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.

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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.
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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.

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.