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Swimming Pools - Confusion
Antonis Loizou, FRICS
There is a huge and serious confusion whether a swimming pool is private or public. The prevailing regulations (even this is not clear) stipulate that a pool is considered as being public if it serves more than 10 units. In addition and so there is no further confusion, a public pool must be provided with men/women w.cs., first aid room, showers, lockers and the provision of a qualified lifeguard during the pools’ operation, whereas the local authority should regularly inspect the pool and provide certificates of the water quality and the management of the pool as a whole.
Who is responsible at the end?
Antonis Loizou, FRICS
We note several reports regarding soil subsidence at various locations and the recent reports refer mainly to Armou village and in certain other locations.
Non Performing Loans and Ability to Handle
Antonis Loizou, FRICS
We are of the opinion that whatever idea one has to help solve this situation, our first care must be the support of the banks, so that we do not have to face the situation of the Bail In of the year 2013. Since we are involved to an extent with N.P.Ls, we wonder how we can help with the target to reduce to an extent this problem. We watch the various efforts that the Bank of Cyprus is undertaking (for the other banks they are at an infancy stage) regarding the swap deals, the recent creation of a real estate fund with a return of 6%, the creation of its real estate management team (REMU) etc. Notwithstanding that banks exchange their debts with real estate valued at 70% of the market value, when it comes to sell their loans in bulk to foreign investors, the latter, are rather apprehensive offering a price more likely around 50% (see last effort with a discounted asking price of €400 mil. value with a €300 mil. offer).
A cause for worry?
Antonis Loizou, FRICS
As time passes so the pressure on Cyprus from the E.U. and others increases. At this point of time the visa/passports measure is working well for us and has contributed to the expansion of the economy to 4% this year, whereas the net income from these sales of around ½ bil., is a sizeable amount.
Buyers By Nationality & Historic Analysis
Antonis Loizou, FRICS
If one is to look back and examine the foreign nationals who buy real estate (mainly holiday homes) in Cyprus we can deduce a certain pattern of demand.
First and third line beach properties and other matters
Antonis Loizou, FRICS
The Cyprus beach development-coastline is the only one which is reducing dear readers. If one is 50 or 100 mts away from the beach as long as it has a pedestrian access to it, will not matter so much. So as the beach line is being developed, so is the value of such beach properties/houses/ buildings are going up in value. This sort of situation will become even more evident for first beach line properties be it with a Governmental land between the on the first line properties and the beach, as opposed to those at the rear.
Hope for Big Real Estate Investment in Cyprus?
Antonis Loizou, FRICS
The new Minister of the Interior has announced last week that he is introducing an “one stop shop” which will deal with large scale real estate investments (over €5.0 mil.). This office/shop will be managed by a project manager, whose responsibility is to keep a close watch and follow up the procedures regarding planning applications and issue of permits.
Structural Conditions of Buildings in Cyprus
Antonis Loizou, FRICS
We have an increasing number of appointments, in order to carry out structural surveys of buildings, mainly houses under/recent construction and this is the result of shoddy work in a number of projects/buildings. Structural defects refers to the structure of the building, which, if it is left to escalate, it will cause more damage, than the initial damage, creating serious problems later on, including safety problems.
Residential Rents on the up
Antonis Loizou, FRICS
The post 3/2013 disaster, has brought about a change of the rental scene of real estate. Between the period 2013-2015 very little number of buildings were developed causing nowadays some sort of shortage for most type of investments. This coupled with the beginning of a revival of the economy (2015) and the availability of finance, caused an increasing demand (be it very slow) for purchasers of real estate.
Freehold or Long Leasehold Home?
Antonis Loizou, FRICS
We are surprised by the response of an article we wrote in the Greek press regarding quality retirement homes with full facilities based on the American model. In our article we referred to that this type of housing units may take a period of 10-15 years to come about for locals in Cyprus, since the family ties are not what they used to be and parents/children may not have time for each other to the extent that they had before. However based on the local readers response it seems that our estimate of 10-15 years time, is far too late and it appears to be more of an immediate/2-5 years hence term. Families seem to be disintegrating from the extent that, we thought, especially now during the crisis.

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