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Issue 81, March 2017

KPMG: Cyprus among the biggest losers of Brexit

Finance Minister Harris GeorgiadesAlong with Ireland, Malta and Luxembourg, Cyprus is in the group of countries that stand to lose the most from worsening Britain-EU relations after a Brexit, says Yael Selfin, KPMG’s chief economist in a report.

Selfin argues that this is due to the fact that Cyprus and the other aforementioned countries maintain a negative balance of trade with the UK, that is they import more than they export.

However, for the UK these markets are “almost insignificant”, since the total volume of exports to these countries is minuscule compared to the size of the British economy. On the other hand, for Cyprus and other small states, Britain is an important market and export destination.

Full Article

Cyprus economy grows by 2.9% in the 3rd quarter of 2016

Finance Minister Harris GeorgiadesThe Cypriot economy is recovering, we are recovering lost ground and we must remain stable and committed to the effort,” for economic recovery, the Minister told a press conference.
“We have succeeded in practice to combine the healthy development of the economy with the sustainability of public finances and that is the key feature of our economic policy to which we remain committed,” he said.

“We have been through a deep and prolonged recession, clearly we are on a path of recovery and we must maintain such satisfactory growth rates in the coming years and this is the prospect and our estimate for 2017,” Georgiades noted.

The Minister said that this year Cyprus is expected to register a growth rate of 2.5% to 3%.

Full Article

BOC: Profit After Tax Reaches €64M in 2016

Bank of Cyprus Headquarters in NicosiaBank of Cyprus released the Bank's preliminary financial results for 2016. According to the report, profit after tax attributable to the owners of the Bank for FY2016 was €64 mn. Profit after tax attributable to the owners of the Bank for Q4 2016 totalled €2 mn, compared to a profit of €5 mn for Q3 2016.

In his statement, John Patrick Hourican, CEO, Bank of Cyprus Group, said that the Banks results this quarter were satisfactory and reflect their strategy of continued de-risking.

“We are pleased to have delivered a modest profit in 2016 and to have started 2017 with the full repayment of ELA, a successful return to the debt capital markets and the successful listing of our shares on the London Stock Exchange.”

Full Article 

Resolute Asset Management: 2016 Annual review

In its 2016 annual review Resolute Asset Management reports that the Cyprus real estate market is gradually becoming more active partly due to improving local and international economic conditions.

Resolute Annual Reports are a trusted source of reliable information relating to recent developments, current industry trends and prospects in the local Real Estate Markets, Economies and Banking Sectors of Cyprus and Greece.

Full Article | Download (pdf)

RICS Cyprus: Property prices up Q3 2016

The RICS Cyprus Property Prices Index for Q3 2016 reports increases in almost all districts and property types, with largest increase in apartment and house prices recorded for Limassol and Paphos respectively.

THE TWENTY-EIGHTH edition of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 0.9% and 0.6% respectively during the third quarter of 2016. During the third quarter of 2016 the Cyprus economy showed further signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at relatively high levels, on a downtrend to ca 13% (from the high levels of 17%). Given prevailing economic conditions and the turbulence in the Cyprus banking system, there were relatively few transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment and high debt for locals maintained lack of interest. Furthermore, those interested are trying to access bank-finance.

Full Article | Download Q3 2016 Index (pdf)

November building permits up by a third

The number of building permits authorised by the municipal authorities and the district administration offices during November 2016 stood at 550 according to the Cyprus Statistical Service.

Compared with November 2015, the total value of these permits rose 63.5% to €113.5 million, while their total area rose 56.1% to 100.3 thousand square metres.

Full Article

KPMG: Cyprus Real Estate Market Report 7th Edition

KPMG Cyprus released the Seventh Edition of the Cyprus Real Estate Market Report, providing an overview of the major economic factors affecting the industry as well as a summary of the recent trends and activity as it relates to pricing and sales.

Some additional matters covered by the report include the parameters for obtaining Cypriot citizenship and immigration permits, trusts, investment funds as well as a summary of the taxes and fees related to investment in real estate.

Download the report (pdf)

May launch for luxury Larnaca project

A huge seafood restaurant, the first phase of the luxury ‘Castle Project’ at Larnaca’s Mackenzie beach is expected to be completed in May.

The undertaking by Lebanese millionaire Antoine Saniour includes a luxury hotel with nearly 500 beds and 13 floors, a beach bar and a jacuzzi for 100 people while water sports and around 800 sunbeds and umbrellas will be on offer on the beach.

In the sea a small island in the shape of Cyprus will be constructed which is going to be connected to the beach by a path if the licence for that is issued. The sunbeds and umbrellas on the island will be available to the public.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

Deloitte: Cyprus Tax Webcasts: 5 minute tax updates broadcasted monthly. The aim of the tax webcasts is to provide a brief summary of local and international tax events impacting Cyprus.

Baker Tilly in South East Europe Strengthens Its Presence in Romanias Baker Tilly in South East Europe is pleased to announce the transfer of its Bucharest offices, in order to accommodate the Firm’s growth and strengthen its presence in Romania.

Demetriades Congratulates Cyprus Marine Club for its Support to the Shipping Industry The Minister of Transport, Marios Demetriades visited the Home of the Cyprus Marine Club, Epsilon at the Limassol Marina for the cutting of the traditional New Year cake

CYPRUS: House prices up 0.1% in Q3, says Central Bank The house price improved marginally in the third quarter of 2016, according to the the Central Bank of Cyprus index that saw its first increase since 2009.

Problem loans marginally drop to 48% Non Performing Exposures (NPEs), that is to say bad loans, dropped by €211 million in November 2016, reaching €23.87 billion, down from €24.08 billion in October 2016, data released on Wednesday by the Central Bank of Cyprus show.

Tourism revenue up by 11.9% Revenue from tourism is estimated by the Cyprus Statistical Service to reach about €2.36 million in 2016, recording an annual increase of 11.9%, according to data released on Wednesday.

Tourism minister confident for 2017 fter a record 2016, Tourism Minister Giorgos Lakkotrypis expects even more positive results this year barring unforeseen obstacles, he said on Tuesday in an address to a hoteliers’ conference in Nicosia.

Greece, Cyprus, Israel sign agreement to enhance tourism Greece, Cyprus, and Israel have signed a tourism agreement, on the side-lines of an international tourism exhibition IMTM 2017 in Israel on Tuesday, ANA-MPA reported.

Real Estate Sales in Cyprus

District

2017
(Jan)
2016 2015 2014 2013
Nicosia 72

1031

749 748 709
Limassol 132

2496

1566 1417 1049
Larnaca 102

1360

1072 794 604
Famagusta 21

436

324 330 241
Paphos 96

1740

1241 1238 1164
TOTAL 423

7063

4952 4527 3767
Source: Cyprus Land Registry

 

Properties sold to Foreigners only

District

2017 (Jan) 2016 2015 2014 2013
Nicosia 13

131

96 90 92
Limassol 82

611

394 290 267
Larnaca 45

335

292 234 130
Famagusta 3

109

86 125 83
Paphos 63

627

481 454 445
TOTAL 206

1813

1349 1193 1017
Source: Cyprus Land Registry

Germany, France & Italy call for UK to pay multibillion-euro Brexit ‘divorce bill’. A number of EU states, including Germany, Italy, France and the Czech Republic have expressed their approval for the European Commission’s plan to demand that the UK pays a hefty compensation bill before the Brexit talks will even start.

A 'significant shortage of listings' is restraining the US housing market: US pending home sales unexpectedly fell by 2.8% in January, according to the National Association of Realtors.

Euro-Area Inflation Hits 2 Percent as ECB Debates Policy Stance: Euro-area inflation accelerated to the fastest pace since January 2013, providing fresh arguments to those calling for an exit from the European Central Bank’s monetary stimulus program.

Global ultra-wealthy population grows in 2016,: The number of Ultra-High-Net-Worth Individuals (UHNWIs) - those with $30m or more in net assets – rose by 6,340 in 2016, taking the total to 193,490*, according to data provided by New World Wealth for The Wealth Report. This growth reverses the decline of 3% seen in 2015.

Property costs in London now more competitive on global stage due to Brexit: Property in London is now more competitive on the world stage as Brexit has pushed it down the global real estate rankings, new research shows.

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 206 (Feb) 217 423
Source: Cyprus Land Registry
English Articles of the Month
 

Pano Platres - Why is it down?

27/01/2017

Pano Platres - TroodosWe 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). Read Article
 

This is how our embassies should work

20/01/2017

Cyprus Ministry of Foreign Affairs buildingThe 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. Read Article
 

Are we pushing the economy?

13/01/2017

Are we pushing the economy?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.  Read Article
 

A worrying future - Passports/Visas

06/01/2017

A worrying future - Passports/VisasWe 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. Read Article
 

 

Greek Articles of the Month

 

Τι μπορεί να κάνει ένας Υπουργός

27/01/2017

Υπουργός Εσωτερικών - Σωκράτης ΧάσικοςΤι μπορεί λοιπόν «ένας» υπουργός να πετύχει στην οικονομία της Κύπρου; Αυτός στον τομέα της οικοδομικής ανάπτυξης είναι ο Υπουργός Εσωτερικών που ανάλογα των αποφάσεων του μπορεί να κάνει την διαφορά. Βγάζουμε λοιπόν το καπέλο στον κ. Χάσικο επί του θέματος, αλλά ασφαλώς και του Υπουργικού Συμβουλίου/Κυβέρνησης κατ’ επέκταση για τα ακόλουθα: Read Article
 

Νέα Γενεά Κυπρίων Μεταναστών

20/01/2017

Φοιτητές ΑποφοιτούνΜετά από το πρώτο κύμα μεταναστών (1950’s) και το δεύτερο (1960’s) το 2013 και μετά, παρατηρήθηκε ένα νέο κύμα μεταναστών προς άλλες χώρες. Σε αντίθεση όμως με τα προηγούμενα χρόνια, το «σημερινό κύμα» που ακόμα συνεχίζεται, αποτελείται από άτομα επιστήμονες κυρίως νεαρής ηλικίας (από 25-35 χρονών) που είτε επιδιώκουν εργοδότηση, είτε παραμένουν στις χώρες που σπουδάζουν και δεν επιστρέφουν. Read Article
 

Δήμαρχοι Αμμοχώστου - Νέα Πολεοδόμηση

13/01/20117

Παραλίες ΑμμοχώστουΑναφερόμαστε στο παρόν μας άρθρο στους νέους Δημάρχους και Συμβούλια της επαρχίας Αμμοχώστου, ιδιαίτερα στους Δήμους εκείνους που έχουν παραλιακό μέτωπο. Η περιοχή αυτή με τις πιο όμορφες παραλίες της Κύπρου, έχει διατηρηθεί υποβαθμισμένη στην ανάπτυξη για ΄λόγους που οφείλονται και στην κακή πολεοδόμηση που επέβαλε το Κράτος και ίσως και λόγω αδυναμίας των εκάστοτε Δήμων. Read Article
 

Προβληματισμός για το άμεσο μέλλον - Διαβατήρια

06/01/2017

Προβληματισμός για το άμεσο μέλλον - ΔιαβατήριαΠιστεύουμε ότι το μέτρο για τις βίζες μόνιμης παραμονής και για τα διαβατήρια με ιθαγένεια, είναι ότι το πιο πετυχημένο, τόσο για την οικοδομική βιομηχανία, όσο και για την ευρύτερη οικονομία. ΄Ισως το μέτρο αυτό να είναι από μόνο του ο λόγος του ξεκινήματος της ανάκαμψης της οικονομίας (μαζί με τον τουρισμό).  Read Article
 
Office News & Activitiess
  • A sales coordinator has been appointed to undertake the coordination of sales of the Limassol and Pafos Office. Mr Spyros Theophanides comes from a background in the hotel industry.

  • A new person has been employed in sales at our Protaras office. Dinos Tsangaras is an experienced person in real estate sales in the region for the last 15 years.

  • We are faced with numerous letters of complain whether a local authority can charge sewage charges and at the same time not providing this service. We will undertake ourselves a legal claim so that it leads to court and this notwithstanding that on a previous occasion by another tax payer, it was decided that the authority was within its rights.

  • It must be the month of the high value valuations. A golf course request for valuation, was followed by a large residential development project (700.000 sq.mts.) an open cast mine and a shopping mall – Lovely.

  • There is a noticeable increasingly “like” to our press articles. This is the result of unexpected various gifts received from readers on Xmas occasion and with “thank you” notes.

 

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Joint Venture

Living, Buing Property and Doing Business in Cyprus

«Living, Buying Property and Doing Business in Cyprus» on www.cyprusinformation.com is translated to Chinese and Arabic and Russian. The website's aim is to provide general information about Cyprus, with more emphasis for Real Estate, Tax and Legal matters. The website is part of a joint venture of Antonis Loizou & Associates - Chartered Surveyors, the international accountants KPMG Cyprus  and the largest Law Office in Cyprus Andreas Neocleous.

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