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The €20.000.000 property deal |
| Antonis Loizou, FRICS |
| We said that Cyprus is particularly hard hit on real estate? A recent acquisition of a central commercial plot at Nicosia, off Makarios avenue, having an extent of approximately 2.000 sq.mts., was sold for a price/cost in excess of €10.000/sq.mt. The buyers, a French based firm, has imaginative plans how to develop this most attractive property. This unpredicted high price which took us by surprise especially during recession times, has proved what we have said all along, that is, it is primarily the touristic housing market and secondly the residential housing areas that have been affected and not commercial sites/properties. |
| 28/02/2010 |
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Getting a Residence Permit - Cyprus Passport |
| Antonis Loizou, FRICS |
| There is some confusion on the new measures that the Government has decided for foreign people (non - E.U. members) to get a residence permit and even a Cypriot (E.U.) nationality through the use of real estate. Residents of third countries (i.e. countries which are non E.U. members, such as Russians, Ukrainians, Iranians etc) who have shown interest in acquiring property in Cyprus have now an added bonus. |
| 21/02/2010 |
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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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