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Issue 80, January 2017

Cypriot passport ranks 13th on global power scale

Cypriot passportThe Cypriot passport ranks among the strongest in the world, as holders are able to travel to 146 countries without a visa.

According to the updated Passport Index, Cyprus gets a Passport Power Rank of 13, and an Individual Power Rank of 36 globally.

Its Global Mobility Score (for visa-free travel) of 146 ranks it above such countries as Lichtenstein, Monaco and Brazil.

The German passport scores the highest, as its holders can visit 158 countries visa-free. Sweden, Finland and France ranked 2nd, 3rd and 4th, respectively.

The United Kingdom has a Global Mobility Score of 156, the United States 155, and the Russian Federation 104.

Greece has a Passport Power Rank of 7, with a Global Mobility Score of 152.

Full Article

Demetriades determined to press ahead with procedure to find investors for marina

Communications and works minister Marios Demetriades stressed his determination to see the completion of procedures for the redevelopment of Larnaca’s marina and port within 2017, regardless of parliament’s cutting of the budget for consultancy services for privatisations.

Deputies decided during the final day of the 2017 state budget debate on Wednesday, to cut the expenditure item for the hiring of consultants to advise on the privatisation of public organisations and state enterprises.

Speaking to Cyprus News Agency, Demetriades said that the invitation for the submission of interest for the development of the Larnaca port and marina was opened on November 23, but he was now obliged “to review the process” as he was determined to meet the goal set for its completion next year.

Full Article 

Cabinet extends deadlines for Golf course planning projects

Deadlines for an urban planning system to create golf courses has been extended, the Cabinet decided on Wednesday, following a proposal submitted by the Interior Ministry.

According to an official announcement, the scheme requires that planning and building permits are secured by June 29, 2019. A complete planning application needs to be submitted to the Urban Planning Authority before December 29, 2018.

Full Article

Anastasiades commends Cyprus - Russia business relations

President Nicos Anastasiades has commended the Cyprus-Russia Business Association and the island’s Chamber of Commerce, for their active contribution in strengthening business and economic relations.

Addressing the Cyprus - Russia Christmas Gala on Friday, the President said that the event provided an opportunity for the government to pay tribute to the links between the two countries.

Full Article    Press Release from Press and Information Office

Cyprus and Lebanon Reinforce Academic Collaboration

From the 12th to 17th of December, the Cyprus Institute (CyI) hosted a winter school on Geosciences for Masters’ students from the University of Lebanon, taught by Professors from France.

The event was supported by the Agence Universitaire de la Francophonie as well as the French Institute in Cyprus and the Institut de Recherche pour le Développement (IRD).

The 24 students were taught by lecturers from the Ecole Nationale Supérieure de Géologie (University of Lorraine, France), as well as the Institut Français de Pétrole et d’Energies Nouvelles. After one week of lessons, they were taken on a one-day field trip by Prof. Adrianna Bruggeman of the Cyprus Institute to learn more about the work of the Institute on water resource management.

Full Article

Study aims for 6 million tourists

Experts presented on Wednesday a ministerial committee with a study of a new growth model for tourism in Cyprus which projects an increase by 2030 of 82% in international tourist arrivals, of 185% in revenue, of 64% in the sector`s employment and of an increase in direct and indirect output of 185%.

“For the first time a comprehensive, thorough National Strategy has been drafted which presents qualitative and quantitative targets and sets forward a specific plan with proposed actions and time frames of reaching them and by which public and private actors between 2017 and 2030,” an official press release says.

Full Article

Cyprus hails bilateral relations with China

Cyprus considers China as an important and true friend, Anastasiades said at an event commemorating the 45th anniversary of the establishment of diplomatic relations between Cyprus and China.

The Cypriot president also recalled his successful visit to China in October 2015.

Full Article

Cyprus Economy & Property Market

Global Property Market & Economy

Car registrations back to 2010-levels: Car registration increase for the third consecutive year in 2016, according to Statistical Service`s report for the period January- December 2016.

Τotal registrations of motor vehicles increased by 31,4% to 33.805 in 2016, from 25.735 vehicles in the same period of 2015.

Russia-Cyprus: Postponement of the application of the provisions of the Protocol amending Article 13 "Capital Gains" of the Double Tax Treaty

On 29th of December 2016, the Cyprus Ministry of Finance announced that an agreement has been reached between the Russian Authorities and the Authorities of Cyprus for postponing the application of the Protocol amending Article 13 of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation with respect to taxes on income and on capital, which was signed on October 7 th, 2010.

In parallel, an additional Protocol is being finalised, providing for the application of the revised provisions of Article 13 of the said Agreement, until similar provisions are introduced in other bilateral Agreements for the Avoidance of Double Taxation between the Russian Federation and other European countries.

Therefore, in view of the above developments, the exclusive taxing right remains with the country of residence of the seller.

Cyprus selects Eni, Exxon, Total for three offshore blocks The Cypriot government has selected Eni, ExxonMobil, and Total for three offshore oil and gas exploration licenses as part of the country’s third licensing round.

The country’s third offshore licensing round for offshore exploration in blocks 6, 8, and 10 in the Exclusive Economic Zone of Cyprus was launched in March this year and the deadline for the submission of applications expired in July.

Israel Proposes and East Med gas pipeline Israel called on the EU to support the East Med pipeline project that would connect the natural gas fields in Israel and Cyprus to the EU via Greece. Israel’s Energy Minister Silvan Shalom reportedly stressed on the importance of the project when addressing the European Commission’s new energy chief Maros Sefcovic at an event hosted by the Italian EU presidency earlier this week.

Real Estate Sales in Cyprus

District

2016 2015 2014 2013 2012
Nicosia

1031

749 748 709 1478
Limassol

2496

1566 1417 1049 1627
Larnaca

1360

1072 794 604 1051
Famagusta

436

324 330 241 583
Paphos

1740

1241 1238 1164 1530
TOTAL

7063

4952 4527 3767 6269
Source: Cyprus Land Registry

 

Properties sold to Foreigners only

District

2016 2015 2014 2013 2012
Nicosia

131

96 90 92 178
Limassol

611

394 290 267 354
Larnaca

335

292 234 130 220
Famagusta

109

86 125 83 182
Paphos

627

481 454 445 542
TOTAL

1813

1349 1193 1017 1476
Source: Cyprus Land Registry

Prices soar in Ireland with help for first time buyers and looser lending rules. Property prices across Ireland increased by 8.6% in the year to November 2016, boosted by a scheme to help first time buyers and a loosening of lending rules.

The 8.6% rise compared to 6.9% recorded in October and just 4.2% in the 12 months to November 2015, according to the latest index data from the Central Statistics Office.

US residential prices increased almost 7% in 2016, led by Portland, Tampa and Seattle: Home prices in the United States ended 2016 up 6.8%, growing at their fastest pace of the year compared with the end of 2015, the latest index shows.

Growth slowed slightly in Portland but it remained the fastest growing in the nation, up 13.8% from December 2016 while Tampa, Seattle and Dallas saw similarly high home value growth, up nearly 12% year on year.

Fears of economic 'race to bottom', strong dollar in Davos: A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.

Asked about "black swans", or unexpected, disruptive events, that could derail the outlook in 2017, International Monetary Fund (IMF) chief Christine Lagarde touched on risks stemming from the policy promises of incoming U.S. president Donald Trump.

Mystery Share Price Surge Continues at Danish Real Estate Firm: A mystery that gripped Danish equity markets on Monday continued for a second day with no one able to explain why a penny stock that used to focus on the German property market was still soaring.
Victoria Properties A/S added as much as 195 percent at one point on Monday, prompting a statement from management reminding traders that the company had close to zero equity. That message seemed to make some investors reconsider, and gains were pared with the company ending the day just 3.8 percent higher at 10.90 kroner.

Residential Real Estate Sales show an increase of 25,2% in Turkey: Last October there were 130,274 transactions of houses with 21,0194 or 16,2% of those were in Istanbul, 14,449 in the capital Ankara and 7,889 in Smyrna

Portuguese government introduce law that could see homes hit with a 20% increase  Under fiercely-contested fiscal changes which became law in 19th December, people buying a home in Portugal that has an unspoilt sea view or faces the sun may be hit by a 20-percent increase in property tax.

Property Sales in Cyprus
Year To Foreigners To 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
Source: Cyprus Land Registry
 
English Articles of the Month
 

Larnaca’s New Seafront

25/12/2016

Larnaca’s New SeafrontWe have reported in this column recently, that, Larnaca, notwithstanding that it attracts from time to time large scale investors, their projects do not seem to go forward and are left with the announcements only. Read Article
 

Disappointed Foreign Investors

18/12/2016

Disappointed Foreign InvestorsWe spent a lot of time and effort as well as money in order to promote Cyprus as an attractive place for foreign investments. The various plusses for attracting foreign investors are known, but regarding projects which include real estate development (including hotels etc) carrying out the development from the theoretical part to actual execution there is a huge difference. Read Article
 

Has Nicosia a Real Estate Future?

11/12/2016

Eleftheria Square in NicosiaNicosia seems to be the poor relative of Cyprus’ real estate market and whoever invests in Nicosia’s real estate market, his chances of success as opposed to other towns are limited.  Read Article
 

Alterations to the VAT & Other

04/12/2016

Alterations to the VAT & OtherAs you are aware for all properties (other than land) VAT is charged at the rate of 19% based on the sales price (first purchase not resale). However, in case of one’s permanent residence (including foreign buyers with one house in Cyprus) this is reduced to 5%.

Read Article

 

 

Greek Articles of the Month

 

Αυξητική τάση για διαμερίσματα προς ενοικίαση

25/12/2016

Ταπέλλα Προς Ένοικίαση - For Rent BoardΗ αγορά ακινήτων όσον αφορά το πιο πάνω θέμα φαίνεται να έχει διαφοροποιηθεί. Υπάρχει μια αυξητική τάση για διαμερίσματα προς ενοικίαση, η οποία προκάλεσε και την αύξηση των ενοικίων των διαμερισμάτων από το έτος 2015 (αύξηση της ζήτησης κατά 30%) προκαλώντας μια αύξηση των ενοικίων κατά 20%. Η αυξημένη ζήτηση παρατηρείται κυρίως σε κάποια κεντρικά σημεία των πόλεων, ως επίσης και για μονάδες πλησίον της παραλίας. Read Article
 

Θα την πάθουμε και πάλι

18/12/2016

Σημαία Κύπρου ραγισμένηΤο πάθημα δεν μας γίνεται μάθημα φαίνεται. Όπως και στην προ Μαρτίου 2013 εποχή, έχουμε και τώρα προειδοποιήσεις από την Ευρωπαϊκή Ένωση και άλλους, τόσο ντόπιους όσο και ξένους οργανισμούς, ότι ξοδεύουμε περισσότερο από ότι κερδίζουμε. Αποτέλεσμα να έχουμε προειδοποίηση για το δημοσιονομικό χρέος. Read Article
 

Ενοικίαση Κρατικής Γης και άλλα

11/12/2016

Σωκράτης Χάσικος - Υπουργός ΕσωτερικώνΠαρατηρούμε με πολλή απογοήτευση την έλλειψη κατευθυντήριων γραμμών εκ μέρους της Πολιτείας προς το Κτηματολόγιο (ως επίσης και άλλων Κυβερνητικών τμημάτων) όσον αφορά την ενοικίαση Κρατικής Γης και ανάπτυξη. Read Article
 

Η εποχή της γεωργίας;

04/12/2016

ΛεμονόδενδροΜέσα στα πολλά μεγάλης εμβέλειας έργα ανάπτυξης που αναμένονται, όπως μαρίνες, γήπεδα γκολφ, καζίνο και πολυώροφες οικοδομές των 30 ορόφων και πάλι οι ξένοι επενδυτές μας δείχνουν τον δρόμο για εναλλακτικές επενδύσεις.  Read Article
 
Office News & Activities
  • The Οffice has made contacts with the financiers’ real estate administrators of their properties for sale. Each bank will provide a group seminar for the Οffice sales staff.

  • Our Managing Partner, Antonis Loizou has had a meeting with the Minister of Interior and discussed amongst other matters the urgency of revising the common expenses law.

  • The hiring of new staff is a target but quality staff are difficult to come by. A sales coordinator has been hired to cover the Pafos and Limassol region and another one is pending for Nicosia-Larnaca-Paralimni offices.

  • The year ended (2016) with an increase of the office turnover by overall 20%. Major contribution to this came from valuations and consultancy, reaching 6.500 cases, whereas sales slowed down from their 2016 level.

  • A new marketing campaign will be undertaken as from1.3.2017 offering investment properties with a return. This special class of real estate investment seems to be the most popular with main interest forthcoming from foreign passport/visa investors and for the range of €2.0-€5.0 mil.

  • Negotiations are under way to be represented in two countries of the Middle East. Results are expected end of March.

 

Featured Properties for sale

Nicosia - Agioi Omologites

Limassol - Kalogyroi

Larnaca - Prodromos

2 bed apartment for sale in Agioi Omologites for sale €99,500

Four Bedroom Detached Villa in Kalogyroi for sale

3 bed detached house in Prodromos for sale €180,000

2 bed Apartment €99,500
Covered 98m²
Covered Veranda 10m² 
Fully Renovates, Title Deeds

4 bed Villa €990,000
Covered 391m²
Covered Veranda 29m²
Plot 1,149
Sea views, Title deeds Available

3 bed detached house €180,000
Covered 135m²
Covered Veranda 15m²
Plot 253m²

Title deeds Available

Famagusta - Agia Thekla

Paphos - Kissonerga

5 bed Villa in Ayia Thekla, Famagusta, for sale €1,195,000

Four Fields in Kissonerga for sale €2,300,000

5 bed villa, €1,195,000
Covered 205m², Plot: 805m²
Beach Front, Title Deeds Available

Four fields, €2,300,000
Covered: 54,517m², Sea Views
Ka10, Cover 30%, Build 20%, Floors 2
Road, Water, Electricity available

Joint Venture

Living, Buing Property and Doing Business in Cyprus

«Living, Buying Property and Doing Business in Cyprus» on www.cyprusinformation.com is translated to Chinese and Arabic and Russian. The website's aim is to provide general information about Cyprus, with more emphasis for Real Estate, Tax and Legal matters. The website is part of a joint venture of Antonis Loizou & Associates - Chartered Surveyors, the international accountants KPMG Cyprus  and the largest Law Office in Cyprus Andreas Neocleous.

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Company Profile

Antonis Loizou & Associates is a professional firm of Chartered Surveyors offering valuation, estate agency and project management services. The firm was set up in 1980 and is the largest and most comprehensive professional firm of Chartered Surveyors in Cyprus and the Eastern Mediterranean over the last 35 years. The firm employs 35 members of staff across 6 offices in Cyprus and is the leading real estate advisors for corporations, finance houses, as well as the local government and individual members of the public. About us                      Subscribe  Forward

 
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