Our March 2018 newsletter provides an overview of the Cyprus property market and the Cyprus and the Global economy View Issue 91, March 2018 in your browser  Past Issues: Cyprus Property News 

Cyprus Property News: March 2018 - Issue 91

Strong growth in Cyprus property prices

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 down 19.2% in February

06/03/2018, Stockwatch
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.
 

Property transactions up 46% in February

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

 
Economy & Property Market
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
District 2017 2016 2015 2014 2013
Nicosia 117 131 96 90 92
Limassol 810 611 394 290 267
Larnaca 384 335 292 234 130
Famagusta 176 109 86 125 83
Paphos 865 627 481 454 445
TOTAL 2406 1813 1349 1193 1017
Source: Department of Lands and Surveys:
Total number of properties sold with registered contracts of sales by foreign buyers
Property Sales in Cyprus
District 2018
(Feb)
2017 2016 2015 2014
Nicosia 242 1464 1031 749 748
Limassol 481 3167 2496 1566 1417
Larnaca 211 1340 1360 1072 794
Famagusta 100 628 436 324 330
Paphos 327 2135 1740 1241 1238
TOTAL 1361 8734 7063 4952 4527
Source: Department of Lands and Surveys:
Total number of registered contract of sales
Property Sales in Cyprus 
Year Foreigners 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 2406 6328 8734

2018

Data no published yet   1361
(Feb)

Articles in English that you might have missed

VAT & Villas to Let

21/01/2018 
As we have reported in a our previous article VAT & Understanding, there are many questions which are not answered by the new VAT authority regarding real estate.
 

Is the Auditor General a good thing?

04/02/2018
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

The new President - Anything Changed?

11/02/2018
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
 

Poseidonos Avenue (Paphos) and Others

18/02/2018
Paphos is one of the main tourist centres in Cyprus with an operational season almost 12 months and with its existing beds increasing only next year by another 2.000 beds.

 

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Articles in Greek that you might have missed

Τουρισμός & Ενοίκια

21/01/2018
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

 

Μα τι συμβαίνει - Νέο Έγκλημα;

04/02/2018
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

 

Δικαστήρια Κοινοχρήστων & Μικροδιαφορών;

11/02/2018
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.

 

Ελπίδα για Μακαρίου;

18/02/2017
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.

Properties for sale in Nicosia

Strovolos

5 bedroom Villa
€ 1.300.000
Title deeds 
Resale, 2013
Plot size: 1.114 m²
Covered: 600 m²
Covered Veranda: 20 m²
HD4-2402-S-NC

Agios Andreas

3 bedroom Apartment
€ 395.000
Ground Floor
Title deeds 
Resale, 2017
Covered: 205 m²
Covered Veranda: 35 m²
A3-2707-WC-NC

Geri

Building Plot
€ 90.000
Plot size: 525 m²
Coverage: 45%
Build Density: 60%
Maximum Floors: 2
Road, Water, Electricity Available
L-5247-SE-NC

Properties for sale in Limassol

Potamos Germasogeias

4 bedroom Detached House 
With One Bedroom Annex
€ 800.000
Title deeds 
Resale, 2006
Plot size: 519 m²
Covered: 300 m²
Covered Veranda: 50 m²
HD4-7048-WTR-LL

Mesa Geitonia

3 bedroom Duplex Apartment 
€ 245.000
2nd & 3rd floor
Resale
Covered: 98 m²
Covered Veranda: 16 m²

A3-8001-E-LL

Kato Polemidia

Building Plot
€ 1.200.000
Plot size: 4.028 m²
Building Permit for 32 Apartments
Coverage: 50%
Build Density: 100%
Maximum Floors: 3
Road, Water, Electricity Available
L-7188-W-LL
 

Properties for sale in Larnaca

Oroklini

5 bedroom Detached House 
€ 1.450.000
Title deeds for the land
Resale
Plot size: 1.158 m²
Covered: 587 m²
VRV system, fencing, electric shutter
HD5-815-NE-LR

Aradippou

2 bedroom Apartment
€ 115.000
Title deeds for the land
Resale
Covered: 79 m²
Covered Veranda: 15 m²
Solar, Storage Room
A2-5913-N-LR

Aradippou

Building Plot
€ 250.000
Plot Size: 762 m²
Coverage: 70%
Build Density: 140%
Maximum Floors: 2
Road, Water, Electricity Available  
L-678-C-LR

Properties for sale in Famagusta

Protaras - Cavo Maris

3 bedroom Seaview Villa
€ 340.000
Title deeds
Resale
Plot Size: 286 m² 
Covered: 120 m²
Uncovered: 38 m²
HD3-7035-PRT-PR

Paralimni

3 bedroom Apartment 
€ 83.000
Title deeds (Share of land)
Resale
Covered: 70 m²
Covered Veranda: 10 m²
A2-1718-PAR-PR

Paralimni

Building Plot
€ 110.000
Plot Size: 1.048 m²
Coverage: 50 %
Build Density: 90 %
Maximum Floors: 2
Road, Water, Electricity Available  
L-7016-PAR-PR

Properties for sale in Paphos

Mesa Chorio

4 bedroom Seaview Villa
€ 475.000
Title deeds
Resale
Plot Size: 986 m² 
Covered: 300 m²
Energy Performance B Certificate
HD4-3382-MES-PH

Tombs of the Kings

3 bedroom Apartment 
€ 160.000
Title deeds
Resale
Covered: 94 m²
Uncovered: 18 m²
Fully furnished, granite worktops, ceiling fans, shutters
A3-2783-TKR-PH

Tala

Building Plot
€ 280.000
Plot Size: 1.066 m²
Coverage: 50 %
Build Density: 90 %
Maximum Floors: 2
Road, Water, Electricity Available  
P-2305-TAL-PH
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Head Office | 68A Kennedy Avenue | 1076 | Nicosia | Cyprus
Tel: +357 22 477 600 | Fax +357 22 428 681
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