Cypriots drive on the left, use pounds and just about every pub from the Nags Head to the Waterloo Inn screens Premiership games. So it’s hardly surprising that nearly one in 10 “locals” is a British expat. The community has grown fast since Cyprus joined the EU in May 2004, making it easier to live and work there. And most Cypriots speak English. There’s a cricket green in the very middle England-sounding Happy Valley and the Cyprus team is campaigning to have the game recognised as a national sport.
MARKET TIPS: Next year’s switch to the euro is expected to further boost an already stable property market. Low taxes for pensioners make it a good buy for retired investors.
To view Cyprus Properties please click www.cyprus4properties.com
Sunday, October 7, 2007
Thursday, July 5, 2007
Budget airlines will boost Cypus tourism and property markets
Panos Englezos, Chairman of the Cyprus Tourism Organisation (CTO), has announced he will increase efforts to court budget airlines to include the island as a low-price destination.
This will have a dramatic effect on the tourists industry in the country, and a follow on effect on the property market both for overseas buyers and buy-to-let investors.
As has been shown in other countries - most notably Spain - cheap and easy access is key to developing a strong overseas property market.
Alongside attracting budget air routes, the CTO is also calling for an increase to its current budget to increase overseas advertising for the island.
According to Englezos, the current push has already attracted a “significant increase of arrivals from Greece, Russia and Scandanavia.”
The CTO chairman said that Cyprus receives an estimated annual £1.3billion from tourism, which makes up around 15% of the island’s GDP.
For more news on Cyprus Property please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html
Now is the best time to invest in Cyprus.
There are many variables to take into consideration when making a property investment decision – particularly with regard to off-plan investments. Such variables include the market, the developer, construction timeframe, tangible product and of course finance. The finance element to an investment can be broken down into several key areas including that of currency. One currency in particular that’s building pace this year is the Euro.
With several key countries focused on adopting the Euro, property investors must fully appreciate what it means to take on the currency. Cyprus is one such market on the verge of switching to the Euro from its traditional currency – the Cypriot Pound. The move to the Eurozone comes on January 1, 2008 for Cyprus and with it, changes to the economy.But what does this mean to Cyprus and those of us looking to invest in the Cypriot property market?
With several key countries focused on adopting the Euro, property investors must fully appreciate what it means to take on the currency. Cyprus is one such market on the verge of switching to the Euro from its traditional currency – the Cypriot Pound. The move to the Eurozone comes on January 1, 2008 for Cyprus and with it, changes to the economy.But what does this mean to Cyprus and those of us looking to invest in the Cypriot property market?
Plenty. Simply put, investing before the adoption allows your investment to flourish, as property prices will almost certainly increase after the currency switch. Membership of the Eurozone means a lot to Cyprus.
It will help shield the island against economic turbulence and significant interest increases.One of the most important reasons for Euro adoption is price stability. Price stability is the main objective of the European Central Bank’s monetary policy. Furthermore, since the Euro market is highly liquid, this will result in increased efficiency of the country’s financial sector and the better allocation of financial resources.
The Euro will strengthen macroeconomic stability in Cyprus, ensuring low inflation and low interest rates currently enjoyed by Eurozone members. The single currency brings stable prices for citizens and more opportunities for businesses. Moreover, being part of the single currency will further promote trade opportunities in the global economy and attract a large amount of foreign investment.
Cyprus’ interest rates have already fallen considerably. The long-term interest rates declined by some 330 basis points from about 7.5 per cent in December 2001 to just 4.25 per cent in December 2006. Furthermore, over the same period mortgage interest rates fell 160 basis points from around eight per cent down to 6.5 per cent. This brings very practical benefits, allowing both domestic and foreign investors to borrow money cheaply thus fuelling property purchases and spurring demand.
As a Eurozone member, Cyprus will have a currency with a global position comparable to the US dollar. The role of the Euro in international trade, the global bond market and as an official reserve currency has increased substantially and continues to grow in importance. The attractiveness of the Euro as a world currency means that tourists can increasingly travel all over the world with Euros in their pockets while businesses are increasingly able to trade in Euros beyond the borders of the Eurozone.
Cyprus’ property market has enjoyed strong, consistent growth in recent years with more of the same to come and with the milestone of the Eurozone just around the corner, now is a good time to invest in Cyprus.
For more news on Cyprus Property please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html
Property Investment Hot Spots
Cyprus, Prague and Romania are currently exceptional property investment hot-spots. They has double-digit capital appreciation coupled with strong rental demand and not to mention no Capital Gains Tax after owning the property for five years make it one of the world's best property investment opportunities. The government also has strong incentives for external investment from other countries.''
Thousands of Brits are choosing to move abroad and the Balkan states are proving very popular. There are now 10,800 Brits living in Bulgaria, while another 9,500 have moved to Romania. Strong economies and increased tourism have seen house prices rise significantly in Eastern Europe, with Poland another potential hotspot.
PLACES TO INVEST
Prague
High Capital Growth 10%+ predicted pa over next 5 years min
High Rental Yields 5-8%
Strong rental demands - mainly long term lets
Central European Location
No CGT after 5 Years
Tenancy Laws in favour of Landlord
Strong Economy
Imminent ascension into Euro will devalue local currency by 25-33% at today's rates
Low deposits and 85% mortgages available to non-residents
High Capital Growth 10%+ predicted pa over next 5 years min
High Rental Yields 5-8%
Strong rental demands - mainly long term lets
Central European Location
No CGT after 5 Years
Tenancy Laws in favour of Landlord
Strong Economy
Imminent ascension into Euro will devalue local currency by 25-33% at today's rates
Low deposits and 85% mortgages available to non-residents
Southern Cyprus
UK based legal system
Low mortgage rates and high LTV loans
Popular holiday destination
Part of EU
Well established/regular flights
Stable Economy
Already has experienced growth which is set to continue
UK based legal system
Low mortgage rates and high LTV loans
Popular holiday destination
Part of EU
Well established/regular flights
Stable Economy
Already has experienced growth which is set to continue
Romania
Strong Economic prospects
Joined EU in 2007-06-12 Established Tourism market (currently 4.8% GDP and employs 5.8% of workforce)
Strong Government incentives for external investment
Low entry level property prices
Ski, hiking and beach opportunities not yet mainstream
Strong Economic prospects
Joined EU in 2007-06-12 Established Tourism market (currently 4.8% GDP and employs 5.8% of workforce)
Strong Government incentives for external investment
Low entry level property prices
Ski, hiking and beach opportunities not yet mainstream
For more news on Cyprus Property please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html
Marina Properties in Cyprus
If the Mediterranean is where you've always dreamed of living it's likely you have an image of a house with sea views basking in bright sunlight. But for buyers with sea legs the ideal property is located right on the water's edge, where your yacht can be accessed at any time for glorious trips on the crystal clear waters.
Marina properties are becoming more and more popular as developers realise buyers want a home in the sun with somewhere to moor the boat nearby. Whereas choice has previously been limited, now British and foreign developers are expanding this market with options in well know locations as well as in up and coming countries.
The coastline in the Mediterranean extends for some 46,000 kilometres, but with the thousands of islands contained within its boundaries the amount of on-shore land available is endless. What's more, marina properties tend to be designed with leisure in mind and many offer all the facilities of an offshore development, with indoor swimming pools, spa, gym, tennis, restaurants and shopping facilities.
Choosing where to live is sure to be tough with so much on offer.Spain has long been a staple choice with swanky resorts along the Costa del Sol, Costa Almeria and Costa Blanca all offering well established, sophisticated marinas.
However, Spain is no longer as profitable as it once, was with experts warning that the market is close to saturation. The location is, nevertheless, good for sailing as neighbouring France's Cote D’Azure and the Italian Riviera are lined with comfortable marinas which offer pleasant voyage opportunities.
The western end of the Mediterranean is fast becoming the choice for investors in the know. Turkey's reputation for world-class marinas is growing fast and with a stabilising economy and talks of EU entry, now is the time to invest. Turkey has some of the most beautiful and unspoiled Mediterranean coastline and houses the world's second highest percentage of endemic species, according to the World Wildlife Fund.
Sailing opportunities are excellent with many Turkish islands to discover, not to mention the proximity of Greece and its famed islands nearby. Bodrum, Marmaris, Fethiye, Antalya, Gocek and Altinkum are all good locations.Near to Turkey are Cyprus and Malta - also rising stars in the marina property sector. Cyprus is now classified as one of the top five most popular places for Brits to buy abroad and has two main marinas: Larnaka Marina and St. Raphael Marina. Cyprus also offers superb scuba diving and excellent on-shore night life. Malta and its smaller sister island Gozo are still relatively undiscovered by the overseas property market.
Its coastline is studded with naturally formed harbours, beaches and coves making windsurfing and yachting popular. The islands are ideal for boat owners as this central Mediterranean location makes cruising to a wide variety of destinations possible.So if you want the full Mediterranean experience when moving abroad, a marina property is thechoice for you. Just don't forget to pack the boat.
Rise in interest in Cyprus property investment
Interest in property investments in Cyprus has increased significantly in recent times, according to an expert from the Property Secrets group.
Simon Tweddle, head of research at the independent analysts and commentators, has noted how property purchases among external investors has been particularly strong over the last year.Properties have increased in value in Cyprus by between 20 and 25 per cent, with the country perceived as desirable due to its cheap air access, predominantly English speaking population and low taxes.Asked whether a property boom were likely to occur in Cyprus in the near future, ahead of a 15 per cent VAT being placed upon land in the country sold after January 2008, Mr Tweddle said "that kind of boom has already taken place".
Mr Tweddle also noted how: "Quite a few UK [property] companies are starting to get a bigger interest in Cyprus – they're marketing Cyprus as an investment destination."With Cyprus set to join the Euro following EU approval later this week, he also speculated that such a situation would offer more "security" to the property market and "probably increase the short-term prices rises".
For more news on Cyprus Property please visit
Sunday, May 13, 2007
Expats turn to Cyprus for properties
Property investors are now looking beyond the usual hotspots in Europe and are turning to Cyprus, an expert has said.According to Les Calvert, director of Property Abroad, investment in Cyprus is booming partly because expatriates are coming to the country rather than Spain.
He added that Cyprus attracts many buyers as it enjoys constant sunshine, offers a similar expatriate community to that of Spain and is increasingly accessible through budget airlines."People are looking further afield now but with the same sort of ex-pat community that Spain used to offer," he remarked."And Cyprus is the sunshine isle: 360 days of sunshine a year.
So for the last 12 to 18 months, we've had a surge on Cyprus, with all kinds of different properties." He also pointed out that property prices are "really moving forward" at the moment and the expected VAT change on land sales next year is likely to continue pushing up housing demand.
John Reilly, managing director of Buy Abroad, recently said that on the east side of the island in particular, the introduction of budget airliners has resulted in large capital growth rental returns.
For more news on Cyprus Property please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Illegal selling Cyprus properties in the North
Cypriot Minister of Foreign Affairs Mr. Lillikas has said the illegal selling of Greek Cypriot properties in Cyprus’ Turkish occupied areas sends the message that there is lack of will to solve the Cyprus question.
In statements at the House of Representatives, the Minister said that the supporters of the Annan plan seek self-vindication through the position that if the plan had been accepted by the Greek Cypriots, then one third of the occupied Greek Cypriot properties would have been saved.
Lillikas expressed the belief that no change of the extreme Turkish position on the Cyprus question should be expected during the next months, adding that the position that the Greek Cypriot side must make concessions, with a view to promote a Cyprus settlement, is short-sighted.Furthermore, he noted that both the EU and Turkey realise that the international and European laws must be restored in the Republic of Cyprus in order for Turkey to be able to join the EU.
“Whoever really believes in a settlement providing for the reunification of Cyprus, in the framework of a bizonal, bicommunal federation, must refrain from interfering with Greek Cypriot properties, because the issues of properties and territories will be indispensable important aspects of any settlement of the Cyprus question,” he added, noting that such actions and practices in fact undermine efforts to reach a settlement.Lillikas sent the message that “we are not going to accept either the erasure of the fundamental human right to property or of the fundamental EU principle for the protection of the right to property or the right for the return of the refugees.”
As regards the negative stance of the Turkish side with regard to the implementation of the July 8 agreement, he said that this agreement was a result of actions and initiatives of the Cypriot government and was reached with the unanimous position of the UN Security Council five permanent members.He said it was very significant that the international community and the EU support, publicly, the July 8 agreement, adding that “beyond this, the government outlines the issue of properties and of promoting a Cyprus settlement to all of its bilateral contacts, and in the framework of discussions within the EU, and this does not mean that we want to move the Cyprus question from the UN framework to the EU.'
Lillikas said that the natural framework to seek a Cyprus settlement is the UN, noting however that Cyprus’ accession to the EU changes the political environment as well as Turkey’s accession course, and that the acquis communautaire and the EU fundamental principles should be taken into consideration to the settlement of the problem.Replying to a question, Lillikas said “our effort is through the support of the international community to convince the Turkish government that its policy does not lead to a settlement and does not serve the long-term interests of Turkey, which wants to join the EU.”Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third.
In April 2004, the majority of the Greek Cypriot community rejected a solution plan proposed by then UN Secretary General Kofi Annan, while the Turkish Cypriot community accepted it, in separate referenda.Cypriot President Tassos Papadopoulos and Turkish Cypriot leader Mehmet Ali Talat agreed on 8 July 2006, during a meeting in Nicosia in the presence of UN official Ibrahim Gambari, to begin a process of bicommunal discussions on issues that affect the day-to-day life of the people and concurrently those that concern substantive issues, both contributing to a comprehensive settlement of the Cyprus problem.
For more news on Cyprus Property please visit
Friday, May 11, 2007
Britons are flocking to Cyprus for property investments.
Britons are flocking to Cyprus to make an Overseas Property investment, an industry expert has revealed.
According to Buy Abroad, Cyprus' property market is "booming" with a "real upsurge" in interest from British buyers.
John Reilly, Buy Abroad's managing director said the country was their most "popular" destination for buyers at the moment, thanks to its similarities with the UK and its entry into Euro currency next year.
"For English people [it is] a very safe place to buy: they have Land Registry system, the same as we do here; everybody speaks English; they drive on the left.
"It's a very good place to either retire to or buy an investment property in."
He also explained that the country's large expatriate community was a big draw for many Britons looking to invest.
"It's a much cheaper place to live and you don't have to learn a new language and you can drive on the left and it's warm all year round," he added.
Cypriot starts high street property showroom
World Overseas is designed to be an independent high street property showroom and will provide access to a complete range of related services including legal and tax advice, overseas mortgages, currency transfer and insurance services in addition to selling properties worldwide.
Set up by former telecoms executive Vas Agridhiotis, it is hoped that the £1.5m venture will become the first national overseas property chain in the UK.
Set up by former telecoms executive Vas Agridhiotis, it is hoped that the £1.5m venture will become the first national overseas property chain in the UK.
Mr Agridhiotis decided to set up the business after experiencing problems when trying to buy a property in Cyprus. He found that those interested in buying overseas did not receive the levels of service and support expected for such an important transaction.
Traditional UK estate agents offered a very limited choice of properties, had little or no "on the ground" knowledge of the areas in which they were selling property and were unable to offer support in other essential parts of the property transaction, including legal services and assistance with funding.
He said: "The British public are genuinely interested in buying overseas property, but it's just not that easy to do. There are no permanent high street specialists who are solely dedicated to multiple overseas locations. We want to improve people's confidence about the idea of buying abroad by raising the standards and introducing a higher level of professionalism. We can advise and provide support to buyers, that's what A World Overseas is all about."
The company's first town centre showroom is located in Harrogate and will be followed by a second opening in the North East later this year, with additional sites selected across the North and Midlands.
Private equity backing has guaranteed that plans are already in place for further showrooms, ensuring the company is well on its way to achieve its plans of national coverage.
"Buying overseas isn't just for the wealthy, and although we have some of the world's most exclusive developments within our portfolio, we also have some very affordable investments that give people a foot on the overseas property ladder." Mr Agridhiotis added.
Thursday, April 26, 2007
Cyprus National Property Exhibition 27-29/04/2007
The 4th National Property Exhibition (Property 2007) starts in Nicosia on Friday, with over 20 developers showing off their houses, apartments and holiday homes.
Property 2007 runs over the weekend at the State Fair and will be opened by Communications and Works Minister Mr. Charis Thrassou. The increased demand lead to an upgrading this year, and thousands of visitors are expected.
There is big interest by both locals and foreigners who live and work in Cyprus, as well as to visitors looking to buy holiday or investment properties. Besides Cyprus properties, developers at the exhibition will be offering properties in Greece, Romania, Bulgaria and other countries.
Property 2007 aims to inform on everything that is happening in the property industry as well as contribute to an improvement in Cyprus economy, strengthening the necessary relationship that must exist between developers and the public.
Based on current statistics, Cyprus property industry exceeds one billion pounds per year, bringing in £500,000 worth of foreign currency annually. These figures clearly indicate the importance of the Cyprus property industry.
The organisers of Property 2007 are the newspaper Akinita, IMH, the Cyprus Chamber of Commerce, Top Kinisis and Cyprus Popular Bank.
For more news on Cyprus Property please visit
Wednesday, April 25, 2007
Transaction costs in purchasing Cyprus Property
Cyprus ranks 25th out of 37 European countries when it comes to transaction costs in purchasing a house, with buyers needing an extra 7 % to cover fees and charges when they buy a Cyprus Property.
A study by Property Guide shows 12 countries with lower transaction costs than Cyprus, including Ireland at only 6.9 % and UK at 5.03 %. Property investments in Europe incur high transaction costs in many countries, exceeding 15 % in several cases. Purchasers of new properties often incur even higher costs.
The study takes into account all transaction costs involved in the property sale-purchase process, including registration and notary fees, legal fees, real estate agents’ commissions, and sales and transfer taxes.
In many countries VAT at 15-20 per cent is added on the purchase of new homes, hiking the cost up even more. Buyers of new residential property are in for a shock, because additional taxes are charged on newly constructed or renovated properties.
The lowest charges are recorded in Lithuania, where buyers pay only 2.3 % on top of the cost of their new homes. Other countries under ten % include Turkey, Denmark, Switzerland and Norway.
Buyers in Russia will pay the highest amount in transaction costs at 25 %, with Bulgaria at 24.8 % and Monaco 19.6 %, Belgium, Italy, France and Greece are close to 15 %. While actual registration costs in Cyprus are among the 12 very lowest of the 37 countries, transaction costs rise dramatically when agent’s fees and sales and transfer taxes are added. Legal fees, which also comprise part of the four criteria, are also low in Cyprus.
For more news on Cyprus Property please visit:
Saturday, April 21, 2007
Using the internet to find retirement properties.
People looking for a retirement property abroad are increasingly using the internet to search for their new home. The number of online searches for international property increased by more than 1,000% in the last few years.
Traditional retirement hotspots Cyprus, France and Spain topped the list as the most searched-for destinations for people looking to buy a retirement home overseas. Other popular places that people were looking for retirement homes included Portugal and Bulgaria. The Institute for Public Policy Research last year showed that 5.5 million Britons already live abroad permanently and that many of these people had chosen to retire to the sun.
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Illegal UK agents in Cyprus.
UK real estate agencies are illegally operating in Cyprus and are selling Greek Cypriot properties in the north.These were the assertions made by spokeswoman for the Cyprus Real Estate Agents’ Association Ms. Elli Andreou, who expressed her disappointment over the state’s lack of actions to prevent further exploitation of land in the occupied north.
“We have had many complaints that specific UK real estate agencies are operating illegally in the south and are also illegally dealing with Greek Cypriot land in the occupied areas,” Andreou said after meeting the House Commerce Committee to discuss tourist development in the north.
“We have given this information to the police, who unfortunately did not make use of it,” she added.Furthermore, the specific agencies recently requested Parliament alter legislation to enable them to operate legally in the Cyprus Republic.
“These companies are advertising properties in the north on the internet and apart from maintaining illegal agencies in the free areas, they are also asking for legal licensing from the Cyprus Republic so that they can operate legally,” Andreou explained.
She said the specific cases had been submitted to Parliament and the police, while when asked by reporters, she said she didn't want to believe that Greek Cypriots were behind the illegal agencies. The Chairman of the Committee, Mr. Lefteris Christoforou said the embezzlement of Greek Cypriot properties in the north was of major concern to his committee and he called on the government to coordinate its actions in order to produce sufficient results.
“We are concerned by the fact that until today, we have had no prosecutions against those who are directly or indirectly implicated in the pure robbery of our properties,” said Mr. Christoforou. But he added that Parliament had a significant role to play too, by informing foreign governments and parliaments on the situation, so that “each Cypriot citizen, as well as every foreigner, is aware that any implication with the north is illegal”.
Finally, Mr. Christoforou expressed the opinion that a positive outcome of the Orams case – the case of a British couple who bought Greek Cypriot property in the north and is now in the midst of a legal battle at the British High Court with the land owner – would be the determining factor and significant precedent.
For more news on Cyprus Property please visit
Thursday, April 19, 2007
Cyprus hotels converted into apartments
Several seaside hotels are being converted into luxurious apartments without the necessary permits being obtained. A land developer had bought at least 5 hotels in Limassol and had already converted them, with the 200 apartments going for between £500,000 and £800,000.
The high prices are due to their proximity to the sea, with most of the buyers being Russians. The same phenomenon has been seen in Paralimni, where 14 hotels have been converted into flats, apparently also without the necessary permits being secured.
The reason the conversions were being undertaken was that these hotels did not comply with Cyprus Tourism Organisation regulations. Given that they cannot then work as hotels, developers are changing their status.
Last year, the CTO came up with a series of incentives, including tax breaks and building incentives, for certain sub-standard hotels to be converted into other buildings. This was with the aim of improving the overall quality of tourism on the island.
The Cabinet approved the scheme, but the Town Planning Department then delayed everything, demanding that everything had to go through them in order for permits to be issued. This caused a postponement of the incentive scheme, which had to be rethought. In the meantime, however, many hotels took it upon themselves to convert their buildings into flats or car parking areas.
A CTO spokesman said that hotels were “already selling their properties to the point where it was not to the benefit of the tourism industry,” with the Mayor of Paralimni saying something needed to be done in order to put an end to the practice. Last week, Interior Minister Neoklis Syllikiotis warned that any conversion undertaken without the granting of the necessary permits would be classified as illegal.
How many hotels have been converted is not known as the conversions have taken place outside of the incentive scheme.
For more news on Cyprus Property please visit
Wednesday, April 18, 2007
Moneycorp opening a new office in Cyprus
Moneycorp is continuing its ambitious international expansion with the opening of a new office in Cyprus. The Cyprus property market is proving to be one of the fastest growing property markets within Europe, with people buying homes and real estate for investment purposes.
The Cyprus office is Moneycorp’s fourth new overseas office in the last two years. It will offer local clients and local-based expatriates with a full range of services, including account management, advice and support. It will allow Moneycorp to further develop relationships with professionals in the Cyprus property and migration sectors.
Vasilios Dimarakis, Head of Overseas Operations says, “The property market in Cyprus has been something of a phenomenon in recent years. The market is now showing stable but healthy growth with the promise of more good things to come as the country prepares to adopt the Euro currency on 1st January 2008”.
“By opening a new office in Cyprus we are able to provide local support and assistance to vast expatriate communities and our local referring partners. Overall, the expansion underlines our commitment to fully capitalising on this growing market.”
Moneycorp is a trading division of the TTT Moneycorp Group, which was established in 1979 and last year traded in excess of GBP7.5 bln in currencies. The Company is part-owned by The Royal Bank of Scotland Group and has been accredited to ISO 9000 quality assurance since 1996, a unique achievement in the foreign exchange industry.
Moneycorp is the UK's leading foreign exchange company and provides tailored foreign exchange services to help individuals save money on their overseas currency transfers.
For more news on Cyprus Properties please visit
Dolphin acquisition of Cyprus Property Developer Aristo.
Dolphin Capital partners is heading for a market capitalisation of over 1 billion dollars US following the successful acquistion of Aristo Developments Cyprus largest property developer in the holiday homes market.
The total deal worth over 200 million UK sterling sees Dolphin acquire a controlling stake in Aristo with 60% of the shares for 128 million EUROS Miltos Kambourides MD at Dolphin said on the deal.
The acquisition of Aristo Developers marks the most important milestone to date in our investment program. We are excited to be partnering up with the founder of the company Theodoros Aristodemou and integrating into the DCI portfolio a vast and attractive pipeline of significantly advanced development projects together with unrivalled technical know-how, serving to solidify Dolphin's leadership position in the residential resort sector in Southeast Europe Dolphin Capital are quickly being labelled as pioneers in the leisure development market with deals consistently over 100 million EUROs.
For more Cyprus Property News please visit
Saturday, March 24, 2007
Low-cost flights UK-Cyprus from £39.99!
The budget airline Monarch is about to launch low-cost flights from Britain to Cyprus. The new flights, from Luton to Larnaca, begin on Monday and cost from just £69.99 one way, including taxes, with some introductory seats at £39.99. Ryanair is also planning to move into Cyprus soon, and, along with the huge expansion of Paphos and Larnaca airports, will result in a great increase in visitor numbers.
Cyprus is undergoing rapid changes. New flights aside, there are many factors stacking up that promise to transform Cyprus in the next few years and investors are rubbing their hands together in glee. It is the multi-million pound marinas set to emerge at Larnaca, Paphos and Limassol, the new golf courses and much more.
Optimism has been on the increase since Cyprus joined the European Union in 2004 and the border between Greek and Turkish Cyprus was relaxed. Entry into the eurozone in January 2008 will be the icing on the cake for the Greek Cypriots: replacing the Cyprus pound with the euro will bring added stability and confidence.
The adoption of the euro is an exciting progression. The positive effects upon the economy are likely to increase demand in an already buoyant market and lead to an increase in house prices. Cyprus's charms are already well-known to UK buyers, especially as it was once a British colony. It has a good infrastructure and a friendly, widely English-speaking population. There is no inheritance, gift or wealth tax, and personal taxation is low, starting from just 5 per cent.
The climate offers almost year-round sunshine, the main towns and cities give a sophisticated choice of shops, restaurants, art galleries and theatres, while the villages offer an escape to the relaxed lifestyle of old. There is virtually no crime on the island and the cost of living is still very low.
There are currently 60,000 British homeowners on the island providing a lively expat community. Property prices have shown a steady increase over the past 10 years, averaging about 8 per cent per annum. While emerging markets such as Bulgaria and Romania are cheaper, property prices on the island are still very competitive compared to Spain, Portugal and Italy.
Cyprus has strict building regulations aimed to prevent overdevelopment, as opposed to countries like Spain. A prime example is that no residential building can be higher than three storeys. Many countries, such as Bulgaria, do not have such building controls.
Jacob Klein from Israel, has several properties in Cyprus and he is pleased with his investments. Every town and city is built up but you can find sleepy villages quite easily. I bought several off-plan apartments in Larnaca last year for £45-60,000 each and the developer is planning similar ones for £65-90,000 this year."
But the new flights do not impress everyone - particularly, for obvious reasons, those involved in selling Spain. "Cyprus may be getting a new budget flight, but there are already low-cost flights to Spain from almost every corner of the UK and the flight times are also only 2.5 hours on average, as opposed to 4.5 hours to Cyprus," says Chris Mercer of Spanish specialist agency Mercers.
Kieran Byrne, managing director of Home España, says: "With the wide range of airports, frequency of flights and short journey times, it is no wonder that people choose Spain as their No 1 holiday destination. Cyprus offers a good long-term investment but there is not an established resale market, like there is in Spain. In the short term, investors will struggle to sell new builds on and there may not be much call for rentals."
While Cyprus is clearly set for transformation in the coming years, no one yet truly knows how much of that will be for the better, and how much for the worse.
For more news on Cyprus Property please visit
Wednesday, March 21, 2007
Illegal property transactions in the North Cyprus
Cyprus Interior Minister warned that companies engaging in illegal sale or purchase of Greek Cypriot properties in the Turkish occupied north of Cyprus will not be allowed to operate in the Republic of Cyprus. The Minister made the comment after a meeting with US Ambassador to Cyprus Ronald Schlicher during which they discussed the wish of US real estate companies to become active in Cyprus.
Schlicher said “some real estate companies, very large American real estate companies are interested in doing business in the Cypriot market” noting the two discussed the “rules, law and regulations that govern these things, and I alerted the minister to some of the concerns that the American companies have”.
Silikiotis said that regarding the activity of foreign real estate companies in Cyprus, “I informed the ambassador that a relevant legislation has been tabled in the House of Representatives which provides for the amendment of the provisions of the existing law, harmonizing it with the acquis communautaire”.
So far, he added, permits to work as realtors are given on a personal level, but after the relevant law is amended, companies will be able to operate, provided they comply with certain provisions such as employing people who are registered in the Realtors Registration List and that at least one person in the company speaks Greek.
Silikiotis said it is evident that “companies which engage in the illegal sale or purchase of Greek Cypriot properties in the occupied areas cannot be allowed to operate in the Republic of Cyprus”.On his part, the American Ambassador said these companies are “interested in being in the Republic of Cyprus. They are interested in partnering with people in the real estate business here”.
To a question if they are aware of the informed on the situation in Cyprus, Schlicher replied “absolutely and of course when we talk to any companies that are interested in doing business in Cyprus, it’s is not only good business it is our duty to let them know of the sort of legal and political legal issues that they might face when they do business in Cyprus”.The two also examined the progress made on the national action plan in combating trafficking of persons. Sylikiotis said that the whole issue is an extremely dangerous phenomenon with wider international dimensions and which is also present in Cyprus.
He informed the American ambassador on the measures which the Republic of Cyprus is taking to combat it, as well as the action plan, the coordination of which was undertaken by his ministry. A relevant legislation prepared by the Legal Service of the Department will be sent to Non-Governmental Organisations and then will be taken before the Cabinet for approval and subsequently the House of Representatives.A convention on combating the Trafficking of Persons will also be taken before the House, he added, noting that in the last years the number of permits to employ artistes in Cyprus has significantly decreased. “We are trying to restrict to a minimum, if not completely wipe out, the trafficking of persons in Cyprus”, Sylikiotis added.Schlicher said that this is a world wide problem and “the US seeks to be the partner in fact of all the countries in the world in combating this international problem.
The things that have been done by the government of Cyprus in meeting this national action plan are very laudable, we applaud those things and we look forward to the fulfillment of those things that the government of Cyprus plans to do, has in progress but has not quite fulfilled yet”.The two also examined the possibility of members of the families belonging to diplomatic missions in both Cyprus and the US to be able to work in the respective countries. Schlicher also said that a bilateral work agreement was examined and hoped the two countries will be in a position to move forward on that”.
For more news on Cyprus Property Investment please go to
http://www.cyprus-online.com/buy-sell/cyprus-news.html
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Tuesday, March 20, 2007
Cyprus is becoming increasingly popular with Britons.
Investors looking for property overseas may be interested in looking at Cyprus. It is becoming increasingly popular with Britons – both as a holiday resort, second home or for a buy-to-let investment. British reportedly make up the largest expatriate community on the island.
So what is so attractive to them? First, are the familiarities. Despite being located in the Mediterranean, Cypriot life has a lot of similarities to life in the UK. The legal system, for instance, is largely based on the English model and there is a similar method of land registry and conveyance in operation. In Cyprus driving is on the left hand side of the road like in UK and most people speak very good English. The banking system is also based on UK and the currency is the Cypriot pound.
In fact, aside from the good weather and cheap cost of living, the British traveller feels like home.
Speaking of currency, Cyprus is forecast to adopt the Euro as it's currency in 2008, which will help open it up still further to the European holidaymaker. Foreign investors are currently allowed to own only one property in Cyprus, but in 2009 this restriction will be waived and unlimited property purchases can be made.
According to Jet-to-Let, a property investment magazine, there is even more good news for buy-to-let investors in the shape of flight ticket statistics. These apparently show that most visitors to the island are purchasing flights only, rather than a hotel resort packages, meaning they are more likely to rent a property during their stay.
Two airports in Cyprus are undergoing expansion and renovation. Paphos airport is having a new passenger terminal added, which is due to be completed some time next year and will allow it to handle around 2.7 million passengers per year. Larnaca airport is also due to undergo a refurbishment and also serves an area popular with tourists.
All in all then, when it comes to Cyprus it seems there is a sunny outlook for tourism and plenty for the potential investor to think about!
For more news on Cyprus Property Investment please go to
Saturday, March 17, 2007
Delay in new VAT rates?
The Cyprus government will try to get an extension on the imposition of VAT on certain good and services, the deadline for which currently is on January 1, 2008, the same date Cyprus is set to enter the eurozone.
Political parties are concerned that raising VAT levels on certain products may confuse the public who will be in the process of getting to grips with a new currency, while also encourage profiteering among retailers. One of the two conditions set by opposition party DISY before giving its backing to the euro was that the government would not introduce the new VAT rates at the same time as the single European currency.
As things now stand, Cyprus is committed to adding 5% VAT on food products and medicines, which are currently 0%, by the first day of 2008. A 15% VAT on immoveable property, which is now 0%, is also due by January 1 2008.
According to a Finance Ministry source, the government is optimistic it can get an extension from the Commission on the new VAT levies but is in no position of knowing how the EU body will react. There has been no intimation from Brussels which way the decision will go.
A lot depends on how well the Cyprus economy does on the road to euro adoption. Nothing can be examined properly until the Cyprus pound is locked into the euro in July. The source highlighted that it was a very delicate matter which had to be handled with care as the EU was not prone to giving out such extensions easily.
For more news on Cyprus Property please visit
Cyprus Property Hot Spots!
The reasons for buying property in Cyprus are as varied as the islands beautiful landscape. Whilst some are looking to buy in a peaceful village that is in close proximity to neighbours, a grocery store or caf?, others may be seeking a waterside retreat or front line golf experience.
What ever it is you are looking for, Cyprus 4 Properties, the largest real estate organisation in Cyprus, have highlighted particular areas which could be considered hot spots to help point you in the right direction:
Larnaca - Larnaca International Airport will be moved to a brand new terminal which will handle more than 7.5 million passengers a year. The old terminal is expected to be converted for commercial use. Major upgrades to the town's road network are being completed and plans continue for a new yacht marina, a new port for cruise ships and an extension of the well-known Finikoudes Promenade with its cobblestones, palm trees, five star hotels and seafront caf?s and restaurants. Larnaca’s oil refinery is shutting down and a new sports centre is being constructed in the area.
For town lovers, Livadia and Aradippou villages, in the north-west of greater Laranca, where property prices are still low, are ideal areas to buy in. Amenities are nearby, as is the town’s modern road network, offering easy and fast access to the centre of Larnaca, the beach, and the motorway network
Tersefanou, close to Larnaca, is another buying ‘hot spot’ thanks to the proposed luxury PGA golf resort planned on the edge of the village. This demand for property near the proposed golf course means that numerous apartment complexes with swimming pools, communal gardens and gyms, are being constructed in Tersefanou. These new developments are ideal for golf fans who cannot afford property inside the resort itself. Tersefanou has easy access to the highway linking Larnaca with Limassol and to the motorway leading to the island's capital, Nicosia. It is also only a ten-minute drive both to the beach and to Larnaca International Airport, making the properties even more attractive
While these villages offer basic amenities and are near greater urban centres, discussions are underway for the construction of a large shopping mall to meet the whole area’s needs.Larnaca is still considered the only town in Cyprus where property prices have risen steadily by 8 to 10 per cent a year.
Limassol - Limmasol’ s eastern beach, stretching from the Holiday Inn Hotel to Le Meridian Hotel and extending 500 metres inland is ideal for those who want an apartment within walking distance to the sea, restaurants, pubs, clubs and retail shops. Apartments here are also in great demand as holiday lets.
Nicosia - The government is offering incentives to those wishing to buy properties in Nicosia’s ‘Old Town’, which are in need of extensive renovation. The economic benefits are numerous and include the Cypriot government’s bid to subsidise up to 40% of the renovation costs of the property, to a maximum of CY£40,000 (approx. UK£46,400). These subsidies will be deducted from the owner’s taxable income over a long-term period. Rent generated from these properties is also tax-free and ‘transfer fees’ are waived
Aglantzia, which is close to the new university campus of Cyprus, is already developed to a degree, but by 2010, the number of students is expected to rise from 5000 to 8000. This will bring high demand for apartments to rent as well as for shops and services
Due to low company taxation rates, excellent infrastructure and modern telecommunications, the city centre of Nicosia has increasing numbers of international companies, thus keeping a strong demand for office space and apartments to rent
To take immediate advantage of these opportunities, which will not remain long on the market, Cyprus 4 Properties offers free inspection trips. Cyprus 4 Properties will arrange for clients to view property in the ‘hot spots’ as well as organise meetings with both property developers and private sellers depending on requirements. Meetings can also be arranged with independent legal and financial advisors and other relevant experts.
For more information on Cyprus property please click at
Thursday, March 15, 2007
Head for sunny Cyprus
Cyprus is one of the best places for the buy-to-let industry to invest and will get even better, according to an expert at property website Rightmove. In its list of top locations for prospective investors, the site lists a whole range of advantages to investing on the island.
The cost of living is low, the climate is warm. It has "an extraordinary quality of life" and, if proof of its qualities were needed, the buy-to-let market on the island is booming, offering "strong rental returns".The country will be "even more attractive" next year, it insists, as January 2008 sees the country adopting the Euro as its official currency.
So what does Cyprus really offer? The first and most obvious quality is location; a Mediterranean climate on a Mediterranean island means warmth in winter and beautiful sunshine in summer. The country has numerous fine beaches, so those looking for sun, sand and surf should be well rewarded.Then there is the history of the island.
Anybody remotely familiar with it will be aware that the influences on life there do not start or end with the Greek or Turkish culture of today. Human relics date back to the bronze age, with Mycenaean, Phoenician, Egyptian, Persian, Macedonian, Roman, Byzantine, Ottoman, Venetian and, of course British influences all contributing to a long, rich and varied history. Given that these various civilisations have left their mark in a myriad of archeological relics, with many ruins all over the island such as the pillars of Salamis near Famagusta, the buy-to-let market may be able to rent out to tourists indulging a fascination with history and culture as well as those who want to head for the beach.
The inland topography of the island includes the Troodos Mountains in the west, which attract enough snow for skiing in the winter. All this and there are plenty of wineries too.This variety is evident from any tourist website, with Visit Cyprus extolling the virtues of the island as anything but a one-trick pony. "One island, a world of options," it says.
If some islands in the Mediterranean have a reputation for simply being a place to laze on the beach, Cyprus is not among them.Cyprus has been quick to press its case in the European property market, at least if its presence at the Grosvenor Hotel in Park Lane last week, reported in the Malta Independent, is any indication. Given its many attractions, Cyprus may indeed be the place to invest in 2007.
For more news on Cyprus Properties please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html.
Cyprus retirement hotspot for 2007
Cyprus looks set to become even more popular among those looking to retire to the sun this year, according to a new report. Rightmove Overseas named the island as one of its top ten summer hotspots, because of the quality of life it offers to retirees.
The firm, which has approximately 3,000 Cypriot properties listed currently, anticipates that the country will become even more appealing to investors seeking property abroad ahead of its adoption of the euro in January 2008.
A relatively low cost of living, Mediterranean climate and increasing rental demand make Cyprus a good investment location this summer, according to the report, whether for full-time emigration or to rent for some of the year."
A buy-to-let investment in Cyprus is still a great venture," Justin Figgins from Rightmove said. "With tourism booming and the reputation Cyprus has for attracting repeat and loyal visitors, rental demand continues to outstrip supply."Pierre Williams of Inside Track commented that Cyprus is likely to become more popular among retirees avoiding traditional western European property markets, as the infrastructures and services in eastern European nations improves.
"As far as eastern Europe is concerned, Cyprus is the number one spot for Brit retirees," he said. Also featuring in the top ten and tipped to be a popular investment location for retirees looking for a home off the beaten track is Morocco.
"Flight fares to Morocco have dropped dramatically" Mr Figgins commented. "This makes the destination a more attractive investment prospect for those looking to cast their nets further a field."
For more news on Cyprus Properties please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html.
Cyprus as one of top summer property hotspots
Morocco, Dubai, Cyprus, Hungary and the Caribbean are set to be the top overseas summer hotspots for 2007.
According to Rightmove, Morocco is one of the fastest growing destinations for both holidaymakers and property investors. Flight bookings to Marrakech rose by 295 per cent in summer 2006 compared to the previous year, drawing visitors with its lush gardens, palm trees and vibrant souks.
Next on the list is Dubai, named by the firm as "the epitome of luxury and glamour" with some of the finest and most opulent properties in the world to be had. More international businesses are setting up base here and some ambitious tourist developments are underway, meaning there is no reason to think the state's time has passed.
Cyprus came in third due to its high quality of life and strong buy-to-let property returns, while Budapest was named due to its ornate properties, strong summer tourism and improving gastronomy.
Some "fantastic" buy-to-let returns which are attracting investors ensured that the Caribbean also got a mention.
However, Rightmove warned that a good investment hotspot might not automatically be somewhere that a buyer wants to live and that rental potential, growth potential and price should be considered when purchasing a property.Dubai was also named as a top ten overseas property location by foreign exchange specialist Currencies Direct in a recent report.
For more news on Cyprus Properties please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Wednesday, March 14, 2007
Cyprus Interest Rates Unchanged
Cyprus' Central Bank decided to leave key interest rates unchanged as it moves to bring the island's monetary policy in-line with the European Central Bank ahead of next year's planned entry into the euro zone.
The minimum bid rate on main refinancing operations was held steady at 4.50% which, following the ECB's recent rate increase, narrows the gap in key interest rates between the euro zone and Cyprus to 75 basis points. Cyprus is joining the euro zone Jan. 1, 2008 and must bring its interest rates, which are higher than in Europe, in line with the rest of the euro-zone. March 8, the ECB raised its key interest rate to 3.75% from 3.50%, the seventh rate hike since the start of monetary tightening in December 2005. The ECB is expected to raise rates further in June.
Joining the Eurozone is a factor that will contribute towards an increase of demand in Cyprus property since interest rates will fall. This will have a dual effect. On one hand mortgages will be cheaper and buy to let investments will have much better returns than today. On the other hand depositing money in the banks will stop being a good investment and people with a lot of cash will be looking for property investments in order to get a better return on their money.
Furthermore joining the Eurozone will save Europeans buying property in Cyprus currency exchange costs which can be up to 0.5%.
VAT on land is definitely another factor. Cyprus has a transitional period until 2008 before imposing VAT on land and when this applies property prices are expected to go up by at least 5% only because of that.
So what does all these mean? Prices will increase gradually, at least by 50 % by 2008. The future remains to be seen but what we know for sure is that now the prices of real estate in Cyprus are going up fast and will continue going up even faster for sometime to come. So if you are considering to buy a property my advice would be to first do your own research and then find a reliable consultant to assist you in minimizing any risks of a price stabilization.
For more news on Cyprus Properties please visit
Wednesday, March 7, 2007
Beware! Illegal real estate in North Cyprus
Many people are interested in buying real estate abroad. Cyprus is one of the most popular destinations among Europeans. The island has many advantages about it. Besides, it’s now a part of the European Union. However, there’s one thing to be worried about; and some of the buyers are not aware of it.
Cyprus is still divided into Northern and Southern territories. The Northern territory has been occupied by Turkish armed forces since 1974. The process of uniting of the two territories seems to never end, though the negotiations on it are going on all the time. Even today the situation does not look any better. Turkey has occupied the EU territory while heads for membership in the European Union.Let’s trace back to real estate!
Due to the occupation of 1974, the inhabitants of the Northern part of the island, being originally Greek Cypriotes, had to leave their properties and move to areas controlled by the Republic of Cyprus. After that, the occupants illegally gave the properties to Turkish Cypriotes, as well as immigrants from Turkey itself. The illicit regime implemented on the occupied territories allows and promotes illegitimate buying and selling of real estate that a priory belonged to the ‘forced’ Greek emigrants, as well as any exploitation of land by the ‘new owners’.
The European Court on Human Rights assured that Greek Cypriots have full rights for properties they used to own on the occupied land. They are legal owners of the real estate.The UN Security Council confessed in their resolutions 541 (1983) and 550 (1984) that the government of Cyprus is the sole legal power on island’s entire territory and rejected the Turkish ‘pseudo-government’, calling it a ‘separatist formation’.
The island unification plan by Kofi Annan, UN General Secretary, accepts the right of all the outcast homeowners for property that used to belong to them on the presently occupied area. This gives them rights to take decisions either on reestablishment of ownerships, or receiving full compensations. Therefore, real estate transactions on Turkish territory of the island can be considered illegal and lead to serious judicial and financial consequences for the buyer.
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Tuesday, March 6, 2007
Cyprus Has The Lowest Tax Rate 10% Within The EU
More And More Businesses Set Up A Branch or Head Office In Cyprus Cyprus, lowest tax rate with 10% within the EU, Business Worldwide, Banking and Asset Protection.
Cyprus is probably the only country in the world that is considered a tax incentive country and at the same time offers important international tax planning opportunities and advantages through its wide double tax treaty network.
Better tax planning is one of the many reasons why so many thousands of business people have chosen Cyprus for establishing an International Business Company.
In addition to that IBC's in Cyprus offer an excellent tool for asset protection:- To file first position liens against assets and property closing the door to predatory litigation before it begins. - To segregate high-risk investments from other more secure holdings.
- To protect retirement funds from possible bankruptcy.
- To provide for the transfer of assets for the next generation in an efficient and discreet fashion. - Nominee directors and officers can allow you to conduct business transactions for your benefit while you remain anonymous.
- To access your funds with corporate debit or credit cards thereby maintaining absolute confidentiality.
www.PRivacyManagement.info a team of multilingual management consultants, chartered accountants and lawyers, specializing in matters like registration and operation of IBC’s - International Business Companies, Shipping Companies, foreign investments in Cyprus and investments abroad. We know that a business needs auditors and advisors who understand their international strategy and can reflect this in their audit approach.
For further information please visit www.EU-IBC.com.
For more news on Cyprus Property please visit
Cyprus Heads Global Property
Cyprus has been rated as the best place to invest in property anywhere in the world!
The findings come from a recent index of which nine of the top ten places to make money from overseas property are in Europe. The monthly www.whereonearth.biz survey assess country’s viability as investment destination using a dozen factors. These include each country’s level of Foreign Direct Investment (FDI), its political and economic climate, its Gross Domestic Product (GDP) the number of new developments being built there, the number of internet hits a country gets and how much promotion a country receives in the media.
Cyprus scored highly in new property developments, political and economic climate and especially highly in internet hits and media coverage. Popular for it’s year-round sun, Cyprus is expecting a strong 2007 (Knight Frank predicts 12.5% capital value growth) and there are plans for two international airports, a PGA golf course and state of the art marinas.
For more news on Cyprus Property please visit
Wednesday, February 28, 2007
Cyprus Properties & risks of buying abroad
There are two main strategies for buying abroad. Firstly, the so-called buy-to-let or jet-to-let schemes in which buyers purchase a home abroad at prices far below the UK's, and use the rental income to pay for a mortgage on a home-based property.
Another more recent phenomenon is buy-to-sell. This is when first-time buyers purchase properties off plan, without viewing them, and sell on completion for high returns. As in the UK, buying a property off plan can reap significant rewards. Often, particularly in property hot spots, prices can rise significantly between the foundations being laid and final completion of the house or apartment. If you sell promptly once the building work is finished, you only have to fork out a deposit, rather than the full amount. The returns made can be significant and sufficient to buy a house back here.
For the strategy to work well, you have to know where the booming property hot spots are. Southern Cyprus is one such area. A deposit of as little as £10,000 will secure you a home, and with Cyprus experiencing annual rises in property prices of around 15 to 20%, the returns to be had between first brick and last are obvious.
As Jonathan Pearson of Cambridge-based Encore New Homes points out, however, buying abroad isn't always quite that simple.
"As well as a deposit, you'll need to find overseas legal fees, which can often be higher than over here. Stamp duty can also be higher abroad, up to 10% in some countries compared with 1% over here. Equally, UK lenders are often hesitant in granting large mortgages to first-time buyers looking abroad, even in established overseas property haunts such as Spain and France. And of course, once you own the property, you then have the issue of how to look after it. Visiting regularly, or paying an agent, will both put a hole in your pocket.
"Be aware of the currency risks as well," he says. "Exchange-rate movements may increase your liability under a foreign currency mortgage.
"Always do your research before you buy. By their very nature, first-time buyers are the least experienced in the property market, and it's easy to get carried away by stories of high returns and low risks. For instance, if you're planning on buying to let abroad, what's the market like in the country in which you are buying? Equally, if you're hoping for capital appreciation and rental income, be aware that the two don't normally go together in countries where people traditionally rent their homes.
"Don't be seduced by unproven marketing literature unless you are absolutely confident you know what you're doing. Remember, despite recent events, property does not always increase in value. And if possible, always view property before buying it. You wouldn't dream of not going to visit a house in the UK before you made an offer, so why should abroad be any different?
"Always seek independent advice and enlist the help of an English-speaking lawyer, wherever you are."
For more news regarding Cyprus Properties please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Sunday, February 25, 2007
Cyprus Building permits slip, but values up
Home prices stabilise
The number of building permits fell again in July compared with the same month of 2005, reaching a total of 614, or a drop of 2.4% on July 2005.
However, demand appears to be buoyant, as the value and area of building permits authorised continues to grow apace, suggesting that in the residential sector developers are concentrating on apartment blocks, rather than individual houses.
The value of building permits rose in July by 20.7% year on year, while the area rose by a similar 21.3%.
In the January-July period, the number of dwelling units was up 27.1% compared with the same period of 2005, while the value was up 15.2% and area up 12.9%. This compares with a rise of just 2.7% in the number of building permits authorised.
Meanwhile, the good news for house-buyers is that residential prices, as measured by the BuySell Home Price Index, recorded only a slight month-on-month rise of 0.1% in September and a slight year-on-year fall of 0.4% in the same month.
The index appears to have been on a slight declining trend since June 2006, despite large cuts in interest rates this year.
However, they are still 1.5% higher than in January. teh average price of a home in Cyprus is now CYP 84,490.
Dr Stelios Platis, Director of S. Platis Economic Research and the economist who devised and produces the BuySell Home Price Index, gives a number of reasons for the trend.
First, he is not alarmed by small changes in the index.
“What the index is saying is that prices have been stable in nominal terms for one and a half years, since May 2005,” he said.
Moreover, interest rates take time to have an impact on demand.
However, he also notes that there seems to have been a shift in demand away from property.
“As we noted in our latest economic round-up for Cyprus, it seems that people are shifting towards consumption rather than real estate investment, but home prices are still stable.”
For more news regarding Cyprus Properties please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html
http://www.cyprus-online.com/buy-sell/cyprus-news.html
Hot Property in Cyprus!
The island of Cyprus has long been a popular year round holiday destination. Offering crystal clear waters, sandy beaches, quaint traditional villages and thousands of years of history, the island has now become an increasingly attractive place for home owners.
It is estimated that 11,500 British own a property in Cyprus with over 1000 people a year purchasing homes on the island. The island has a lot to offer and property prices still remain a fraction of those of the UK, English is widely spoken and they even drive on the same side of the road. These advantages have made Cyprus the fourth most popular destination for overseas buying.
With thousands of potential buyers jetting off to the island in search of their holiday villa or sea view apartment, Helios Airways is currently offering excellent fares for those wanting to go and view their future hot property!
The airline offers daily departures from Luton, weekly departures from Gatwick, Manchester, Birmingham and Newcastle. Prices start from only £50pp (one way plus taxes). All aircraft offer leather seats, in flight entertainment, hot meals, drinks and the warm hospitality of the cabin crew.
The airline has also teamed up with Thrifty Car Rental to offer free car hire for those who book to go to Cyprus before March 29th 2006. The car hire is based on a group ‘A category car and is valid from 3 - 7 days of the holiday. It excludes all public and school holidays.
For more news regarding Cyprus Properties please visit
Monday, February 12, 2007
Cyprus Properties Buy to Let - Livadhia Pearls
Description: Just 700 meters from the Larnaka - Dekelia Seafront and only 10 minutes from the upcoming golf course in Tersefanou. Perfectly located in a new, quiet, residential area between Livadhia and Oroklini is offering easy access to both the coastal road and the main highway making commuting very easy (Larnaca -3 min., airport -10 min., Tersefanou golf course - 10 min., Famagusta -20 min., Limassol - 40 min., Nicosia - 20 min., e.t.c).
Most apartments are sold already and there are only a few apartments available. Investors (minimum purchase of 2 apartments) are entitled to a 10% discount. Prices start at £47,700! For more information & photos click here >>>>
Buy to Let Investment Plan : You purchase a 2 bedroom apartment for £64,000* (with for 2 or more flats). You put £19,200 and the remaining £44,800 is mortgaged for 20 years. Your monthly instalment will be around £250. The rental income (guaranteed by us) is around £350. This means an annual rental return of 22% (£4,200 / £19,200) and an annual income of £1,200! In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.
Most apartments are sold already and there are only a few apartments available. Investors (minimum purchase of 2 apartments) are entitled to a 10% discount. Prices start at £47,700! For more information & photos click here >>>>
Buy to Let Investment Plan : You purchase a 2 bedroom apartment for £64,000* (with for 2 or more flats). You put £19,200 and the remaining £44,800 is mortgaged for 20 years. Your monthly instalment will be around £250. The rental income (guaranteed by us) is around £350. This means an annual rental return of 22% (£4,200 / £19,200) and an annual income of £1,200! In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.
For more information regarding Buy to Let Cyprus Properties please visit
http://www.cyprus-online.com/buy-sell/resales.html
http://www.cyprus-online.com/buy-sell/resales.html
Buy to Let Cyprus Properties
It's no secret that buy to let property is still the most secure and simple way to build a substantial asset base. It can and will easily replace your existing pension and provide you and your family an affluent lifestyle in the short term. All you need to do is build a portfolio of buy to let properties that are fully managed using competent professionals, that way you'll have the time and freedom to enjoy life.As property investment consultancy, our purpose is quite simple. To assist you in building a portfolio of buy to let properties that will provide a stable, secure and growing net worth and provide a healthy cash flow throughout your life. Giving you peace of mind by taking care of everything, we provide a full service so all you have to do is enjoy the benefits that off plan buy to let property offers. Most of our clients are too busy to source the off plan property or they do not have the expertise to do so. That's why we do this for you. We believe that you don't want the hassle of chasing mortgages, solicitors, furniture, flooring and letting agents, so we only refer you to competent professionals that can manage these processes for you. Your first step is to contact us and map out your portfolio strategy plan (click here >>>). We can then begin to source and acquire the properties to achieve this plan. Your Property Consultant will conduct regular reviews as your portfolio grows and provide all the assistance and education as you need it.
Below you can find our Buy to Let investment plans with guaranteed (with contract - click here >>> ) rental Income.
Below you can find our Buy to Let investment plans with guaranteed (with contract - click here >>> ) rental Income.
For more information regarding Buy to Let Cyprus Properties please visit
Sunday, February 11, 2007
Cyprus Properties - LA10-16, Larnaca
Description: Just 700 meters from the Larnaka - Dekelia Seafront and only 10 minutes from the upcoming golf course in Tersefanou. Perfectly located in a new, quiet, residential area between Livadhia and Oroklini is offering easy access to both the coastal road and the main highway making commuting very easy (Larnaca -3 min., airport -10 min., Tersefanou golf course - 10 min., Famagusta -20 min., Limassol - 40 min., Nicosia - 20 min., e.t.c). . This area is an up market seafront area close to the city centre and facilities and this project is located in one of its most privileged locations offering panoramic sea & mountain views. One will find close by schools, shops, supermarkets, banks, restaurants and cafés. It’s a well sought after type of property, by Cypriots and overseas clients alike
Most of the apartments are sold already and you can find availability below. Investors (minimum purchase of 2 apartments) who buy with us, are entitled to a 10% discount.
Most of the apartments are sold already and you can find availability below. Investors (minimum purchase of 2 apartments) who buy with us, are entitled to a 10% discount.
Buy to Sell Investment Plan : You purchase a luxurious 1 bedroom apartment for £54,000* (£45,900 + VAT). You put £16,000 and the remaining £38,000 is mortgaged. You rent the property for a few years and then you sell the property for £70,000 (properties appreciate by more than 10% per year) and make £16K or 100% return on investment!
Buy to Let Investment Plan : You purchase a luxurious 1 bedroom apartment for £54,000*. You put £16,000 and the remaining £38,000 is mortgaged for 20 years. Your monthly installment will be around £300. The rental income is around £300. This means an annual rental return of 7%! In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.
Buy to Let Investment Plan : You purchase a luxurious 1 bedroom apartment for £54,000*. You put £16,000 and the remaining £38,000 is mortgaged for 20 years. Your monthly installment will be around £300. The rental income is around £300. This means an annual rental return of 7%! In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.
For more information about this Cyprus Property please click here
Off-plan Cyprus Properties - LA6, Larnaca
Description: Just 900 meters from the Larnaka - Dekelia Seafront. Six 2 bedroom, spacious 85 sq.m apartments with spacious 13 sq.m of covered verandas. Building beautifully designed, with high quality finishings. The whole area is booming from new construction and prices are on a constant rise.
Apartments are priced at £70,000 (£57,000 with discount) and the whole building is offered at £340,000 (at 19% discount). Some of the apartments are reserved by us and other investors so you can participate in this venture and enjoy the 19 % discount. Minimum requirement is 2 apartments per investor.
Buy to Sell Investment Plan : You purchase a luxurious "off-plan", 2 bedroom apartment by the beach for £57k*. You put £17K and the remaining £40K is due in 1.5 year when the project will be completed. When the project is close to finishing (a few months before completion) you sell the property for £80K (properties appreciate by more than 20% when they are completed) and make £23K or more than 100% return on investment!
Buy to Let Investment Plan : You purchase a 2 bedroom apartment for £57K* (with for 2 or more flats). You put £13K and the remaining £44K is mortgaged for 25 years. Your monthly instalment will be around £310. The rental income is around £450. This means an annual rental return of 9.4% and an annual income of £1680! In addition to this, you will also have the annual appreciation which is estimated to be more than 20%.
Apartments are priced at £70,000 (£57,000 with discount) and the whole building is offered at £340,000 (at 19% discount). Some of the apartments are reserved by us and other investors so you can participate in this venture and enjoy the 19 % discount. Minimum requirement is 2 apartments per investor.
Buy to Sell Investment Plan : You purchase a luxurious "off-plan", 2 bedroom apartment by the beach for £57k*. You put £17K and the remaining £40K is due in 1.5 year when the project will be completed. When the project is close to finishing (a few months before completion) you sell the property for £80K (properties appreciate by more than 20% when they are completed) and make £23K or more than 100% return on investment!
Buy to Let Investment Plan : You purchase a 2 bedroom apartment for £57K* (with for 2 or more flats). You put £13K and the remaining £44K is mortgaged for 25 years. Your monthly instalment will be around £310. The rental income is around £450. This means an annual rental return of 9.4% and an annual income of £1680! In addition to this, you will also have the annual appreciation which is estimated to be more than 20%.
For more information regarding this off plan Cyprus Property please click here http://www.cyprus-online.com/buy-sell/property-investment-apartment-complex.html
Saturday, February 10, 2007
Investment Plan for Cyprus Properties
Each client is very important to us! We treat each and every potential client with the same respect and professionalism regardless of their budget. We listen carefully to their needs, assist them with their research, invite them for a free inspection trip and then present them with an investment plan matching their specific needs.
You can find below a sample draft investment plan or click here for a word document. To get your own investment plan please contact: Mr I. Ioakim / Tel.+357-22760051 / Mob.+357-99686618 / info@cyprus-online.com
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Draft Investment Plan for AAA.
Purpose
- Invest around CYP£51,000 (61,000 GBP) in off-plan Cyprus properties with the intention to rent them out when completed.
- Possibility to sell some or all before completion in case of satisfactory property appreciation.
Targets
- Get maximum property appreciation
- Get maximum annual rental return.
- Get best payment terms
- Get best discount possible
Things to consider before purchase (Cyprus 4 Properties is doing all these for you but you are still advised to do your own research in order to verify everything and feel more confident for your property investment)
- Do extensive research before deciding and only invest when you feel confident enough. There is no reason to hurry because there are always good deals in real estate. It’s better to delay a bit and even loose some opportunities than lock your money in something difficult to get out off.
- Do research on each developer to find out reliability, quality, e.t.c.
- Compare prices of similar developers.
- Never take immediate decisions or show developer / owner great interest. Study everything and make offers to each developer / owner. Get their answer and decide on the best plan by doing actual calculations of both property appreciation and annual rental return.
- Consider legal & tax issues in order to minimize income loss.
- Diversify to minimize risk
Location
Larnaca –Larnaca has the most potential from all other towns in Cyprus. The low property prices, the current infrastructure changes (marina expansion, shut down of oil distillery, construction of major highways, e.t.c), the increasing local & foreign demand and the discounts (20-30%) we get from developers offer the best opportunities for the highest return on investment. Larnaca at this point resembles Paphos 10 years ago - before the big construction boom started and before everybody went crazy about buying properties there and making prices skyrocket.
Featured Investments
LA10-14 - http://www.cyprus4properties.com/off-plan-property-investment-apartment-complex.html
A nice, beautifully designed complex, of 5 apartment blocks, just 800 meters from the Larnaka - Dekelia Seafront. Spacious 1 bedroom (55 sq.m) & 2 bedroom (85 sq.m), apartments with spacious 13-95 sq.m of covered verandas. Buildings beautifully designed, with high quality finishings and a large common swimming pool. The whole area is booming from new construction and prices are on a constant rise. The two blocks are sold already and there are only 3 apartment blocks available. Investors (minimum purchase of 2 apartments) who will buy with us are entitled to a 15% discount. . The market value prices are £50-83,000.For Investors we have the following deal with the developer:
1 Bedroom Apartments (1st floor apartments):
a. For 2 apartments the price is £44,000.
b. For 3-4 apartments the price is £43,000 per apartment.
c. For 5 or more the price is £42,000 per apartment.
2 Bedroom Apartments (1st floor apartments):
a. For 2 apartments the price is £58,000.
b. For 3-4 apartments the price is £57,000 per apartment.
c. For 5 or more the price is £56,000 per apartment.
Buy to Let Investment Scenarios
Buy three, 2 bedroom apartments in LA10-14 Larnaca for £57,000 each or £171,000 total. Pay 30% (£51,000) down payment and the rest (£120,000) will be due upon completion in 1.5 years. Upon completion you mortgage the £120,000 for 20 years. The monthly installment will be around £950. The monthly cash flow (guaranteed by us) will be 3*£400= £1200 (covers mortgage and leaves you with £250 income). Therefore you have 28% (£14,400/£51,000) annual rental return. In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.
Buy to sell Investment Scenarios
- 0% property appreciation - Buy three, 2 bedroom apartments in LA10-14 Larnaca for £57,000 each or £171,000 total. Pay 30% (£51,000) down payment and the rest (£120,000) will be due upon completion in 1.5 years. A few months before completion, you take advantage of discount (15%) & property appreciation (0%) and sell them and get 3*£65,000 = £195,000. That’s £24,000 (£195,000-171,000) profit or 47% return on investment (£24,000/£51,000).
- 10% property appreciation - Buy three, 2 bedroom apartments in LA10-14 Larnaca for £57,000 each or £171,000 total. Pay 30% (£51,000) down payment and the rest (£120,000) will be due upon completion in 1.5 years. A few months before completion, you take advantage of discount (15%) & property appreciation (10%) and sell them and get 3*£70,000 = £210,000. That’s £39,000 (£210,000-171,000) profit or 76.5% return on investment (£39,000/£51,000).
You can then re-invest this money in other off-plan properties and start making a considerable property portfolio. We usually recommend this since there are no hassles, mortgages, e.t.c and you still have the option to let them if you decide.
P.S. We recommend selling when at around 50% return on investment and moving to the next investment. That way you don’t have to wait too long to reach your target and you keep increasing your property portfolio at 50% rate which is very good considering any other investment.
Notes:
Reservation fee - £3,000 per apartment
Furniture & appliances per apartment - £2-5,000
Professional services when buying Cyprus Property
Why use Cyprus 4 Properties?
Save Money & Time – C4P brings buyers & sellers of properties in Cyprus together fast, efficiently and effectively thus enabling you to save both time & money on your property purchase. Our high volume of sales give us the bargaining power to get better prices from sellers and pass the savings to you, the buyer. Cyprus 4 Properties, manages an investors' portfolio of more than £50,000,000, which enable us to buy promising off-plan or resale complexes at considerable discounts (20-30%) and share the profits with you.
Customer Oriented – Our experienced & professional consultants offer clients valuable advice and suggestions for the purchase and sale of Cyprus properties. Services are free and include; pick-up and tour of properties with no obligation to buy, consultation, assistance with legal services during the purchasing process, after sales support and much more.
Professional Approach - Each client is important to us! We treat each and every potential client with the same respect and professionalism regardless of their budget. We listen carefully to their needs, assist them with their research, invite them for a free inspection trip, present them with an investment plan (click here for a word document) matching their needs, provide them with legal & financial advice and everything else necessary for making a solid and guarantied investment.
Largest Selection of Cyprus Properties – We offer thousands of quality & inexpensive Cyprus properties carefully selected by us to meet each individual's requirement and personal preferences thus enabling our customers to save time and money.
Cyprus 4 Properties newspaper – C4P is the only property newspaper in Cyprus focused on property investors and their needs. With thousands of Cyprus property listings, buying and selling guides, information on legal issues & costs and much more is the ideal tool for any investor wishing to buy property in Cyprus
www.cyprus4properties.com - A full-service portal, offering the largest, most interactive and user friendly online property directory for Cyprus.
After Sales Support – Your complete satisfaction is our business, and for the prospective buyer we offer both legal and financial advice regarding all aspects of property ownership in Cyprus. Once entirely satisfied with your future and guarantied investment, we are able to offer you a full range of services including furnishing your property at factory prices and taking care of it during your absence from Cyprus.
Frequently Asked Questions
Q. If you are so successful yourselves, why are you bothering to acquire property for me?
A. Many developers or portfolio holders are only interested in speaking to investors who will deal on multiple property purchases at one time. Therefore we can achieve a much better deal for ourselves with our portfolios as well as for you. We have frequently been asked to acquire and manage portfolios by investors who have seen how quickly we have accelerated our own portfolios.
Q. How can I be sure of the quality of the property you will acquire for me?
A. We will not offer you anything that we would not purchase for our own portfolios.
Q. What protection do I have for my fee money?
A. You are covered by a signed legally binding contract.
Q. Where do you get all these properties from?
A. We have numerous contacts in the financial and building industry who supply us with a variety of new-build and existing portfolio property, plus second-hand property bought directly in the marketplace.
Q. Do I have to use my own solicitor and find my own mortgage finance?
A. To keep the system efficient, we use our own panel of Solicitors and Lenders, and can arrange everything on your behalf keeping the process hassle free. Of course you have the option to get an independent advice on everything.
Q. What happens if interest rates rise considerably?
A. You should buy quality property and have some of your mortgages on a fixed rate basis. This should be done at, or near, the bottom of the interest rate cycle. Therefore, you are negating the boom and busy cycle that is currently in most traditional property portfolios.
Q. Why should I include foreign properties in my portfolio?
A. Many overseas properties are let on a short term holiday rental basis, which gives a far higher
rental yield than any UK acquired property.
Q. Will I own the properties you acquire on my behalf?
A. Yes, you will have your own title deed for each property.
Q. Will I be able to re-mortgage the properties?
A. Yes, this is entirely up to you.
Q. What information do I get about the property you propose to acquire for me?
A. You will get a full appraisal report for each property that is proposed and an investment plan that meets your individual needs.
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