No.177
Q.: Hi,
I am very interested in the new Larnaca development and would like more information on the project regarding what is for sale, shops and apartments mainly. please email me information on purchasing apartments and shops.

thank you
S.T.


A.: The negotiations have just started and I suspect it will take around 12 months to conclude. From thereon, we will expect another 2 – 3 years for the project to come into the market. The project will include shops, entertainment uses, offices, villas “within the sea” and apartments tower blocks. Patience is needed, I am afraid.
Yours faithfully,
Antonis Loizou F.R.I.C.S.


3/29295-td
19.10.09

Νο.178
Q.: Notwithstanding the state of the Cyprus property market, my wife and I have decided to build a project in Cyprus aiming for the Russian market. Could you give us guidelines what sort of housing we can build which is appealing to this market source and where?
Neny & Anthos Janerson

A.: An open ended question requiring as you can appreciate a fee payment. In order to give you a short reply, I will say this.
Preferable localities for the Russians is Limassol, Larnaca to follow, then Paralimni and then Paphos.
Russians like either on the beach (apartments/houses) or off the beach (villas) but with sea views. Average selling price for beach apartments €10.000/sq.m., villas around €15.000/sq.m. and off the beach villas around €4.000/sq.m. Bear in mind also that non E.U. citizens can have so much land so any villa you might build cannot exceed 4.000 sq.mts. in terms of land.
Regards,
A.P. Loizou


3/29297-td
20.10.09

No.179
Q.: We have a huge problem Mr Loizou. We live in a comprehensive development project and some people pay and some do not the common expenses. Our fund is in the red and I am called upon to cut the electricity supply of the common areas. Those who pay object and those who do not object as well Yet how am Ι going to find the €2.000 delayed electricity bill, which must be paid at the end of this month?
Elli Kaikki

A.: I am facing a similar problem with one of our projects. The best way is to reduce the electricity hours so, I hope, people who do not pay will get the message. It is beyond me why people do not pay the common expenses since what they are doing is damaging their own property and well living. It is a huge problem and I cannot give you a solid advice. Legal action is one way out (provided you have the authority to do it) not a good solution but an ultimate weapon to use. Imagine if you have no payment for the common sewage plant. If the plant shuts down, the whole project will be as being contrary to the “health” laws!!
Regards,
A.P. Loizou



3/29299-td
20.10.09

No.180
Q.: Any positive signs of revival of the real estate market Mr Loizou? I note what you say to “stick it out” and notwithstanding the fact that I am not under financial pressure, will the year 2010 will be a better time to sell?
J. Hills

A.: Things are getting better. Interest rates are going down, no new buildings to an extent are under development and the global situation seems to be going in the right direction. I must refer you to our previous articles to be found in our website. As supply of good property gets less and as circumstances improve, I will say mid/end 2010 we should be experiencing better times. Not a very distant future I must say.
A.P. Loizou

No.181
Q.: We have agreed to have a 4 x 8 mts. Pool and then we changed our mind and wanted to have a kidney shape pool, but with the same sq.m. of water surface. Yet the pool contractor asked us for another €3.000 extra. Do you think this is reasonable?
Dino & Marina Donaltinas

A.: It looks a bit much, but a kidney shape pool costs more due to the shape requiring more building works. It is up to you, but what is important in small pools is the length and not the shape. The longer the length for swimming the better. In your case around €2.000 extra should be inline.
Regards,
A.P. Loizou


No.182
Q.: Don’t you think that it does not make financial sense to buy a holiday home anywhere outside your own country, since this costs more than visiting the country of your choice 5-6 times a year. Why should one buy in Cyprus or in other country for this reason?
Hendersen Haifa

A.: Jokingly, I would say to you this Hendersen, submitted to you as a free translation of a local proverb. “Your car, wife and home does not make financial sense. It is better renting!! On a more serious note, when I am on holiday, I want to do whatever I want without set times. It is a matter of philosophy my dear friend. I will not exchange my Pissouri house for the best (Columbia Resort) suite, since I have my things there and the facilities of this lovely hotel are next door, as well as the numerous delightful villages around. At the end of the day, it is a matter how much spare cash for such luxuries in life you have.
Regards,
A.P. Loizou


3/29298-td

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