Our April 2018 newsletter provides an overview of the Cyprus property market and the Cyprus and the Global economy View Issue 92, April 2018 in your browser  Past Issues: Cyprus Property News 

Cyprus Property News: April 2018 - Issue 92

No end in sight to Limassol rent rises

15/04/2018, Cyprus Mail
According to real estate consultant Antonis Loizou, an average two bedroom flat two years ago cost €400 a month. By 2017, it was averaging €460. It is now €500.

 

Residential Property Price Index Q3

13/02/2018, Central Bank of Cyprus
The RPPI (houses and apartments) recorded an increase of 0,4% on a quarterly basis in 2017Q3 for a fifth consecutive quarter. Increases of 0,5% and 0,3% were also recorded in the apartment price index and the house price index, respectively. Download pdf (In Greek)

Cyprus construction NPLs highest in Europe

10/04/2018, Cyprus Property News
The percentage of non-performing loans (NPLs) linked to the Cyprus construction industry are the highest in Europe according to a press release issued by the European Banking Authority.
Real Estate Market 2017 - Year in Review (PDF)
20/03/2018, PwC Cyprus
PwC's publication provides information about the Cyprus economy in general and a comprehensive analysis of the Cyprus real estate market, based on available market data up until 12/2017 and using PwC’s rich and in-depth market expertise.

Coops privatization process attracts significant investor interest

30/03/2018, Stockwatch
The privatization process of the Cyprus Cooperative Bank (CCB) attracted “significant interest” both from financial entities in Cyprus and abroad in acquiring a stake in its share capital of part of its assets, the CCB said after the completion of the first phase concerning the expression of interest.

Central Bank profit falls to €49.5m in 2017

30/03/2018, Cyprus Business Mail
The Central Bank of Cyprus said it generated last year a profit of €49.5 million compared with a profit of €74.2m in 2016 on reduced net interest income, which reduces the dividend transferred to the government’s coffers
 

Cystat: Cyprus house prices up 2.7%

12/04/2018, Cyprus Property News
The Cyprus house price index (HPI) rose by 2.7% in the fourth quarter of 2017 and rose 2.4% on an annual basis according to a preliminary estimate by the Statistical Service

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.
 

Eurostat: Acquisition of citizenship statistics

21/02/2018, Cyprus Property News
In 2016, 994 800 people obtained citizenship of a Member State, an increase of 18% compared with 2015. This increase occurred after two consecutive years of decrease. The main contribution to the increase came from Spain (36 600 more than 2015), followed by the U.K. (+31 400), Italy (+23 600), Greece (+19 300) and Sweden (+12 300).

 
Economy & Property Market
11/04/2018, Gold News
In the fourth quarter of 2017 Cyprus recorded a deficit of -€1.1billion, compared to a deficit of -€0.4billion in the third quarter and -€0.9 billion in the last quarter of 2016, the Cyprus News Agency reports

January new home permits up 25 per cent
05/04/2018, Cyprus Property News
The Total number of building permits authorised in Cyprus during January 2018 stood at 503 compared with the 465 authorised during the same month in 2017; an increase of 24.9% according to official figures released by the Cyprus Statistical Service. 

IMF: GDP projected to grow by 4 – 4.25% during 2018 – 2019
02/04/2018, Stockwatch
But has also pointed out the need for improving payment discipline and reducing NPLs, as well as guarding against procyclical policies and restarting targeted structural reforms.
 

 
26/03/2018, europe-re.com
New research from Retail Economics and Squire Patton Boggs shows that €8.9bn (£7.8bn) could be added to the cost of retail goods if the UK fails to agree on a deal with the EU 

Real estate in the world’s 2 biggest financial centres is stalling
12/04/2018, Business Insider
LONDON - New data from the Royal Institute for Chartered Surveyors (RICS) showed that the London property market continues to stutter, with one figure in property industry saying that the data shows that recent developments have "killed the fluidity of the London market."

Fragmented Greek real estate market sees wide variations in demand
03/04/2018, ekathimerini.com
The Greek real estate market is currently quite fragmented, as 2017 signaled the recovery of certain categories, the stabilization of others and the continued decline of the rest of the market.

 

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
(Mar)
2017 2016 2015 2014
Nicosia 368 1464 1031 749 748
Limassol 795 3167 2496 1566 1417
Larnaca 327 1340 1360 1072 794
Famagusta 140 628 436 324 330
Paphos 499 2135 1740 1241 1238
TOTAL 2129 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 not published yet   2129
(March)

Articles in English that you might have missed

Who will pay the compensation?

25/03/2018
Well done and lovely we say classifying as natura as much as possible in Cyprus. But some people forget the provision of the Cypriot constitution which stipulates that “any decisions by the Government which reduces the economic value of the property the affected owners should be compensated”.

Can we argue with the Lands Office?

18/03/2018
It appears that there is an increasing rate of title issue and this without the affects of the Building Amnesty. Be it with some years delay (approximately 4-7 years after completion) titles are being issued.

Real Estate Bonanza to stop?

11/03/2018
The fact that we are a self-destructing country is beyond discussion since our past history over the years proves this.

For Sale Real Estate - A difficult route

04/03/2018
Although real estate development is a major contribution of foreign income in Cyprus, we are well behind in the methods and procedures adopted for sale of real estate from other more advanced economies.

The Era of skyscrapers and the old testament

25/02/2018 
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. 

Follow Mr Loizou articles on his LinkedIn Profile, our LinkedIn Page,
our Facebook Page and our Twitter Page

Articles in Greek that you might have missed

Τίτλοι Ιδιοκτησίας και Αλαλούμ

25/03/2017
Θα πρέπει να μοιραστούμε μαζί σας αγαπητοί αναγνώστες τα διάφορα παράπονα που εισπράττουμε από πολίτες της Δημοκρατίας και που αφορούν τα εμβαδά των τίτλων σε οικόπεδα, χωράφια κλπ.

 

Το Σύνδρομο της Αυτοκαταστροφής;

18/03/2017
Αυτός ο τόπος δεν θα παύει να μας εκπλήττει και μόλις καταφέρουμε κάτι, μας κυριεύει ένα σύνδρομο να το καταστρέψουμε.
 

Μας έριξαν τον Νόμου τους - Υπ. Εσωτερικών & Κοινόχρηστα

11/03/2018
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.

Καρναβάλια & Πύργοι - Λεμεσός

04/03/2018
Τώρα θα διερωτηθείτε για την επικεφαλίδα του άρθρου αυτού. Και όμως, όση σχέση έχει η ελκυστική φορολογία, τα διαβατήρια για τους ξένους, η ασφάλεια ζωής, η ευκολία διακίνησης και τα ξένα σχολεία κλπ, έχουν σχέση τα καρναβάλια και οι άλλες δραστηριότητες.

Η περιοχή Αμμοχώστου & Μέλλον

24/02/2018
Η τουριστική περιοχή της ελεύθερης Αμμοχώστου έχει τα πάνω της με την ψηλή ζήτηση του τουρισμού και με τις πρόσθετες 2.500 κλίνες που ανεγείρονται τώρα και τις αναβαθμίσεις των πλείστων άλλων.

Our Office News

  • The strict auditing standards have caused especially  for large corporations to turn for detailed and reasoned valuation reports. Our firm has recently completed a valuation for a marina, petrol stations and petrol storage facilities a beer factory, a Nicosia 5-Star hotel and various other large holdings (the municipality of Nicosia assets in addition).
  • We have participated in the formation of data through the World Bank [3rd year running] and we will be recording the report shortly.
  • We attended a meeting with the E.U.Group, representing the Cyprus Chamber of Commerce regarding the N.P.Ls and the state of the real estate  market.
  • We have been approached by an international Bank group to assist in the Management and Disposal of real estate. Negotiations are proceeding.
  • We are under negotiations to expand our Pafos office with the acquisition of a new one set on the Coral Bay road. We expect completion of the conversion  etc. to be concluded end June 2018.
  • Two oil rich states have approached us to acquire luxurious houses for their ambassadors as well as offices.

Properties for sale in Nicosia

Engomi

4 Bedroom Detached House
€ 490.000
Title deeds 
Resale
Plot size: 580 m²
Covered: 280 m²
Covered Veranda: 70 m²
HD4-2164-W-NC

Strovolos

4 bedroom Penthouse
€ 580.000
Swimming pool
Title deeds 
Resale, 2014
Covered: 244 m², Plot: 521 m²
Covered Veranda: 31 m²
Uncovered: 208 m²
A4-2643-SW-NC

Archangelos

Building Plot
€ 250.000
Plot size: 640 m²
Coverage: 50%
Build Density: 90%
Maximum Floors: 2
Road, Water, Electricity Available
L-5149-ARC-NC

Properties for sale in Limassol

Moutagiaka 

5 bedroom Villa 
€ 2,550,000
Under construction, 2019
Amazing Views
Plot size: 1,270m²
Covered: 532 m²
Uncovered: 256 m²
HD5-8028-NTR-LL

City Centre

near Makarios Avenue
3 bedroom Apartment 
€ 150,000
Title Deeds
Resale, 1984
Building block in excellent condition
Covered: 105 m²
Covered Veranda: 14 m²
A3-8012-CC-LL

Monagrouli

Development Plot
€ 2.400.000
Plot size: 24,494 m²
Plans for 24 Villas
Coverage: 20 %
Build Density: 20 %
Maximum Floors: 2
Road, Water, Electricity Available
L-8039-MGR-LL
 

Properties for sale in Larnaca

Meneou

3 bedroom Detached House 
€ 185.000
Title deeds
Resale
Plot size: 300 m²
Covered: 165 m²

A/Cs, Central Heating, Double Glazed
Garage, Garden, Solar
HD3-1104-S-LR

Meneou

2 bedroom Apartment
€ 110.000
Title deeds
Resale
Covered: 74 m²
Covered Veranda: 19 m²
Covered Parking
Communal pool, Gardens
A2-5914-S-LR

Aradippou

Commercial Plot
€ 550.000
Plot Size: 1,540 m²
Coverage: 50%
Build Density: 140%
Maximum Floors: 4
Road, Water, Electricity Available
L-687-N-LR

Properties for sale in Famagusta

Protaras

4 bedroom Villa
€ 595.000
+ 5% or 19% VAT
Under construction
Plot Size: 725 m² 
Covered: 147 m²
Covered Veranda: 36 m²
Uncovered: 40 m²
HD4-7043-PRT-PR

Paralimni

1 bedroom Apartment 
€ 75.000
+ 5% or 19% VAT 
Resale, 2013
Covered: 64 m²
Covered Parking, Elevator
Large communal pool
A1-2546-PAR-PR

Paralimni

Residential Land
€ 250.000
Plot Size: 2,241 m²
Coverage: 35 %
Build Density: 60 %
Maximum Floors: 2
Road, Water, Electricity Available
L-7015-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
Copyright © 2018 Antonis Loizou & Asspcoates, All rights reserved.
Head Office | 68A Kennedy Avenue | 1076 | Nicosia | Cyprus
Tel: +357 22 477 600 | Fax +357 22 428 681
www.aloizou.com.cy | www.aloizou.ru