Company Profile

Antonis Loizou & Associates is a professional firm of Chartered Surveyors offering valuation, 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 31 years. The firm employs 55 members of staff across 7 offices in Cyprus and Romania, and is one of the leading real estate advisors for corporations, finance houses, as well as the local government and individual members of the public.       About us
 

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Issue 30,
November 2011

Cyprus Economy

• Euro area annual inflation was 3.0% in October 2011, unchanged compared with September. A year earlier the rate was 1.9%. Monthly inflation was 0.3% in October 2011. For Cyprus the annual inflation rate for October was at 3.20%, compared to a 2.70% in September 2011.

• The euro area (EA17) seasonally-adjusted unemployment rate was 10.2% in September 2011, compared with 10.1% in August. It was 10.1% in September 2010. For Cyprus, seasonally -adjusted unemployment rate was at 7.8% for September 2011, compared to 7.5% in August.
• GDP increased by 0.2% in both the euro area (EA17) and the EU27 during the third quarter of 2011, compared with the previous quarter, according to flash estimates published by Eurostat. For Cyprus, GDP decreased by -0.6% , during the third quarter of 2011  compared with the previous quarter.

• According to the Best Countries for Business annual survey published by Forbes in October, Cyprus was ranked 28th out of 134 countries. Cyprus dropt from 22nd to 28th place, but ranked first in the world for personal freedom and second for monetary freedom. Full list as below:

 (Source: Forbes Best Countries for Business)

Cyprus Property Market

• According to the latest Residential Property price Index released by the Central Bank of Cyprus, a reduction of 0,9% in residential property prices (apartment and house prices) was recorded in the second quarter of 2011 compared with the first quarter of the same year. The respective annual reductions in house and apartment prices during the same period were 1,0% and 0,8%. The largest reductions in house prices were registered in Paphos (2,3%) and Larnaca (1,8%). The largest reductions in apartment prices were registered in Famagusta (3,5%) and Paphos (2,5%), respectively.

(Source: Central Bank of Cyprus) 

Download CB Index (, 3 MB, 4 pages)

• RICS Cyprus have published their latest Cyprus Property Index Q2 2011. According to the index, during the second quarter of 2011 Cyprus’ economy and banks in particular, bore the consequences of the decoupling of the Greek economy. This led to a loss of optimism as discussions by parliamentarians and government officials escalated as to the measures that the government should take in order to reduce its expenditure. Q2 2011 RICS Cyprus Property Index

• Building permits for the month of August  2011 reached 478, according to the latest figures issued by the Statistics Department.  The total value of these permits is estimates to be €113,7 million and the total area 130,1 thousand sq.m.. An estimates 403 new dwellings are to be errected. Building permits constitute a leading indicator of future activity in the construction sector.

Global Property Market & Economy

• The head of the International Monetary Fund (IMF), Christine Lagarde, has warned that the global economy is at risk of being plunged into a "lost decade". Ms Lagarde said the ongoing debt crisis in Europe has resulted in an uncertain outlook for the global economy. The IMF chief added that whilst efforts to solve the crisis were heading in the right direction, more needed to be done to restore confidence. Speaking in China, Ms Lagarde called upon Beijing to rebalance its economy. "Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand," she said. "We could run the risk of what some commentators are already calling the lost decade," Ms Lagarde added.

• Construction spending in the U.S. rose in September for as second month as gains in private projects outpaced a drop in government outlays. Building outlays increased 0.2% after jumping 1.6% in August, Commerce Department figures showed. “Construction spending is rising from a very, very low level, but it does look like we’ve established a base,” Christopher Low, chief economist at FTN Financial in New York, said before the report. “Residential construction is at least stable, but there’s no real growth there.”  Non-residential projects climbed 0.3 percent to $273.5 billion (€206.6 billion), the highest level since December 2009. Health care facilities and transportation networks led

•  According to the latest Halifax House Price Index , house prices in the three months to October were 0.3% lower than in the preceding three months. This measure of the underlying trend has turned negative for the first time since June. On a monthly basis, house prices increased by 1.2% in October. This continues the highly mixed pattern of monthly price movements this year. There have been five monthly rises, four falls and one month of no change. The average UK house price in October was marginally higher than at the end of last year. The average price in October was £508 (or +0.3%) higher than in December 2010 on a seasonally adjusted basis, at £163,311.the gain in non-residential work.

• Italy has been forced to pay record interest rates in a 10bn euro auction of treasury bills. The rate of interest for the new debts due to be repaid in six months was 6.5%, compared with 3.5% in the last comparable sale on 26 October. The rate for two-year borrowing was 7.8%, up from 4.6% last time. The Bank of Italy stressed that demand for the bonds had been high, with demand for the debts outstripping supply by 50%.

• Russia's Central Bank (Bank Rossii) will hold the refinancing rate at 8.25% when it meets today after two increases this year, according to all 24 economists in a Bloomberg survey. The overnight auction- based repurchase rate used to provide banks with cash will stay at 5.25 percent, while the overnight deposit rate, used to withdraw liquidity, will be kept at 3.75 percent, according to two separate surveys. The world’s largest energy exporter is trying to cap inflation at 7 percent this year, the lowest year-end level since the Soviet Union collapsed in 1991. The ruble’s depreciation since August may fan price growth next month as commodity exports power economic growth above 4 percent, which “isn’t bad,” Ignatiev said last week.

• Euro zone finance ministers are ready to sign off on a critical 8 billion euro payment to Greece at their next meeting at the end of November, the president of the European Council, Herman Van Rompuy, said. After meeting newly appointed Greek Prime Minister Lucas Papademos, who reiterated his determination to implement all the budget measures demanded by the EU and IMF, Van Rompuy said the EU stood ready to help. "The Eurogroup should be in a position to agree in its next meeting on the disbursement of the sixth tranche of the Greek loan," he said, referring to the next installment of a total of 110 billion euros of loans agreed for Athens last year.
 

English Articles of the Month

More Good News for Home Buyers (VAT) 30/10/2011 Last week the House has approved a Bill, which will make happy numerous buyers. Firstly the V.A.T. on houses which have a 15% VAT, they will have a 5% only VAT. This refers to homes (less than 275 sq.mts.) and it refers to the permanent residence (on the quite it is “understood” that it will cover holiday homes – not rent out but the permanent residence of the buyer while he is here – to be verified). Before the introduction of the new Bill, the 15% VAT was charged, but after the house delivery and occupation for a period (say 6 months),  ...Read Article   Illegalities + Votes 23/10/2011 Every time that there is a vote of some sort (local or national) there is a spree of illegalities that it is quite notable regarding building development. Most towns and municipalities have their own authority to ask for an issue of a demolition order or a stop order for illegal structures. The Mayor/Council is elected by locals, who, with their immediate family amount to a good percentage of votes. Bearing in mind the narrow difference by a few votes in elections, this is quite important. So, we note that voters of any municipality carry out illegal extensions etc, without fearing necessarily any action from the local authority. Those areas which ...Read Article   Projects & Projects 16/10/2011 It never cease to amaze us the euphoria which exists in the real estate market by certain groups, which keep announcing very large scale projects, unrelated to the Cyprus scale of things. Notwithstanding the downturn of the real estate market and its not immediate positive prospects, we have read through the Cyprus Chamber of Commerce, a list of large scale (36 in number) which has been announced. These projects in addition to the two new marinas (Larnaca and Ayia Napa) include 6 (six) new golf courses and several comprehensive development projects running into hundreds of millions. The first question is, do these promoters ...      Read Article

More Good News Coming?	09/10/2011
We have reported recently the extension of the Building Amnesty submission date from 7.10.2011 to 6.4.2012, as well as the troublesome sworn statement at the district court which is now out. Having lobbied the Minister of the Interior and other organized bodies, we feel we had a role to play in this. Also the cooperation of an architect is no longer required (provided the applicant knows what he is doing), only a signed statement by the applicant himself.  This is more easy for locals than foreign buyers and we hope that the Ministry of Interior has the declaration of intend forms printed at least in English.                                                            Read Article

Good News	2/10/2011
It appears that the Government has decided to extend the Building Amnesty date by a further 6 months i.e. from 7.10.2011 to 7.4.2012 (the new law is expected to be approved with a week or so). The period that the law was originally approved on 4/2011, just before the summer holidays, the Electricity Station explosion and the other events, it seems that it has drawn the attention of the public in other directions than the Building Amnesty. For this reason and up to end of September (7 days before the deadline) only 2.500 applications were submitted notwithstanding the 120.000 non title issued properties.                                                                Read Article

Greek Articles of the Month

Μείωση Φ.Π.Α. + Άλλα μέτρα ενίσχυσης της Αγοράς Ακινήτων	30/10/2011
Θα θέλαμε να συγχαρούμε την Βουλή για την ψήφιση της πρότασης μείωσης του Φ.Π.Α. από 15% στο 5%. Άνκαι φαίνεται μεγάλη η μείωση αυτή, εντούτοις δεν είναι τίποτε καινούργιο μια και που αναφέρεται σε μόνιμη κατοικία που ο δικαιούχος και προηγουμένως έπαιρνε πίσω το 10% από το 15%. Βέβαια ενώ πριν ο αγοραστής/ο ιδιοκτήτης ανέγερσης της ιδιόκτητης του κατοικία έπρεπε να εξεύρει το πρόσθετο 10% και μετά να το πάρει πίσω, τώρα αυτό δεν χρειάζεται, μειώνοντας έτσι την ανάγκη εξεύρεσης πρόσθετων κεφαλαίων και/ή δάνειο. Επίσης η μείωση καλύπτει κατοικία έστω και εάν ο αιτητής έχει και άλλες κατοικίες, αρκεί η αίτηση να γίνεται για την  ... Read Article

Πλάτρες + Πλάτρες	23/10/2011
Η ελκυστικότητα του χωριού Π. Πλάτρες είναι δεδομένη. ΄Ισως το πιο όμορφο ορεινό χωριό της Κύπρου, που το προίκισε ο Θεός με εξαιρετική φύση, κάτω από το Τρόοδος, με τους πολυάριθμους καταρράκτες και χιλιόμετρα από περιπατητικά μονοπάτια, κάνει το χωριό αυτό αξιοπρόσεκτο για φυσιολάτρες και άλλους. Η δημοφιλότητα του χωριού έχει αυξηθεί τον τελευταίο καιρό, τόσο λόγω και της αύξησης της θερμοκρασίας/υγρασίας στις παραλιακές πόλεις, όσο και διότι τράβηξε την προσοχή και από ξένους. Στο χωριό αυτό εκτός από τους αρχικούς Βρετανούς που έχουν κατοικίες, η νέα αγορά για το χωριό είναι οι Ρώσοι. Γνωστός Ρώσος      ... Read Article

Πολεοδομική Αμνηστία και Επιφυλάξεις	16/10/2011
Είναι δεδομένο ότι ο ρυθμός έκδοσης των τίτλων ιδιοκτησίας έχει αυξηθεί κατά πολύ, ικανοποιώντας έτσι αρκετούς ντόπιους και ξένους αγοραστές. Η αμνηστία θα αυξήσει ακόμη περισσότερο τον ρυθμό αυτό, επιφέροντας κάποιου είδους απάμβλυνση στην δυσφήμιση της Κύπρου στο εξωτερικό (και όχι μόνο). Είναι προσεκτό όμως, ότι από τους εκδοθέντες τίτλους, μόνο το 22% των ενδιαφερόμενων/αγοραστών ενδιαφέρονται για μεταβίβαση. Τούτο είναι μεν         ... Read Article

Μείωση Μεταβιβαστικών;	9/10/2011
Είναι δεδομένο ότι ο ρυθμός έκδοσης των τίτλων ιδιοκτησίας έχει αυξηθεί κατά πολύ, ικανοποιώντας έτσι αρκετούς ντόπιους και ξένους αγοραστές. Η αμνηστία θα αυξήσει ακόμη περισσότερο τον ρυθμό αυτό, επιφέροντας κάποιου είδους απάμβλυνση στην δυσφήμιση της Κύπρου στο εξωτερικό (και όχι μόνο).                                                            ... Read Article

Μα τι γίνεται κ. Έπαρχε της Αμμοχώστου;

2/10/2011

Προ δύο μηνών αναφερθήκαμε σε 3 εμπορευματοκιβώτια τα οποία τοποθετήθηκαν στον Πρωταρά, εντός της ζώνης προστασίας της παραλίας και επί της παραλίας, 200 μέτρα βόρεια από το κέντρο Γιάννα Μαρί. Τοποθετημένα σε γραμμή, έχουν και τα τρία μετατραπεί σε εξοχικές κατοικίες επενδυμένες με πέτρα/ ξύλινους κορμούς τύπου cow-boy, επεκτάθηκαν με πέργολες, τοποθετήθηκε γρασίδι κλπ, χωρίς δρόμο, χωρίς νερό, χωρίς ρεύμα και χωρίς αποχέτευση (μολύνοντας την παραλία) προταγμένα κατά μήκος του πεζόδρομου-στολίδι του Πρωταρά, προς πλήρη θέα ντόπιων και ξένων.                                                                             Read Article

Οικονομικοί Δείκτες Ευρωπαϊκής Ένωσης & Κύπρου

Η παγκόσμια οικονομική κρίση του 2008 που ως γνωστό ξεκίνησε από το χρηματοπιστωτικό τομέα των ΗΠΑ και «μόλυνε» όλες σχεδόν τις οικονομίες του κόσμου, εντάθηκε το 2009 και 2010, και συνεχίζει να αφήνει τα σημάδια της κατά το 2011, ανάλογα με τις ιδιαίτερες κοινωνικές πολιτικές και οικονομικές συνθήκες που επικρατούν σε κάθε χώρα. Σύμφωνα με τις εκτιμήσεις του ΔΝΤ, η παγκόσμια οικονομία θα παρουσιάσει για το 2011 ανάπτυξη γύρω στο 4%, γεγονός που οφείλεται κυρίως στις αναδυόμενες οικονομίες BRIC (Βραζιλία, Κίνα, Ρωσία και Ινδία).

Οσον αφορά την ευρωπαϊκή οικονομία οι πιο πρόσφατες εκτιμήσεις δίδουν ρυθμό ανάπτυξης 1,5% στην Ευρωζώνη και 1,7% στην Ευρωπαϊκή Ενωση (ΕΕ). Για το 2012 προβλέπονται ρυθμοί ανάπτυξης 1,8% και 1,9% αντίστοιχα. Η ανεργία εξακολουθεί να παραμένει ένα από τα πιο σοβαρά προβλήματα της ευρωπαϊκής οικονομίας.

Η παγκόσμια κρίση έχει επηρεάσει σημαντικά και την κυπριακή οικονομία. Οι συνέπιες ήταν αισθητές το 2011 και επιδεινώθηκαν με τα τραγικά γεγονότα στο Μαρία. Έτσι ενώ στα μέσα του χρόνου ο ρυθμός ανάπτυξης υπολογίζετο στο 1.5%, μετά την 11 Ιουλίου η πρόβλεψη αυτή αναθεωρήθηκε προς τα κάτω (0,5%)

Σας παραθέτουμε πιο κάτω δυο πίνακες με Βασικούς Οικονομικούς Δείκτες για τις χώρες της Ευρωζώνης αλλά και της Κύπρου.

 
(Πηγή: Γραγείο Προγραμματισμού ΠΕΟ, Γραφείο Ερευνών & Μελετών ΠΕΟ ))

Our News

Exhibitions in Russia

Antonis Loizou & Associates have joined forces with 3 leading firms within their field to exhibit ‘REAL ESTATE AND DOING BUSINESS IN CYPRUS’ in Moscow and St Petersburg. These two shows are renowned as being the biggest in Russia and attract copious amounts of perspective investors, holiday home owners and businesspeople alike, interested in a move to sunny Cyprus.

The team includes the Hellenic Bank, who are one of the largest banking Institutions in Cyprus and provide Finance of Real estate and Business loans. The International Auditors and Business consultants KPMG who can advise on all aspects of setting up a business in Cyprus offering audit, tax, advisory and accounting services. The final part of the jigsaw is the distinguished International law office of Andreas Neocleous & Co which is an acclaimed Cyprus law firm with top notch lawyers and other experts on all legal matters about Cyprus / EU and international law with branches in Russia and several of the ex-Eastern bloc countries.

Peter Christofi, Overseas Marketing Manager for Antonis Loizou & Associates commented “As a group collectively, we are afforded the opportunity of being able to offer any advice or assistance pertaining to queries regarding any aspect of making a move to Cyprus. We have been inundated with visitors who saw the constructiveness of a ONE STOP SHOP”



Εκθέσεις στην Ρωσσία

Το γραφείο Αντώνης Λοΐζου, η KPMG, το δικηγορικό Ανδρέας Νεοκλέους και η Ελληνική Τράπεζα έλαβαν μέρος σε δύο εκθέσεις σε Μόσχα και Αγία Πετρούπολη με σκοπό να παρουσιάσουν την «ακίνητη περιουσία και την Επιχειρηματική δραστηριότητα στην Κύπρο».

Οι δύο εκθέσεις, θεωρούνται οι μεγαλύτερες στη Ρωσία και προσελκύουν επενδυτές ακινήτων και επιχειρηματίες που ενδιαφέρονται για μία τέτοια κίνηση προς την Κύπρο.

Ο Πήτερ Χριστοφή διευθυντής μάρκετινγκ εξωτερικού του γραφείου Αντώνης Λοΐζου σημείωσε πως πλέον υπάρχει μία πλήρης ομάδα που προσφέρει συμβουλές και βοήθεια σχετικά με απορίες που προκύπτουν για μία πιθανή επενδυτική κίνηση προς την Κύπρο.

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