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Seasonal Houses & Preparation for Occupation
Antonis Loizou, FRICS
Very few people bother to have their home prepared expecting that everything is okay. What is unfortunate is that if something goes wrong, technicians are nowhere to be found during the summer season, especially during the months of July-September, whereas their charges are at the peak.
Property Sale Prices & Celebrities
Antonis Loizou, FRICS
The celebrity’s name is important in most other countries and in a recent search in London the agent stressed repeatedly that in the apartment block once belonged to Sir Lawrence Olivier (of the Lawrence of Arabia fame). Keeping in the holiday spirit we have asked several of our staff and friends how much they value in terms of paying a premium for an apartment had he/she (celebrity) bought there or lived there in the past: The priorities were:
A shocking situation for building development in Cyprus
Antonis Loizou, FRICS
During our holidays we visited Protaras Beah (Paralimni village) within the very heart of the tourist area, where most of the hotels and entertainment establishments are located at. The Government has recently constructed a 5 km footpath next to the seaside, as part of a 18 km footpath which will join the Paralimni beach to that of Ayia Napa (the Ayia Napa part is almost completed). This Protaras footpath is indeed the best seaside footpath so far constructed in Cyprus. It has sitting benches, view points, drinking water at stages, as well as w.cs.
Problems in Sight - VAT on Real Estate
Antonis Loizou, FRICS
The E.U. is placing pressure on the Cyprus Government to introduce the VAT (19% charge) on building plots and development plots on the acquisition price. The matter is under discussion at the House of Parliament, but it seems that there is no way out and the E.U. is threatening us with penalties which could amount to several millions if we do not introduce this measure very-very soon.
Aiming for Retirement in Cyprus
Antonis Loizou, FRICS
For those who are around the age of 40-50 should start considering their retirement income as a first priority and things to do once they reach the retirement age of 63 (optional 65) years old.
Houses in agricultural areas in Cyprus
Antonis Loizou, FRICS
We wrote on the subject in the past on the change of the Governmental planning policy in building one’s home within agricultural areas (outside development zones) and the anticipated problems, social and economic matters that this change of legislation would have brought about
A Provocation for a Disaster
Antonis Loizou, FRICS
The visas/passports was originally thought off by the year 2007 by the then Government of Tassos Papadopoulos. This measure was there but since the market/economy was booming especially the real estate, no particular effort was undertaken to exploit this. Then Mr Christofias Government took over who seem to be against it during which the Government had around 15 cases studied notwithstanding the hundreds of applications. Then the Anastasiades Government went all for it, keep changing the incentives to become more and more attractive with relation to other countries and each time one competitor came up with a more laxed measure, Cyprus came up with a better one. The situation, as is now, provides the following picture.
Shopping Malls in Cyprus?
Antonis Loizou, FRICS
It is interesting to record the change of shopping habits of the Cypriot consumer. Initially the corner grocer has been replaced by larger shops and then the latter by the very large supermarkets. The very large supermarkets such as the ex Orphanides and others, who offer in addition to food, other products as well, are now experiencing a change. Shoppers now cannot be bothered to spend hours in a supermarket trying to find where everything is. The small supermarket (called Express) of around 1.000 sq.mts. on ground floor area, is taking over and Lidl’s success (around 1.500 sq.mts. retail) is a point in hand. Place the supermarket in the center of the plot surrounded by parking and keep the shop space on the ground. This “sudden discovery” of the change is evident in the profitability of such projects.
Preparing your Home for Sale
Antonis Loizou, FRICS
We have reported in the past that whereas buying a property in Cyprus is not difficult due to the abundance of supply, selling your own property may be more difficult than buying, since you will have to compete against the well organised developers and agents. For this reason the selling time may take up to six months and even more (depending on how marketable your property is). Consequently, if resale of the property is in your mind when buying, bear in mind the general market needs and not your own. The more marketable and of a wide financial appeal your property is, the lesser the time required to sell and the greater the possible gains.
The 20% building density increase and its side effects
Antonis Loizou, FRICS
This Government, a few months ago, in order to introduce a simple procedure to cover illegalities relating to the building extent and referring to houses/apts, has introduced a new regulation which allows the owners/buyers to increase the building density prevailing at the time of construction by 20% or up to a minimum of 60 sq. mts (applications are accepted if submitted by the 31.12.2019).

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