21/02/2018, Cyprus Property News
The RICS Cyprus Property Price Index for Q3 2017 reports strong growth in property prices across the island with an annual increase of 7.4% in apartment prices and a 4.2% increase in house prices.
Registered unemployed recorded an annual drop of 19.2% in February, marking its lowest level since July 2011 according to seasonally adjusted data released on Monday, by the Cyprus Statistical Service.
05/03/2018, Cyprus Business Mail
Property transactions rose 46 per cent to 666 in February compared to the respective month of 2017, mainly on strong performance of the real estate market in Paphos, the lands department said
05/03/2018, Cyprus Property News Citizenship and residence-by-investment schemes, commonly referred to as ‘Golden Visa’ programmes, are vulnerable to abuse and undermine the fight against corruption in the European Union
RICS: Ανόδου συνέχεια στις τιμές ακινήτων
30/01/2018, InBusinessNews The Public Debt Management Office (PDMO) said Thursday the government may issue a euro medium-term note (EMTN), or Eurobond, of up to €1bn next year.
Revenue from tourism up 12% to €2.6bn record
05/02/2018, Cyprus Business Mail Revenue from tourism rose last year 12 per cent to €2.6bn to an all-time high, aided by a 15 per cent increase in arrivals to 3.7m, which was also a new record, the statistical service said.
06/03/2018, PropertyWire Average prices in the prime central London property market fell by 1% in the year to February amid signs the sector is stabilising, according to the latest analysis.
Trump’s name is stripped from Panama hotel
05/03/2018, Washington Post The removal of the Trump name from the Trump International Hotel Panama came after a days-long standoff between the majority owner, Cypriot businessman Orestes Fintiklis, and the president’s company.
China-fueled property boom distorts markets in Asia-Oceania
14/02/2018, Nikkei Asian Review SINGAPORE -- As red-hot investment money from China continues to drive up real estate prices in Asia and Oceania, local authorities have started taking steps to curb the enthusiasm before things get out of control.
Properties sold to Foreigners only
Source: Department of Lands and Surveys:
Total number of properties sold with registered contracts of sales by foreign buyers
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 and referring cases to the Attorney General for legal action
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
Η κατάσταση του τουρισμού των τελευταίων 2 ετών με την 20% αύξηση τον χρόνο πλέον για το αναμενόμενο έτος (2018) με παρόμοια αύξηση, έχει και τις ανάλογες επιδράσεις στα ενοίκια για καταστήματα/εστιατόρια και άλλες εμπορικές χρήσεις στις τουριστικές περιοχές
Ότι θέλουν τα επιτελεία του κάθε υποψήφιου βγαίνουν στην επιφάνεια με διάφορες ανακοινώσεις, χωρίς να είναι πάντοτε αλήθειες, αλλά κυριότερα είναι οι μη αλήθειες προς εκφοβισμό, ή προσέλκυση ψηφοφόρων στον δικό τους χώρο, χωρίς να γνοιάζονται για την οικονομία της Κύπρου
Η διαμαρτυρία μας για τον μη λειτουργικό νόμο των κοινοχρήστων και άλλα θέματα νομικών διαφορών είναι γνωστή και εκφράζεται όχι μόνο μέσω των άρθρων μας (τα τελευταία 4 χρόνια σε 10 άρθρα), αλλά και με προσωπικές επισκέψεις/συνεντεύξεις με υπουργούς, Βουλή και άλλους.
Δυστυχώς δεν υπάρχει κάποιο ολοκληρωμένο πλάνο με στόχο την ανάκαμψη της Μακαρίου και ίσως το ΚΕΒΕ να αναλάβει κάποια δράση με το Δημαρχείο, ενώ η χρήση ξένων εμπειρογνωμόνων που έχουν εμπειρία σε τέτοια θέματα (αναβίωση ιστορικών εμπορικών κέντρων) να βοηθήσει.
Our Office News
The new auditing requirements on the IFRS13 standard is making our life a bit difficult with the auditors having now to scrutinize in detail the valuations on real estate.
Our letters to the VAT authorities regarding clarifications on charges of rents for villas to let, Airbnb and students housing have remained unanswered. Not surprised mind you.
Demand for rentals especially in Nicosia and Larnaca for apartments have almost doubled since last year. The lack of new projects and the direction of interest to lease as opposed to buy has caused rentals to increase by more than 25% since last year.
We have hired another 2 Russian speaking staff to assist in Limassol and Pafos operating in real estate sales. We wish both girls all the best in their new career.
The various jobs that are regarding real estate valuations and including the possibility of privatization of the property tax (as at 1.1.2017) valuations has caused a shortage of qualified valuers. It seems that everybody is hiring valuers from financiers to auditors and real estate Cos. Good opportunity for newcomers to the profession.
Financiers are taking on real estate as part of a swap deal, but from there on our experience has been that they cannot operate as a private Co. Go slow seems to be the way adopted and bank working hours only!!
The desert dust that is affecting Cyprus is doing a lot of harm in our real estate sales. It took a lot of time to persuade a Chinese group of purchasers that it has nothing to do with China’s pollution and that it is dust of a temporary nature.
A countryside excursion by our office staff has taken place along the road of Lefkara to Cornos village. Lovely route and at this time of the year it is green, whereas near Cornos village there are most interesting rock formations. A combination of car riding/bicycling/walking, suited everybody’s taste and ability.