5% of the GDP per year, much higher than the EU average, and the outlook remains positive,” Finance Minister Harris Georgiades told the 2nd Cyprus International Investment Summit taking place in the coastal town of Limassol, attracting more than 150 investors from across the globe.

Full Article

August property sales up 27 per cent

Finance Minister Harris GeorgiadesTHE NUMBER of property sales in Cyprus during August rose by 27 per cent compared to August 2016 according to official statistics published by the Department of Lands and Surveys earlier today.

This rise follows an 18% increase in July, a 28% increase in June, and a 59% increase in May.

During August a total of 572 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 451 deposited in July 2016.

Full Article Table with all districts

Home prices up 0.3% in Q1, for third consecutive quarter, says CBC

The Central Bank of Cyprus said that house prices rose 0.3 per cent in the first three months of the year compared to previous quarter, recording the third consecutive quarterly increase.

“The continuing quarterly increases, even though small, confirm the recovery course of the real estate sector in Cyprus as other related indicators show,” the bank supervisor said in a statement. Both apartment and house prices rose a quarterly 0.3 per cent in the first three months of the year.

Home prices also rose 0.2 per cent in January to March compared to the same period last year, which is the first annual increase in quarterly home prices over the past seven years, the central bank said. Apartment prices rose an annual 1.5 per cent and house prices rose 0.3 per cent. Full Article

Cyprus in the list with the 10 most popular destinations for real estate

A 12-place leap in the TheMoveChannel.com real estate search listings was recorded for Cyprus, re-entering the top ten most popular real estate destinations, based on searches made by international investors.

On this site, searches for Cypriot properties grew more than 50% in the first quarter of 2017 compared to the fourth quarter of 2016.

Specifically, Cyprus was ranked 6th in the 18th position of the previous period, with its share accounting for 3.03% of all searches.

This is the highest share of Cyprus in the last two years, due to the return of foreign buyers to the domestic property market. Full Article

Cyprus property prices continue to rise - RICS Cyprus

THE THIRTIETH publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 1.3% and 2.3% respectively during the fourth quarter of 2016. During the first quarter of 2017 the Cyprus economy showed further signs of stability, with a seasonally adjusted quarterly GDP growth of 0.6% and an annual seasonally adjusted GDP growth of 3.3%. Unemployment remained at relatively high levels, on a downtrend to ca 12.8% (from the high levels of 17%).

Full Article Download the Index PDF

Άδειες οικοδομής €202 εκατ. στη Λεμεσό

Η αύξηση στον αριθμό των αδειών οικοδομής της περιόδου Ιανουαρίου – Ιουνίου 2017, οι οποίες ανήλθαν στις 2,870, άγγιξε το 10%. Από αυτές, 1,050 άδειες εκδόθηκαν στη Λευκωσία, στην οποία παρατηρείται σταθεροποίηση σε σχέση με το αντίστοιχο περσινό εξάμηνο Αισθητή είναι η άνοδος 12,3% που κατέγραψε η Λεμεσός, στην οποία εκδόθηκαν 844 άδειες οικοδομής το πρώτο εξάμηνο του 2017 έναντι 684 το αντίστοιχο εξάμηνο του 2016. Αξίζει να σημειωθεί ότι στη Λεμεσό καταγράφηκε η μεγαλύτερη αξία στις άδειες που εκδόθηκαν ανά το παγκύπριο, ξεπερνώντας τα €200 εκατ. Συγκεκριμένα, η αξία των αδειών οικοδομής της Λεμεσού ανήλθε στα €202 εκατ. το πρώτο εξάμηνο του έτους έναντι €153,7 εκατ. το περσινό πρώτο εξάμηνο, σημειώνοντας αύξηση 31,4%.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

• Economy grows 3.6% in Q2, Cystat says
Cyprus’s economy expanded an annual 3.6 per cent in the second quarter of 2017 compared to the respective quarter last year, and a seasonally adjusted 3.5 per cent on a boost from tourism, trade, and construction, the statistical service said.

• Deposits are up, loans drop in July, Cyprus Central Bank data show
Deposits in the country’s banking system recorded an increase of around half a billion euro in July while loans declined by €358.7 million, data released on Monday by the Central Bank of Cyprus show.

• Anastasiades pledges €35m in projects for Famagusta (Updated)
President Nicos Anastasiades on Monday pledged new government-funded projects of around €35 million for the Famagusta district.
“Through cooperation between the government, parliament and social partners, and through the sacrifices of the Cypriot people, we have managed to restore the credibility of the state and the financial system, and create conditions of stability and growth rates ranking among the highest in the European Union,” the president said in a speech.

• Central Bank of Cyprus’s Real Estate Unit (REU) Date Published: 25/08/2017
2017Q1 PDF (In Greek only)

• Cyprus Property Prices up as foreign investors return
The surge in Cyprus property sales was helped significantly by a more than 300% increase in sales to overseas property investors according to official figures.

• Μπουμ αδειών οικοδομής
Αυξήθηκε κατά 39,5% ο αριθμός των αδειών οικοδομής οικιστικών μονάδων που εκδόθηκαν από τα επαρχιακά κτηματολόγια για το πρώτο εξάμηνο του 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(Aug)

1413 3508 4921

UK jobless rate falls to lowest since 1975. Britain’s unemployment rate unexpectedly fell further to its lowest since 1975 during the three months to July, but wage growth proved even more subdued than expected, official figures showed.

U.S. home sales to foreigners surge 49% to new record: The National Association of Realtors released a report Tuesday that said foreign buyers and recent immigrants spent an estimated $153 billion on American properties in the year ending March 2017. That was a 49% increase over the previous year and the highest level since record-keeping began in 2009.

MIDEAST STOCKS-Real estate exhibition boosts Dubai developers: DUBAI, Sept 11 (Reuters) - The start of a major international real estate exhibition in Dubai on Monday boosted shares in some second-tier developers, helping to drive broader market gains there.

UPDATE 2-China property investment, sales growth pick up in August, despite curbs: BEIJING, Sept 14 (Reuters) - China’s real estate investment growth picked up pace again in August as demand held up despite various government curbs, unlike factory output, fixed asset investment and retail sales which fell short of expectations.

Properties sold to Foreigners only

District

2017 (Aug) 2016 2015 2014 2013
Nicosia 87

131

96 90 92
Limassol 467

611

394 290 267
Larnaca 228

335

292 234 130
Famagusta 102

109

86 125 83
Paphos 529

627

481 454 445
TOTAL 1413

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
(Aug)
2016 2015 2014 2013
Nicosia 784

1031

749 748 709
Limassol 1805

2496

1566 1417 1049
Larnaca 790

1360

1072 794 604
Famagusta 299

436

324 330 241
Paphos 1243

1740

1241 1238 1164
TOTAL 4921

7063

4952 4527 3767
Source:
Department of Lands and Surveys:

Total number of registered contract of sales

English Articles for the Month
 

Villa to let and legal obligations

31/08/2017

Villa to let and legal obligationsWe have reported in this paper that one of the best investment returns are the villas to let and Airbnb, especially for such popular localities such as the Famagusta region and to a lesser extent Pafos. Read Article
 

Changing Housing Habits

24/08/2017

Changing Housing HabitsA young couple starts with the acquisition of an apartment 1-2 bedrooms, then depending on their financial ability move on to a larger apartment and then to a house. Other than those who have the financial support of their parents/ family, the circle of housing described is the above for the majority. This circle of housing, whereas it is ordinary in other countries, in Cyprus only the recent 15-20 years has appeared, since local attitudes did not find acceptable the change of homes. Read Article
 

A Con Job in the Making?

17/08/2017

A Con Job in the Making?It is known that for the securing of permanent residency visa, the applicant must buy a house (or apartment) of not less than €300.000 of value and for the passport not less than €500.000 of value - plus VAT but then what is happening on the ground? Read Article
 

Incredible delays in title issue

10/08/2017

Incredible delays in title issueNotwithstanding our 36 years of operation in real estate in Cyprus and with numerous development projects in our CV, it is only recently that we got involved directly ourselves to follow the issue of titles (so far outsourced).

Read Article

 

Housing Returns Performance

03/08/2017

Seasonal Houses & Preparation for OccupationThe local Royal Institution of Chartered Surveyors Cyprus branch, provides every quarter its own statistics on real estate returns and prices. The most recent one which indicates returns on residential apartments of 120 sq.mts. rates are: Read Article
 

 

Greek Articles for the Month

 

Πανεπιστήμια & Αγορά Ακινήτων

24/08/2017

Αύξηση Συντελεστή Δόμησης - Πόλις ΧρυσοχούςΕίναι προσεκτό πως τα διάφορα πανεπιστήμια επηρεάζουν στην άμεση περιοχή τους και τις τιμές/ζήτηση/απόδοση των ακινήτων. Όπως εξελίσσονται τα πανεπιστήμια αυτά με τις χιλιάδες φοιτητές, δημιουργούν από μόνα τους μια συνοικιακή αγορά κυρίως για ενοικίαση διαμερισμάτων (1-2 υπνοδωματίων) επιπλέον για εμπορικές χρήσεις όπως καφέ, εστιατόρια χαμηλού κόστους, μικρο-καταστήματα που εξυπηρετούν τους φοιτητές/καθηγητές. Read Article
 

Αγορές / Ενοικιάσεις & Ασάφειες

17/08/2017

Αγορές / Ενοικιάσεις & ΑσάφειεςΠαρόλο που ως Γραφείο ηλικίας 36 ετών στην ελεύθερη αγορά ακινήτων και εκεί που πιστεύαμε ότι γνωρίζαμε τα πλείστα «κόλπα» της αγοράς, εντούτοις φαίνεται ότι ακόμη έχουμε δρόμο να μάθουμε. Αξίζει τον κόπο να σας γνωστοποιήσουμε κάποιες δικές μας εμπειρίες για δική σας πληροφόρηση που κυρίως άπτονται στα διάφορα κόλπα/κομπίνες που διάφοροι αγοραστές/ ενοικιαστές σοφίζονται. Read Article
 

Ανυπαρξία Τίτλων & Μερίδια

10/08/201777

Ανυπαρξία Τίτλων & ΜερίδιαΛόγω της καθυστέρησης που παρατηρείται στην εξασφάλιση του πιστοποιητικού τελικής έγκρισης και μετά η καθυστέρηση στην έκδοση τίτλων, έχει εμφανισθεί τώρα, σε ολοένα αυξανόμενο ρυθμό, η μεταβίβαση μεριδίων. Εκεί δηλαδή που υπάρχει μία ανάπτυξη με π.χ. 10 κατοικίες σε ένα χωράφι, ο πωλητής, μεταβιβάζει στον κάθε ένα αγοραστή το 1/10 μερίδιο, το οποίο και αντιπροσωπεύει την μία κατοικία. Αυτή η λύση της παράκαμψης των τίτλων ιδιοκτησίας, αποτελεί όχι μόνο σοβαρότατο πρόβλημα Read Article
 

Κτήματα χωρίς δρόμo - Λύση χωρίς κόστoς

03/08/2017

Κτήματα χωρίς δρόμo - Λύση χωρίς κόστoςΠιστεύoυμε ότι από τα μεγαλύτερα πρoβλήματα στηv αξιoπoίηση κτημάτωv στηv Κύπρo, είvαι η μη ύπαρξη δρόμωv σε αvαπτυξιακά κτήματα. Υπάρχoυv oλόκληρες εκτάσεις γης εvτός περιoχής αvάπτυξης, oι oπoίες όμως δεv μπoρoύv vα αvαπτυχθoύv λόγω μη ύπαρξης δρόμoυ. Περιoχές όπως η περιoχή "Ελεώvα" στηv Λευκωσία, Άγιoς Τύχωvας στη Λεμεσό, παραθαλάσσια περιoχή Παραλιμvίoυ κλπ, παραμέvoυv αvεκμετάλλευτες, διότι δεv έχoυv δρόμoυς. Ως εκ τoύτoυ, κτήματα χωρίς δρόμo βρίσκovται στo έρμαιo τωv μπρoστιvώv Read Article
 
Office News & Activities
  • The Phileleftheros newspaper has hosted our office in a whole page interview on 10.9.2017. This free of charge hosting was done “in appreciation of the efforts that your office is doing for the Cyprus Building Industry” Download PDF in Greek

  • Antonis Loizou has been invited to meet a group from the IMF which is examining the Cyprus economy at its present stage.

  • Top luxurious apartments are coming into the Nicosia market with a recent one being apartments next to the English School (Nicosia) having an extent of 280 sq.mts. with top quality furniture and facilities – Sales price at ±€2.350/sq.m. – well below that of the Limassol and other seaside towns.

  • Greek business are showing an increasing interest for office rentals in an effort to get out of Greece due to the high taxation. The number is increasing but we must add that these prospective tenants do not have a clear mind what they are looking for.

  • A most interesting legal case came up, where the owner of a seaside plot is suing the Government, because the latter sold a Governmental owned land with the buyer developing the same blocking the owner’s sea view and direct sea access. Most interesting case with many legal and valuation parameters.

 

Featured Properties for sale

Nicosia - Strovolos / Eleonon

Limassol - Pot. Germasogeias

Larnaca - Kato Drys

4 Bedroom penthouse in Strovolos Eleonon for sale

One Bedroom beachfront apartment for sale in Potamos Germasogeias

Four Bedroom Detached House in Kato Drys for sale

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

1 bed Apartment €550,000
Covered 90m², Veranda 24m²
1st Floor, Furnished
Sea Views, Communal Pool

Title Deeds Available

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

Famagusta - Ayia Napa Marina

Paphos - Aphrodite Hills - Golf Course

Three Bedroom beachfront apartment for sale in Ayia Napa Marina

3 bedroom bungalow for sale in Aphrodite Hills Golf Course

3 bed beachfront Apt. €1,578,000
Covered 174m², Covered Verandas: 44m²
16th floor, Under construction

3 bed bungalow, €1,100,000
Covered 200m² , Plot: 2,500m²
Furnished, Private Pool, Solar, BBQ
Alfresco dining

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