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Issue 87, October 2017

Paphos marina decision expected soon

Paphos marinaPAFILIA Group will find out in the coming days whether they have met the necessary criteria to construct a long-anticipated marina in Paphos, according to the head of the Paphos Chamber of Commerce and industry.

Andreas Demitriades told the Cyprus Mail on Monday that he expects a decision to be made before the end of October.

“The Pafilia Group were asked to provide all of the necessary documentation to highlight their ability to promote, implement and finance the project for the construction of the marina in Potima in Kissonerga. They need to demonstrate that they meet the terms and conditions of the competition,” he said.

Full Article Cyprus Mail, 10 October 2017

 

In the mean time, Pafilia submitted the necessary documentation last week.
Read More Sigmalive (in Greek), 12 October 2017

 

Cyprus Real Estate Report - 8th edition

Finance Minister Harris GeorgiadesThe eighth edition of the KPMG Cyprus Real Estate Market Report, provides an overview of the major economic factors affecting the industry, as well as a summary of the recent trends and activity in relation to pricing and sales.

Moreover, the report includes the parameters for obtaining the Cypriot citizenship and immigration permits, as well as a summary of the taxes and fees related to investment in real estate, including the latest relevant reforms.

The report is issued twice a year incorporating the updated statistics and information.

Full Article  KPMG, 4 October 2017

Download the report (PDF)

 

The president announces the new projects for Nicosia worth €420m

Nicosia MunicipalityPresident Nicos Anastasiades announced new projects in Nicosia worth 420 million euros, including a new parliament building.

The president mentioned that the construction of this new parliament building, which is expected to cost about 71 million euros, is expected to start in June 2018. He also announced improvements to the road network, the renovation of the Nicosia courthouses and the old municipal market, the old GSP stadium, and repairs and improvements to schools.

Full Article  Cyprus Beat, 10 October 2017

 

PHOTOS: This is the plan for the reclamation of the area between the Old and New Port

The images included in the proposal plan of the well-known design firm, to present the prospect of a large scale project for the ex boat repair yard area in Limassol and the wider area between the Old and the New Port. It is quite an impressive presentation, which suggests the construction of an area with a use similar to the one of the seafront park (molos).

The study implemented by the design firm Polytia Armos Architects, follows the policies proposed for the regulation of future development and the traffic issues in the area, as well as the preservation and reuse of the old industrial architectural heritage of the place. The proposal includes certain projects for upgrading the infrastructure of the surrounding area, aiming to rejuvenate the coastal open space.

Full Article All About Limassol, 8 October 2019

 

IMF upgrades forecast for economy

IMF - International Monetary FundThe International Monetary Fund (IMF) revised upward its growth forecast for Cyprus’ economy compared to last April`s forecasts, in its World Economic Outlook (WEO) report released on Tuesday.

The IMF estimates growth to reach 3.4% of GDP in 2017 compared to 2.5% that it projected in April 2017. It is noted that the Cypriot government estimates a growth rate of 3.6% for 2017.

Full Article StockWatch

11 October 2017

Cyprus: Staff Concluding Statement of the 2017 Article IV Mission IMF

6 October 2017

 

Scheme to protect primary residences falls flat

A government-backed scheme designed to protect primary residences has fallen flat, MPs decided on Monday.

The scheme, rolled out in the summer of 2016, provides for subsidising mortgage payments for people who have been affected by unemployment or a drop in income. It was to be implemented by the Cyprus Land Development Corporation (Koag).

The scheme concerns housing loans, for which the primary (permanent) residence has been put up as collateral with a lender operating under licence from the Central Bank of Cyprus.

Full Article  Cyprus Mail, 2 October 2017

 

Cyprus Economy & Property Market

Global Property Market & Economy

House prices up 3.6% in Q2, Cystat says:
11/10/2017, Stockwatch
House prices in Cyprus recorded a 3.1% increase in the second quarter of 2017 compared to the first quarter and a 3.6% increase compared to the second quarter of 2016.

Trade deficit at €2.81 billion
11/10/2017, StockWatch
Trade deficit was slightly up, by €61 million in the first eight months of this year, data released by the Cyprus Statistical Service.

Cyprus is the 3rd most popular sunny uk expat destination
28 August 2017, Gold News
The sun is one of the few things Brits can't import, no matter how much you are prepared to pay

Cyprus named safest country for young people 21 August 2017, The Guardian
Cyprus is the safest of the 184 countries analysed, with a death rate of almost one in every 4,762 youths, while Denmark, the fifth safest, halved its number of young deaths between 2000 and 2015.

Value of building permits up 49.2%
12 October 2017, StockWatch
The total value of building permits issued in the first seven months of the year increased by 49.2% and the total area by 41.6%, the Statistical Service of Cyprus reported on Thursday.

Real Estate Sales in Cyprus

District

2017
(Sept)
2016 2015 2014 2013
Nicosia 871

1031

749 748 709
Limassol 2008

2496

1566 1417 1049
Larnaca 897

1360

1072 794 604
Famagusta 356

436

324 330 241
Paphos 1391

1740

1241 1238 1164
TOTAL 5523

7063

4952 4527 3767
Source:
Department of Lands and Surveys:

Total number of registered contract of sales

 

Properties sold to Foreigners only

District

2017 (Sept) 2016 2015 2014 2013
Nicosia 102

131

96 90 92
Limassol 517

611

394 290 267
Larnaca 262

335

292 234 130
Famagusta 116

109

86 125 83
Paphos 577

627

481 454 445
TOTAL 1574

1813

1349 1193 1017
Source:
Department of Lands and Surveys:

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

Global Competitiveness Report 2016–2017. 26/09/2017, World Economic Forum
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity. Take a look on Cyprus Profile

Q2 2017: Europe’s boom continues, but sharp slowdown in the Middle East, Latin America, New Zealand:
25/09/2017, Global Property Guide
The global housing boom appears now to be losing momentum, with most of the Middle East, Latin America, New Zealand and some parts of Asia experiencing either house price falls or a deceleration of house price rises.

Tracking the U.S. Economy Under Trump in Seven Charts:
05/10/2017, Thomson Reuters
President Donald Trump has set many specific and general goals for his administration's management of the economy, like raising growth to 3 percent and eliminating the country’s trade deficit

Moody’s downgrades UK’s rating on Brexit: 23/09/2017, in-cyprus.com
Ratings agency Moody’s downgraded Britain’s credit rating on Friday 6th Oct., saying the government’s plans to bring down its heavy debt load had been knocked off course and Brexit would weigh on the economy.

Global Economic Upswing Creates a Window of Opportunity:
10/10/2017, IMF Blog
The global recovery is continuing, and at a faster pace. The picture is very different from early last year, when the world economy faced faltering growth and financial market turbulence.

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(Sept)

1574 3949 5523
Articles in English that you might have missed

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Russian Political Party - A dangerous move

24/09/2017

Ego o Politis political partyThis is not a political article, but we lay down our own thoughts on the above subject and its possible side effects that this may have for Cyprus, its economy its effect on its short “success” story and the Cyprus real estate. Regrettably foreign press and Governments do not observe such developments (Russian party etc) with a positive eye. The second world war is still with us, we are afraid, and a number of European countries such as Germany, the Baltic states, Poland etc will not look upon this with a positive eye. Read Article

 

Mr Minister of the Economy

17/09/2017

Finance Minister Harris GeorgiadesWe had the opportunity to discuss with the I.M.F. consulting group which is examining the Cyprus economy and its recovery, the matter of real estate market.

We have laid down our own thoughts on the subject, which, in summary is as follows.
Read Article

 

Tourism in Danger?

10/09/2017

Tourism in Danger?It will never cease to amaze us the indifference of associations, professional bodies, Government and others, regarding crucial aspects of the building industry.  We report on a weekly basis on various subjects including the above, we make a point to inform the Minister of Interior at the time and apply to the various professional bodies for support. Out of these efforts the results are limited be it that we are listened to from time to time Read Article

 

Real Estate Arbitration & Cyprus

03/09/2017

Real Estate Arbitration & CyprusThis Government is trying to introduce new ideas and methods in its effort to catch up the 21st century from the existing legal system introduced 150 years ago. Thanks to the Bar Association and bearing in mind the years of delays that are experienced in the litigation proceedings, a new approach to solve minor disputes and including land law cases (property sales etc etc) arbitration is going to be introduced (waiting mind you for the last 5 years since the announcement. Read Article

 

 

Articles in Greek that you might have missed

 

CIPA & Πραγματικότητες

17/09/2017

Οργανισμός προώθησης ξένων επενδύσεων - Cyprus Investment Promotion AgencyΟ οργανισμός προώθησης ξένων επενδύσεων κάνει καλή δουλειά και του ευχόμαστε κάθε επιτυχία. Είναι αξιοπρόσεκτες οι συνεχείς προσπάθειες του προέδρου κ. Αγκαστινιώτη και της νέας Διευθύντριας του Οργανισμού (της οποίας και ευχόμαστε κάθε επιτυχία).
Έχουμε ελπίδα προσέλκυσης ξένων επενδυτών με τα πιο πάνω;

Δεν νομίζουμε όταν διαβάσετε αυτό το άρθρο.   Read Article

 

Που κατέληξαν τα €4.0 δις;

10/09/2017

Που κατέληξαν τα €4.0 δις;Βασιζόμενοι πάνω στις ανακοινώσεις του Κράτους, το μέτρο για τις βίζες/διαβατήρια συνεισέφερε στην Κυπριακή οικονομία γύρω στα €4.0 δις. σε μια περίοδο γύρω στα 3 χρόνια. Το μέτρο αυτό το εισήγαγε επί της Κυβέρνησης Τάσου Παπαδόπουλου, η οποία όμως λόγω της ανθούσας οικονομίας την περίοδο εκείνη δεν το προώθησε σε προσεκτό βαθμό, μετά με την Κυβέρνηση Χριστόφια το μέτρο είχε σχεδόν εγκαταλειφθεί και με την Κυβέρνηση Αναστασιάδη να έχει επεκταθεί και να «εκμοντερνιστεί» ... Read Article

 

Κομπίνες υπό εξέλιξη στην Αγορά Ακινήτων;

03/09/20117

Κομπίνες υπό εξέλιξη στην Αγορά Ακινήτων;Είναι γνωστό ότι για την εξασφάλιση της βίζας μόνιμης παραμονής χρειάζεται η αγορά μιας οικιστικής μονάδας αξίας ως ελάχιστη €300.000 και για το διαβατήριο ελάχιστη αξία κατοικίας €500.000 (πλέον Φ.Π.Α.). Πληροφορούμαστε όμως ότι σε ορισμένες περιπτώσεις κτηματομεσίτες, μεσάζοντες, επιχειρηματίες ανάπτυξης και άλλοι, πληροφορούν προτιθέμενους αιτητές ότι δεν έχει σχέση το ποσό της αγοράς, αλλά πόσο αξίζει το ακίνητο. Έτσι σε πρόσφατη μας ενημέρωση από πελάτη μας στην Λάρνακα. Read Article

 

Παράδειγμα από Ελλάδα;

31/08/2017

Ελληνική σημαίαΟ τουρισμός μας πάει καλά με εισοδήματα για την Κυπριακή οικονομία πέραν των €3.0 δις. τον χρόνο. Ταυτόχρονα όμως παρατηρούμε και τα περίεργα των υπερχρεώσεων, μη έκδοσης αποδείξεων, χαμηλής ποιότητας προϊόντα και υπηρεσίες και άλλα διάφορα, τα οποία είτε παρατηρούμε αυτοπροσώπως/είτε από καταγγελίες που βλέπουν το φως της δημοσιότητας. Δυστυχώς οι καταγγελίες είναι ελάχιστες, ιδιαίτερα από ξένους, διότι ποιος θέλει να εμπλακεί σε τέτοια διαδικασία που ίσως να καταλήξει και στα δικαστήρια ...  Read Article

 
Office News & Activities
  • On 4.10.2017 we had an interview with the U.S.A. Embassy which is examining the real estate market. Most useful exchange of ideas.

  • A most odd situation arose when a hotel was sold and money exchanged and after one year the original owner is asking for compensation due to a low sales price. We are called to intervene in order to find a solution.

  • Some real estate owners are still living in the past, notwithstanding the financial distress and the downward of prices for most type of real estate.

  • New sales staff hire for Larnaca which will help the understaffed Larnaca office increasing the number to 4.

  • Negotiations are ongoing with a British Fund to invest in a large scale student hall in the Nicosia area. Most interesting specs requirement by the fund which is already operating similar projects in the U.K.

 

 

Featured Properties for sale in Nicosia

Strovolos

Ag. Omologites - Eng. School

Aglantzia

4 Bedroom Detached House in Strovolos for sale, Nicosia

3 Bedroom whole floor apartment in Agioi Omologites for sale

3407m² Commercial / Residential Plot in Aglantzia for sale

4 bed House €950,000
Covered 310 m²
Covered Verandas 40 m² 
Plot 660 m²
Maid's ensuite house

Apartment Building 2,100,000
Covered  1,092 m² + Basement
Geothermal C/H, VRV
Wired network
throughout
3 wholefloor apts €700,000 each

Res. / Com/cial Plot 750,000
Plot 3.407
Planning Zone EB5
Coverage  50%, Build 120 %
Maximum Floors 3

 

Featured Properties for sale in Limassol

Agios Athanasios

Limassol Marina

Panthea

5 Bedroom Villa in Agios Athanasios for sale, Limassol

3 Bedroom beachfront Apartment in Limassol Marina for sale

Building Plots for Sale in Panthea, Limassol

5 bed villa €1,300,000
Covered 380 m²
Plot 1,098 m²
Swimming pool 5x10 m
Maids quarter

3 bed Apartment €1,500,000
Covered  135 m²,
Beachfront
Panoramic view of the marina

2nd floor of Thetis complex

Residential  Plot €280,000
Plot 634 m²
Planning Zone Ka9
Coverage  25%, Build 40 %
Maximum Floors 2

 

Featured Properties for sale in Famagusta

Protaras

Protaras

Cape Greco

Three Bedroom Villa in Protaras for sale

Two Bedroom Apartment in Protaras for sale

Cape Greco Tourist Plot in Protaras for sale

3 bed Villa €452,550
Covered 219m²
Covered Verandas 16m² 
Plot 274 m², 300 m from beach
Under construction, 2019

2 bed Apartment 300,000
Covered 83
Uncovered 8
Resale, 2014
Second line to the sea

Building Plot €975,000
Plot 4.878 m²
Planning Zone Tourist PK
Coverage 20%, Build 20%
Maximum Floors 2

 

Featured Properties for sale in Paphos

Neo Chorio

Kato Paphos

Armou

3 Bedroom beachfront Villa in Neo Chorio for sale

2 Bedroom Luxury Apartment in Kato Paphos for sale

5,086 m² Residential Field for Sale in Armou

5 bed Beach Villa €695,000
Covered 168 m²
Covered Veranda 17 m²

Uncovered 60  m²
Plot 602 m²
Beachfront

2 bed Beach Apt 1,980,000
Covered 182
Covered Verandas 29
Resale, 2014
Beachfront

Exclusive, gated development

Residential Field €375,000
Plot 5.086 m²
Planning Zone P1,
Coverage 15%, Building 15%
Max Floors 2
With Road, Water, Electricity

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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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Antonis Loizou & Associates
Head Office | 68A Kennedy Avenue | 1076 | Nicosia | Cyprus
Tel: +357 22 477 600 | Fax +357 22 428 681
www.aloizou.com.cy | www.aloizou.ru

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