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The Era of skyscrapers and the old testament
Antonis Loizou, FRICS
Over the last year, the first skyscrapers in numbers appeared in the Cyprus horizon and we must say that in total they are quite impressive. The fast rate of sale, in most cases is in cash without loans is encouraging others to follow. As an estimate there are in the market and those on the pipe line in the immediate future, in total approximately 1.000 units (all over Cyprus). The vast majority of these buildings are in Limassol, but two more are under way in Nicosia (and one pending), as well as one in Paphos and one in Larnaca.
Poseidonos Avenue (Paphos) and Others
Antonis Loizou, FRICS
The centre of the tourist/visitor area is Kato Paphos and especially the seaside road Posseidon avenue. There is not a single visitor who will not walk along the avenue with the top attraction mainly the span between the Castle and the so called Municipal Baths. This centre of visitors is under constant improvement by the Municipality and Government, as well as by the industry. The area has all going for it, including and in addition to the Castle, the mosaics ancient city and theatre, ample parking and now with the beach improvement under way with the completion of the breakwaters up to the C.T.O. cafe, will add to its attraction (the completion of the new Kanika Hotels and the long awaited EDEM project in addition).
The new President - Anything Changed?
Antonis Loizou, FRICS
So after a long battle regarding the elections of the new president of the Republic, we have a “new” president Mr N. Anastasiades. This right wing politician had to make all sorts of compromises in order to attract floating voters and others (around 25%) and in his efforts to do this, he has made all sorts of promises regarding subsidies and handouts, that it reminded us of the ex-president Christofias (left wing-Communist) who in his efforts to become more popular had the Cyprus economy almost reaching to bankruptcy.
Is the Auditor General a good thing?
Antonis Loizou, FRICS
It is by general acceptance that the existing Auditor General is doing a good job. He seems to be very particular with details and he has no reservations to publish his findings (sometimes earlier and before the full investigation is completed) and referring cases to the Attorney General for legal action. As we said it seems that he is doing a good job and he is the only Auditor General that is exposing the wrong doings of the Republic over the last 58 years.
VAT & Villas to Let?
Antonis Loizou, FRICS
Residential lets are exempted from the 19% VAT charge, but then this directive goes on to say that if the landlord carries out a business activity, he might most likely be responsible to charge it. You do appreciate that the 19% VAT charge is high, so if villa/apartment owners let their units out as a business e.g. seasonal lets (villa to let) as well as AirBnB, will they not be liable for the VAT charge?
VAT & Understanding
Antonis Loizou, FRICS
We are at a loss dear readers what are the new VAT provisions all about. We have read the law over and over again and we have attended one lecture on the subject given by one of the international auditors, but we still cannot profess that we understand fully the provisions. What we are somewhat clear about (not 100%) and a subject which may be of particular interest to foreign residents regarding rentals and land purchase is as follows:
Managing Foreign Real Estate Sales
Antonis Loizou, FRICS
It is a fact that foreign real estate sales which represents ±25% of the total in terms of numbers and around 50% in terms of value, has had a most positive contribution to the local building industry and by projection to the Cyprus economy. This sector together with the tourism upturn has created a new era of confidence in real estate investment. As the tourist industry needs organization and planning, so the real estate foreign sales requires careful and targeted planning, since this sector is much less elastic than tourism and disappointed real estate clients will not likely return soon (unlike tourists).
Alternative Resale Procedures
Antonis Loizou, FRICS
The main market in housing is the resales, that is individuals who wish to sell their homes. If a title in hand this is simple because you just transfer the title deed and all is finished.
Swimming Pools - Confusion
Antonis Loizou, FRICS
There is a huge and serious confusion whether a swimming pool is private or public. The prevailing regulations (even this is not clear) stipulate that a pool is considered as being public if it serves more than 10 units. In addition and so there is no further confusion, a public pool must be provided with men/women w.cs., first aid room, showers, lockers and the provision of a qualified lifeguard during the pools’ operation, whereas the local authority should regularly inspect the pool and provide certificates of the water quality and the management of the pool as a whole.
Who is responsible at the end?
Antonis Loizou, FRICS
We note several reports regarding soil subsidence at various locations and the recent reports refer mainly to Armou village and in certain other locations.

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