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Empty Development Land |
| Antonis Loizou, FRICS |
| You may have noticed how much empty building land is around. Vacant building plots must still be lit, roads cleaned and maintained etc and all these for a little cost (for an ordinary vacant building site the cost is approximately €60 p.a.) not enough even for the cost of having the road electricity. In a recent study prepared by the Ministry of the Interior, it concluded that there is already enough vacant development land (i.e. land which has already been zoned for residential/other development) to accommodate 4 mil. people. |
| 14/02/2010 |
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Are the Russians Coming? |
| Antonis Loizou, FRICS |
| The situation on the Cyprus Real Estate is well known and with special reference to the British demand, which is the main holiday home market for Cyprus, it can only be described as being tragic (not only for Cyprus, but a Europeanwise situation). The second main holiday home buyers for Cyprus real estate is the Russian market, which up to prior to the crisis, had a budget of around €1.0-€2.0 mil., and interest was directed mainly for holiday homes, either on the beach or with a sea view and demand was directed mainly for individual villas and beach apartments. Their main interest was directed towards Limassol, but with the new situation, including the economic situation in Russia, the present circumstances and demand from this market source seem to be changing. |
| 07/02/2010 |
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A cause for celebration? |
| Antonis Loizou, FRICS |
| The recent decision of the British High Appeal Court on the Orams case, is well publicized and it will be the cause of political and legal discussions for the next few months. The importance of this case in terms of the Cyprus real estate is that: |
| 31/01/2010 |
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Our new ideas on property tax in Cyprus |
| Antonis Loizou, FRICS |
| For those who have appealed to us to come up with our own ideas on how to react on the declared Governmental proposal on the property tax situation, we wish to state that by the end of the month our own comprehensive proposals regarding this matter will be submitted to the Government. Our proposals bear in mind the urgency by the Government to collect €500 mil. within the next 3 years (not only from real estate taxation) but at the same time to take into account the negative affects of such a proposal, both for the developers, property owners and the much needed new buyers/investors in real estate.
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| 24/01/2010 |
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3 Billion + Interest Rates |
| Antonis Loizou, FRICS |
| It is a blessing that we have had the existing Governor of the Central Bank, prior to the global economic crisis, when he introduced, at the time he did, strict lending measures. We, as an Οffice, amongst the total economic community of Cyprus, had objected to his measures and we criticized him as such, be, it most mildly.
There was a period that the Governor was not very popular with the existing Government, but following the prevailing circumstances, the Government (we hope) has changed its mind.
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| 17/01/2010 |
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