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Pano Platres - Why is it down?
Antonis Loizou, FRICS
We are informed that the local Platres council is to construct a 500 car underground parking at a cost of €10 mil. out of which €9½ mil. will be provided by the Government/E.U. We wonder if this will help out the village and we ask if this amount could not be used for the local hotels upgrading and completion of the local sewage installation-pending for the last 10 years (notwithstanding that locals pay for this service without having it)
This is how our embassies should work
Antonis Loizou, FRICS
The embassy of any country abroad is the mirror of the country back home. In the business world the embassies should promote business interest of the country that it is representing, keeping an eye on opportunities that the host country may offer regarding business back home. It should then be up to the locals (Cypriot) firms and those in the host country to get together. The embassies should try to deal with any problems that there are and host events in the host country with Cypriot firms and the host country representatives, keep an eye on developments and suggest to the Cyprus Government and especially the Ministry of Commerce what action local (Cypriot) firms to be undertaken.
Are we pushing the economy?
Antonis Loizou, FRICS
We have seen the announcement of the Minister of the Economy that we are out of the Troika measures and we could more or less follow our own way. And this, after Troika warned us that we are risking the economy we have not adhered with the lenders’ requirements, as yet, reporting that:
A worrying future - Passports/Visas
Antonis Loizou, FRICS
We believe that the measure for permanent residency visas with the purchase of a residential unit not less than €300.000 and the acquisition of a Cypriot passport with the total investment of €2.0 mil. (including house purchase of not less than €500.000) has met with an unprecedented success. According to the Ministry of Interior, approximately €1.7 bil. have been collected through this measure (since 2013), a large amount, which has helped start up the building industry, the economy and the implementation of grand projects, such as marinas and golf projects, malls etc.
Larnaca’s New Seafront
Antonis Loizou, FRICS
We have reported in this column recently, that, Larnaca, notwithstanding that it attracts from time to time large scale investors, their projects do not seem to go forward and are left with the announcements only.
Disappointed Foreign Investors
Antonis Loizou, FRICS
We spent a lot of time and effort as well as money in order to promote Cyprus as an attractive place for foreign investments. The various plusses for attracting foreign investors are known, but regarding projects which include real estate development (including hotels etc) carrying out the development from the theoretical part to actual execution there is a huge difference.
Has Nicosia a Real Estate Future?
Antonis Loizou, FRICS
Nicosia seems to be the poor relative of Cyprus’ real estate market and whoever invests in Nicosia’s real estate market, his chances of success as opposed to other towns are limited. We have this “New Country” named Limassol, which seems to attract most of the foreign investors, including even Nicosia town’s people who are showing an increasing interest for this town. Ayia Napa will benefit definitely by the under construction Marina (as well as that of Protaras), whereas Paphos with the golf courses, now with the Pafos Marina and the Chinese buyers activity, set out the foundation of future interest. Larnaca who was left behind, seems to be getting on the band wagon of improvement, with the small boutique hotels under construction and others at the planning state, whereas the airport is a major asset for the local economy. The Larnaca port is there, but it will happen at some time, when the Larnaca people decide what they want!!
Alterations to the VAT & Other
Antonis Loizou, FRICS
The new measures on the VAT stipulates that the 5% VAT (permanent residents) refer only up to 200 sq.mts. of the total house extent, whereas for each additional square meter, the difference is charged on the 19% VAT rate. The VAT discount assumes that the buyer must keep in his ownership and use the house for a period of at least 10 years. If he decides to sell, rent out etc, say after a period of 5 years, he will have to repay the Tax Authorities the 50% of the discount, if more than 5 years less etc.
Houses on Agricultural Plots in Cyprus
Antonis Loizou, FRICS
Up to the year 2013 agricultural plots could be developed with a single house, as long as the plot had access (public road or right of way). Since then with the new interpretation that the Planning Office gives, this potential was frozen and no permit for such development was allowed – i.e. house in agricultural zone areas.
Improving your Home
Antonis Loizou, FRICS
We refer to homes of the age of 30-40 years old which might need improvements to meet today’s standard of living, especially to those architect’s houses which were built at owner’s specifications and likes. This is particularly important if you have in your mind to sell it, immediately/or in the near future or not.

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