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Issue 88, November 2017

The number of unemployed drops

EmploymentThe number of unemployed person in Cyprus in October 2017 dropped by 7.270 persons or 21.6% in relation to October 2016, according to a press release issued on Friday by the Statistical Service of Cyprus.

The unemployed persons, registered at the District Labour Offices on the last day of October 2017, reached 26.436, which is the lowest level since May 2011.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for October 2017 decreased to 31.228 persons in comparison to 32.036 in the previous month.

The reduction in the number of unemployed persons was mainly observed in the sectors of construction (a decrease of 1.332 unemployed persons), trade (a drop of 1.286), public administration (a reduction of 973), accommodation and food service activities (a decrease of 771), financial and insurance activities (a decrease of 625), manufacturing (a decrease of 620) and to newcomers in the labour market (a decrease of 686).

Full Article StockWatch, 6 November 2017

Home prices up says Cyprus Central Bank

Cyprus Central BankHome prices in Cyprus (houses and apartments) recorded a quarter-on-quarter increase of 0.5 per cent in the second quarter of 2017 according to the Cyprus Central Bank’s latest Residential Property Price Indices.

THE CENTRAL Bank of Cyprus reports that home prices, which include apartments and houses, increased 0.5 per cent in the second quarter of 2017 compared with the first quarter in its latest Residential Property Price Index.

Full Article  Cyprus Property News, 10 November 2017

Download the index (in Greek) (PDF)

 

Autumn 2017 Economic Forecast - Cyprus

Autumn 2017 Economic Forecast CyprusThe euro area economy is on track to grow at its fastest pace in a decade this year, with real GDP growth forecast at 2.2%. This is substantially higher than expected in spring (1.7%).

The EU economy as a whole is also set to beat expectations with robust growth of 2.3% this year (up from 1.9% in spring).

According to its Autumn Forecast released, the European Commission expects growth to continue in both the euro area and in the EU at 2.1% in 2018 and at 1.9% in 2019 (Spring Forecast: 2018: 1.8% in the euro area, 1.9% in the EU).

For Cyprus, economic growth has exceeded expectations in recent quarters. It is forecast to reach 3.5% in 2017 and to ease but remain robust over 2018 and 2019.

Domestic demand is expected to be the main growth driver. Unemployment is set to continue falling and inflation is expected to remain moderate.

On thefiscal side, headline surpluses are expected between 2017 and 2019, underpinned by a favourable macroeconomic environment.

Press Release  European Union, 9 November 2017

Download the publication for Cyprus (PDF)

 

PwC: Cyprus Real Estate Market | First Half |2017

Finance Minister Harris GeorgiadesDevelopments in the Cyprus real estate sector and the important changes in International Financial Reporting Standards (IFRS) and tax legislation that affect the sector were the focus of an event organised by PwC Cyprus in Limassol on 7 November.

During the event, PwC Cyprus also unveiled its second publication on the Cyprus land development market entitled “Cyprus Real Estate Market – First Half 2017”. The publication, which is aimed at individuals and companies interested in developing, investing in, buying or selling or renting real estate, is a rich source of information for the better understanding of the current state of the sector as it analyses all the parameters concerning a property geographically and by time period, as well as by type

Press Release  PwC, 7 November 2017

Download the publication (PDF)

 

Parliament approves VAT on building land bill

Parliament approves VAT on building land billPARLIAMENT on Friday 3/11 approved a bill imposing 19 per cent VAT on the sale of building land, fulfilling an EU condition some 10 years after the original deadline.

The bill passed with the votes of 26 MPs from DISY, DIKO, Solidarity, and the Green Party. Eighteen MPs from AKEL, EDEK, ELAM, and one MP each from DIKO and Solidarity, voted against. The law in question should have been passed by January 1, 2008 and delays prompted the EU Commission to warn Cyprus repeatedly with stiff fines. The new law will come into force on January 2, 2018.

Full Article  Cyprus Mail, 3 November 2017

 

More efforts needed to reduce NPLs

DANIELE NOUY, Chair of the European Central Bank’s Supervisory Board, has called for additional and persistent efforts to bring about a sustainable reduction of the extremely high stock of non-performing loans (NPLs) plaguing the Cypriot banking system.

In an interview with the Cyprus News Agency (CNA), Nouy acknowledged the progress made by the island’s commercial banks to reduce NPLs but noted that NPLs in the Cypriot banking sector remain at extremely high levels, while progress was uneven across banks.

Full Article Cyprus Property News, 16 October 2017

Economic growth to accelerate

IMF - International Monetary FundEconomic growth in Cyprus will accelerate even more in 2017 and 2018, University of Cyprus’ Economic Research Centre said, significantly upgrading its previous projections issued in July.

In the November Economic Outlook, the ERC said the Cypriot economy will expand with 3.6% and 3.3% in 2017 and 2018 respectively compared with 3.0% and 2.7% in the respective Outlook of November. 

The ERC also upgraded its projections for economic growth in this year’s third and fourth quarters, now projected to reach 3.6% and 3.7% compared with 2.9% και 2.8% in the July projection.

“Real economic activity in Cyprus is expected to continue to expand strongly in 2017 and 2018,” the ERC said.

Full Article  Stockwatch, 6 November 2017

Download the report (PDF)

 

Cyprus property sales up 21% in October

Property sales in Cyprus rose 18 per cent in October compared with October 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 rise of 8% in September, a 27% rise in August and an 18% rise in July. During October a total of 768 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 634 deposited in October 2016.

Full Article  Cyprus Property News, 2 November 2017

 

RICS: Cyprus property prices on the rise

Cyprus property prices are continuing to rise, according to the thirty-first publication of the RICS Cyprus Property Price Index with apartment and house prices maintaining a steady growth.

Full Article  Cyprus Property News, 15 November 2017

Download the Index Q2 2017 (PDF)

Cyprus Economy & Property Market

Global Property Market & Economy

Revenue from tourism increases:
06/11/2017, Stockwatch
Revenue from tourism reached €423.6 mn in August 2017 compared to €392.2 mn in the corresponding month of the previous year, recording an increase of 8%, on the basis of the results of the Passenger Survey, published by the Statistical Service of Cyprus.

Property Lending Barometer 2017
12/10/2017, KPMG
The 8th edition of KPMG's comprehensive survey, which measures the sentiment for bank financing in the real estate sector in 17 countries across Europe.

Aristo Developers Issues Over 500 New Title Deeds in 2016
12/10/2017, Gold News
Considering the importance of the issuance and transfer of titles deeds, Aristo Developers has informed its customers and the general public

Loan Restructurings Decline Their Lowest Level This Year
08/11/2017, Gold News
As the banks enter into the more difficult cases of non-performing exposures (NPEs), which in July declined marginally to €22.63 billion, marking a reduction of 0.06 billion compared with the previous month

VAT returns and refunds
31/10/2017, Elias Neocleous LLC
One of the current priorities for the Cyprus Tax Department is to modernise the administration of the tax system, moving away from a paper-based system to a more streamlined electronic system for submitting returns, and for making payments and refunds, both for direct taxes such as income tax and Special Contribution for Defence, and for VAT.

New tax residence provisions for individuals
31/10/2017, Elias Neocleous LLC
In a major development, in July the government introduced a new route to tax residence for individuals, via Law 119(I) of 2017.

Cyprus leads European citizenship by investment schemes
31/10/2017, Elias Neocleous LLC
In a recent analysis of citizenship by investment schemes carried out by Professional Wealth Management, part of the Financial Times group, Cyprus was assessed to be the leading European country.

Personal transfers from Cyprus €494 mil
13/11/2017, StockWatch
In 2016, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €30.3 billion, compared with €31.3 bn in 2015.

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 6291

The EU General Data Protection Regulation
31/10/2017, Elias Neocleous LLC
The EU General Data Protection Regulation (“the GDPR”), which was approved on 14 April 2016, is the biggest change in data protection law for 20 years.

Germany overtakes UK as top location in Europe for real estate investors: study:
01/11/2017, The Local
Thanks to Brexit, metropolises in Germany now have the greatest potential for development in all of Europe, according to a new study. But, while this might be good news for investors, it means that tenants face higher rents.

Kennedy Wilson and Kennedy Wilson Europe Real Estate Plc Complete Merger, Creating $8 Billion Global Real Estate Company:
20/10/2017, BUSINESS WIRE
Global real estate investment company Kennedy-Wilson Holdings, Inc. announced the completion of its merger with Kennedy Wilson Europe Real Estate Plc. The transaction creates a leading global real estate investment and asset management platform with an $8 billion enterprise value.

BMO Real Estate buys Italian high-street retail properties for €150m:
23/09/2017, IP Real Estate
BMO Real Estate Partners’ pan-European real estate fund has acquired two luxury retail properties in Italy for €150m.
The asset manager said the first property, which was acquired from the Kering Group in a sale-leaseback transaction, comprises a 1,500sqm recently refurbished grade-A high street retail property in Milan.

Guangzhou Rises to Top of Global Luxury Real Estate Market:
07/11/2017, Mansion Global
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.

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

 

Real Estate Sales in Cyprus

District

2017
(Oct.)
2016 2015 2014 2013
Nicosia 988

1031

749 748 709
Limassol 2314

2496

1566 1417 1049
Larnaca 1008

1360

1072 794 604
Famagusta 407

436

324 330 241
Paphos 1574

1740

1241 1238 1164
TOTAL 6291

7063

4952 4527 3767
Source:
Department of Lands and Surveys:

Total number of registered contract of sales

Articles in English that you might have missed

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Residential Rents on the up

22/10/2017

For Rent SignThe post 3/2013 disaster, has brought about a change of the rental scene of real estate. Between the period 2013-2015 very little number of buildings were developed causing nowadays some sort of shortage for most type of investments. This coupled with the beginning of a revival of the economy (2015) and the availability of finance, caused an increasing demand (be it very slow) for purchasers of real estate. However demand for purchase is still low and this has caused demand to be directed from purchase to ... Read Article

 

Freehold or Long Leasehold Home?

15/10/2017

Freehold or Long Leasehold Home?We are surprised by the response of an article we wrote in the Greek press regarding quality retirement homes with full facilities based on the American model. In our article we referred to that this type of housing units may take a period of 10-15 years to come about for locals in Cyprus, since the family ties are not what they used to be and parents/children may not have time for each other to the extent that they had before. However based on the local readers response it seems that our estimate of 10-15 years time, is far  ... Read Article

 

We must help the financiers

08/10/2017

We must help the financiersIt will be a mistake to consider that our banks/financiers are doing okay, especially bearing in mind the increased strict standards that are introduced from time to time by the E.C. Bank.
We take this approach since we note now, that it is an election period, our MPs and political parties bid against each other who will offer the best reliefs to the debtors regardless.
Read Article

 

Elongating the Tourist Season & Real Estate Demand

01/10/2017

Cyprus TourismElongating the tourist season is most important for the real estate market which goes hand in hand with the tourist industry in terms of Cyprus popularity and for rental/income purposes, making such investments more attractive.

Read Article

 

 

Articles in Greek that you might have missed

 
Τοπικό Σχέδιο Παραλιμνίου - Απόψεις

22/10/2017

Δήμος Παραλιμνίου - ΛογότυποΠολύ ενδιαφέρουσα συνάντηση είχαν οι Δημότες του Παραλιμνίου για να εκφράσουν τις απόψεις τους για το υπό δημιουργία τοπικό σχέδιο του Δήμου. Δεν παρευρεθήκαμε διότι δεν θεωρούμαστε Δημότες άνκαι πιστεύουμε ότι δεν θα είχαμε ιδιαίτερο πρόβλημα να είμαστε εκεί - Λάθος μας εκ των υστέρων.

Read Article

 

“Ρωσικό Κόμμα” - Λόγος Ανησυχίας;

15/10/2017

Εγώ ο Πολίτης / Я - гражданинΤο παρόν δεν είναι πολιτικό άρθρο αλλά μια έκφραση των δικών μας σκέψεων σχετικά με το πιο πάνω θέμα. Μας προβληματίζει εάν αυτή η κίνηση εκ μέρους ορισμένων ατόμων μεν, αλλά με Ρωσική καταγωγή, κατά πόσον θα έχει επίδραση στην Κυπριακή οικονομία και κατ’ επέκταση με αντίκτυπο στον τομέα της Κυπριακής αγοράς ακινήτων. Read Articlee

 

Αναπτύξεις & Δένδρα

08/10/201177

Διαδήλωση διαμαρτηρίας για τα δένδραΜας κάνει εντύπωση πως τα διάφορα σχέδια ανάπτυξης διαφοροποιούνται μετά από απαιτήσεις διαφόρων ομάδων πίεσης. Για να ετοιμαστεί ένα σχέδιο ανάπτυξης, παρουσιάζονται μελέτες κατασκευής, περιβάλλοντος, ασφάλειας κλπ και ίσως να χρειαστεί και 2-3 χρόνια η ετοιμασία τους.
Ωραία και εύηχα τα συνθήματα εναντίον των έργων αυτών και θα ήταν χρήσιμο εάν αυτοί οι 50 άνθρωποι έβαζαν μια υπογραφή κάτω από την διαμαρτυρία τους ότι φέρουν την ευθύνη για ατυχήματα που θα προκύψουν ...
Read Article

 

Διαμέρισμα Πόλης Χρυσοχούς - Ξυπνήστε!!

01/10/2017

Google Maps: Πόλης ΧρυσοχούςΗ επικεφαλίδα αυτού του άρθρου μας είναι ηχηρή και στόχο έχει την αφύπνιση των κατοίκων της περιοχής για τα περίεργα δρώμενα που αποβαίνουν εις βάρος των κατοίκων.
Ξυπνήστε λοιπόν κάτοικοι του διαμερίσματος της Πόλης, οργανωθείτε και προβάλετε τις θέσεις σας με τεκμηρίωση με δική σας ομάδα συμβούλων και αναλάβετε μια εκστρατεία ενημέρωσης και διαμαρτυρίας, διαφορετικά θα παραμείνετε «πάνω στα γαϊδούρια» δυστυχώς ...  Read Articlee

 
Office News & Activitiessssss
  • It seems that the Lebanese ongoing crisis has caused Lebanese citizens to search for added investments and Cyprus seems to be a preferred place. The asking returns however are above the normal of 3%-4% that the Cyprus real estate market can offer.

  • An all-round meeting took place with a couple of the financiers in order to illustrate to them that in some cases it pays the bank to complete unfinished buildings themselves enhancing their security value and selling prospects. Financiers are cautions however on the increase of their total exposure.

  • The upsurge of demand has brought about an increase in asking prices for certain properties mainly by local sellers, reaching at time unreasonable levels.

  • The financial pressure that is exerted on N.P.Ls caused some worthy properties coming into the market for disposal.

  • We have had several meetings with Chinese visa agents who seem that they have high end investors directing their interest primarily for Larnaca. The increase in Chinese demand for Larnaca is notable, with a recent acquisition of a hotel and a top end luxury apartment tower with a sales price to Chinese in excess of €10.000/sq.m. The possibility of cancelling the passport incentives, seem that it got this type of investors on the move.

  • Cyfield has launched its 32 floor apartment building in Nicosia last week. A very impressing project and it is a bet where demand will be coming from.

 

 

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 whole floor apts for €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
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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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