Cyprus Property News

Like UK .. but better

2007-10-07T10:40:00.000-07:00

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

Budget airlines will boost Cypus tourism and property markets

2007-07-05T06:59:00.000-07:00

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.

2007-07-05T06:54:00.000-07:00

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?

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

2007-07-05T06:49:00.000-07:00

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

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

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

For more news on Cyprus Property please visithttp://www.cyprus-online.com/buy-sell/cyprus-news.html

Marina Properties in Cyprus

2007-07-05T06:47:00.000-07:00

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.

For more news on Cyprus Property please visit
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Rise in interest in Cyprus property investment

2007-07-05T06:43:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Expats turn to Cyprus for properties

2007-05-13T12:48:00.000-07:00

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

2007-05-13T12:43:00.000-07:00

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

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Britons are flocking to Cyprus for property investments.

2007-05-11T04:31:00.000-07:00

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.

For more news on Cyprus Property please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cypriot starts high street property showroom

2007-05-11T04:25:00.000-07:00

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.

For more news on Cyprus Property please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus National Property Exhibition 27-29/04/2007

2007-04-26T02:59:00.000-07:00

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

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Transaction costs in purchasing Cyprus Property

2007-04-25T07:52:00.000-07:00

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:

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Using the internet to find retirement properties.

2007-04-21T10:50:00.000-07:00

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.

For more news on Cyprus property please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html

Illegal UK agents in Cyprus.

2007-04-21T10:45:00.000-07:00

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

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Cyprus hotels converted into apartments

2007-04-19T04:05:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Moneycorp opening a new office in Cyprus

2007-04-18T08:50:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Dolphin acquisition of Cyprus Property Developer Aristo.

2007-04-18T08:45:00.000-07:00

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

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Low-cost flights UK-Cyprus from £39.99!

2007-03-24T09:36:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Illegal property transactions in the North Cyprus

2007-03-21T03:15:00.000-07:00

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

Cyprus is becoming increasingly popular with Britons.

2007-03-20T01:57:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Delay in new VAT rates?

2007-03-17T05:25:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus Property Hot Spots!

2007-03-17T05:17:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/

Head for sunny Cyprus

2007-03-15T05:18:00.000-07:00

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

2007-03-15T05:06:00.000-07:00

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

2007-03-15T05:02:00.000-07:00

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

Cyprus Interest Rates Unchanged

2007-03-14T02:43:00.000-07:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Beware! Illegal real estate in North Cyprus

2007-03-07T05:27:00.000-08:00

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.

For more news on cyprus property please visit

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus Has The Lowest Tax Rate 10% Within The EU

2007-03-06T04:36:00.000-08:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus Heads Global Property

2007-03-06T04:30:00.000-08:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus Properties & risks of buying abroad

2007-02-28T10:19:00.000-08:00

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

Cyprus Building permits slip, but values up

2007-02-25T10:34:00.000-08:00

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

Hot Property in Cyprus!

2007-02-25T10:30:00.000-08:00

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

http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus Properties Buy to Let - Livadhia Pearls

2007-02-12T09:06:00.000-08:00

For more information regarding Buy to Let Cyprus Properties please visit
http://www.cyprus-online.com/buy-sell/resales.html

Buy to Let Cyprus Properties

2007-02-12T09:03:00.000-08:00

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.

For more information regarding Buy to Let Cyprus Properties please visit

http://www.cyprus-online.com/buy-sell/resales.html

Cyprus Properties - LA10-16, Larnaca

2007-02-11T11:32:00.000-08:00

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%.

For more information about this Cyprus Property please click here

http://www.cyprus-online.com/buy-sell/off-plan-property-investment-apartment-complex.html

Off-plan Cyprus Properties - LA6, Larnaca

2007-02-11T11:26:00.000-08:00

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%.

For more information regarding this off plan Cyprus Property please click here http://www.cyprus-online.com/buy-sell/property-investment-apartment-complex.html

Investment Plan for Cyprus Properties

2007-02-10T09:39:00.000-08:00

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

2007-02-10T09:34:00.000-08:00

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.

Free Inspection trip when buying Cyprus Property!

2007-02-10T09:27:00.000-08:00

Cyprus4Properties - Who we are

Taking everything into consideration, purchasing property is perhaps the most important financial decision of a lifetime, a major commitment which has to be considered and studied in depth. After all it is your own happiness and future investment which is at stake.

Here you can find companies with vast experience and integrity, that fully understand the inherent problems associated with property purchase, together with the individual's requirement and personal preferences.

Based upon our more than 30 years of experience, we know just the right location in which to purchase property. This means that your investment is not only protected, but should you decide to sell in the future, then profitability is insured.

Whether you are seeking a retirement or a holiday home in the sun, we offer perhaps the finest selection in Cyprus. Ranging from simple apartments, to delightful villas adjacent to the sea, or houses built to your individual specifications.

Whatever your criteria, here you can find the solution and at a price to match your specific financial budget. 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.

We are members of the Cyprus Real Estate Agents Association.

Upon reviewing our investment plans for Cyprus Properties, if you decide to visit Cyprus in order to inspect the Cyprus properties, you are entitled to a free inspection trip. This includes airport pick-up and free accommodation for up to a week. Upon arrival we also refund your round trip ticket to Cyprus for up to £300.

Due to our high volume of inspection trips, we require a week notice in order to make the necessary arrangements. To book your free inspection trip or get more details please contact us at :

http://www.cyprus4properties.com

Tel: +357-7777-7067, Mob: +357-99-686618 / E-mail : info@cyprus4properties.com

LEGISLATION CONCERNING FOREIGN INVESTMENTS IN CYPRUS PROPERTY

2007-02-07T08:22:00.000-08:00

A brief analysis and reference is attempted herein below on some aspects of the above legislation of Cyprus, in relation to the protection of ownership and the rights pertaining to immovable property, the regulation of relevant transactions and the developed policy in similar matters especially where foreign investments are concerned.

The Constitution of Cyprus
The Constitution of Cyprus establishes the equality of all persons irrespective of their nationality and includes provisions for the protection of human rights of all persons without discrimination. Any violation by an administrative authority of a person's fundamental rights entitles such person to request this authority to remedy the situation. The administrative authority in this case has a period of 30 days during which it must give a prompt answer to the petitioner.

Furthermore, such person has free access to any competent Court in Cyprus, as well as the European Court and Commission on Human Rights.

The right of ownership of immovable property is considered as one of the fundamental human rights under the Constitution of Cyprus and as such it is clearly and absolutely protected. According to section 23 of the Constitution, compulsory acquisition or imposition of restrictions on immovable property by the Government is regulated by the Compulsory Acquisition Law, No. 15/62, whereby the Government may acquire, in the matter of public interest and by giving just cause, property with payment of immediate compensation to the owner at the present market value. This law also provides that properties acquired as above should be returned to their owners if the purpose for which they were acquired does not materialise within three years from the date of acquisition.

Therefore foreigners who own property in Cyprus can also enjoy all those rights pertaining to property which are available to the citizens of Cyprus and can be assured that their property is absolutely protected.

The Contract Law and the Civil Procedure Law
These laws are to a large extent modelled on their English counterparts and they regulate all kinds of transactions, including those relating to immovable property and the court procedures in resolving disputes arising there from.

It is advisable that contracts referring to immovable property be made in writing, duly stamped and properly signed and witnessed.

All disputes arising from transactions concerning immovable property are governed by the laws of Cyprus and are subject to the jurisdiction of the courts of Cyprus. The parties, however, may in some circumstances agree concurrent jurisdiction of other courts or refer any dispute to arbitration before resorting to court proceedings.

The Stamp Law
The Stamp Law defines the revenue stamps payable on contracts in accordance with the purchase price as follows:
(a) For a purchase price up to CY,100.000, the revenue stamp is CY,1.50 per thousand.
(b) For a purchase price exceeding CY,100.000, the revenue stamp is CY,2.00 on every thousand over CY,100.000.
Thus, the revenue stamp on a contract for CY,150.000 will be CY,250 i.e. CY,150 for the first CY,100.000 (0.15%) and CY,100 for the remaining CY,50.000 (0.20%).
The absence of the revenue stamp does not render a contract null or void but it cannot be used in Court proceedings or for the transfer of ownership of property in the Land Registry. Unstamped contracts may be used as above if properly stamped at the time of such use, in which case a fine is also imposed according to the value and the time of execution of the relevant contract.

The Wills and Succession Law, the Administration of Estates Law, the Probates (Re-Sealing) Law and the Estate Duty Law.
These laws are modeled on their English counterparts and they deal with the rights of persons as regards the disposition of their properties after death and the relevant procedures.
Cypriots cannot dispose by will of the whole of their estate if they have a spouse or children. The undisposable portion is one half of the estate if the deceased leaves a surviving spouse but no children and two thirds if he leaves children. British subjects, however, are exempt from this rule and they may dispose by will of the whole of their estate. The law applicable in all respects is the law of Cyprus.

As to wills made in Cyprus by other foreigners, the law applicable with regard to the formality of such wills is the law of Cyprus, i.e. wills should be in writing and attested by two competent witnesses and they should reflect clearly the free and true wishes of a sane and competent testator. With regard to the essence and legal effectiveness of these wills the law applicable is, for provisions referring to immovable property, the law of the country or countries where such immovable property is situated (lex rei citae) and for provisions referring to movable property, the country where the deceased was domiciled at the time of death (lex domicilii) which may not necessarily be the country of residence.

Wills may be deposited with the Probate Registrar of the District Court who issues a receipt to this effect, or may be entrusted for safe custody with lawyers.

It should be noted that upon the subsequent marriage or divorce of the testator his will should be renewed, as it will, in most cases, be automatically revoked. Testators should also seek legal advice if the executor or any beneficiary changes his name or dies or becomes incompetent to act, or if any property in the estate is subsequently sold or changes its nature, otherwise his wishes may not take effect.

It is advisable that an executor or executors be appointed in the will to carry out the wishes of the testator.

Foreigners may set up a trust by will and bequeath the whole of their estate to appointed trustees to hold the same in trust for the benefit of certain beneficiaries and to manage and dispose of it in accordance with the instructions of the testator.

If a person dies intestate or does not appoint an executor in his will, the court will appoint an administrator of his estate. If there are heirs under disability the court will appoint at least two administrators.

The administrator administers the estate according to the law, pays the debts of the deceased, collects and distributes the assets amongst the heirs and accounts to the Court. The surviving spouse inherits in equal shares with the children.

The Probates (Re-Sealing) Law makes special provisions for persons who die in the United Kingdom or in any British Dominion or in any country of the British Commonwealth and who, at the time of their death, also had property in Cyprus. According to this law, the Grant of Probate or the Grant of Letters of Administration issued by a competent Court of such country may be re-sealed in Cyprus and an administrator may be appointed by the Court to administer their estate in Cyprus. The intended administrator should accompany his relevant application to the Court for a grant of probate with copies of the Grant of Probate and will or of the Grant of Letters of Administration, certified as true copies by the Court issuing the Grant and a power of attorney of the executor/s or administrator/s appointed by such Court and upon completion of the administration he should file with the court final accounts of his administration, accompanied by a declaration of the foreign executor/s or administrator/s that the administration in Cyprus was carried out to their satisfaction.

The estate duty (inheritance tax) is calculated on the assessed net market value of the estate at the time of the death, as follows:

Net Market Value in CYP Estate duty
0 - 20.000 0%
20.001-25.000 10%
25.001-35.000 13%
35.001-55.000 15%
55.001-80.000 17%
80.001-105.000 20%
105.001-150.000 23%
150.001-over 30%

There is an exemption of CYP 75.000 for the surviving spouse, CYP 150.000 for each child under 21 and CY,75.000 for each child over 21 years old. Moreover, if the estate includes a house used by the deceased as his residence, then the value of such house up to CYP 150.000 is also exempted.

It is to be noted that property donated by the deceased within three years prior to his death is considered as A property passing on the death of the deceased and the net value thereof is added to the estate of the deceased for inheritance tax purposes. Property donated by declaration of trust is also considered as property passing on death and it is also taxed if the declaration of trust took place within 3 years prior to the death of the deceased.

In cases of re-sealings, if the deceased was domiciled in Cyprus at the time of his death, then the value of the whole of his estate, both in Cyprus and abroad, is taken into account in assessing the estate duty. Any inheritance tax paid in the U.K. will be deducted by operation of the Double Taxation Treaty between Cyprus and the U.K.

The Trustees Law
This law is based on its English counterpart and on the English principles of equity which also form part of the legal system of Cyprus. There are currently three forms of trusts which can be set up in Cyprus, namely:
(a) a Local Trust
The settlor, the trustees and the beneficiaries are Cypriots and the trust property may include immovable property in Cyprus.
(b) an Offshore Trust
The settlor and the beneficiaries must be non-resident in Cyprus. The majority of the trustees, whether individuals or trust companies (including offshore Cyprus trust companies) must be Cypriot. The trust must be located in Cyprus so that Cypriot law is applicable and the Cypriot courts have at least concurrent jurisdiction. The trust income must be generated from foreign sources, not from business or other origins in Cyprus, but the trustees may hold immovable property in Cyprus subject to obtaining the required permit from the Council of Ministers. The trust deed must be executed in Cyprus.
(c) an International Trust
It is regulated by the International Trusts Law, No. 69/92, which extended and modernised the existing legislation on trusts. This law reflects the policy of the Government to increase the attraction of Cyprus as an offshore jurisdiction, by offering incentives to foreigners for the establishment of trusts in Cyprus with certain features which were not available within the existing domestic law. The law defines an International Trust as being a trust in respect of which:
(i) the settlor is not a permanent resident in Cyprus
(ii) no beneficiary (other than a charity) is a permanent resident in Cyprus
(iii) the trust property does not include any real property situated in Cyprus
(iv) at all times there is at least one trustee resident in Cyprus.

A trust will still qualify as an International Trust even if the settlor, the local trustee or a beneficiary (or any combination of these) is a Cyprus offshore company or partnership. A trust which fails to qualify as an International Trust because it does not comply with one of the requirements of the International Trusts Law falls within the category of Offshore Trust.

The International Trust is more popular with non-resident individuals and entities, due to the role which it plays in international tax planning exercises. This factor, together with the flexibility, confidentiality and perpetuity and the diverse attractions of the island, makes international trusts extremely attractive to all settlors in the business and commercial sector.
For more detailed information, the reader is referred to our publications on international and other trusts.

The Exchange Control Restriction Law and the Central Bank of Cyprus Law
The Exchange Control Restriction Law dates back to colonial times when Cyprus was under British rule and is connected with the Scheduled Areas created by the British to promote transactions in sterling. Under this law the expatriation of funds by Cypriots or foreigners, as well as all money transactions with foreigners, are subject to the approval of the Central Bank of Cyprus in its capacity as Exchange Controller.

Foreigners who sell immovable property in Cyprus may expatriate immediately an amount equal to the sum brought into Cyprus for the purchase of such property, upon proof that such amount emanated from external funds. Any profit may be expatriated at a rate of CY,10.000.- in each subsequent year, plus accrued interest.

In order to encourage foreign investment in Cyprus, the Government has recently liberalised its policy to a great degree, allowing participation of foreigners in a great number of sectors of the economy. The new policy will allow foreigners to acquire a 100% participation in Cypriot companies in all sectors, and will relax the requirements imposed on Cypriots wishing to participate in investments abroad.

Under the new policy the only criteria foreign investors will have to fulfil are to prove that their new ventures will not pollute the environment, damage the economy or constitute a security risk.

An application will have to be submitted to the Central Bank by a foreigner wishing to invest in Cyprus. However, the criteria and time taken to process the application will be reduced to the minimum.

The main advantage of the new policy is that where the application for foreign participation does not exceed 49%, the application will be considered by the Central Bank and it will not be necessary to obtain the opinion of the relevant Government department. In the case of an application participation exceeding 49% the Central Bank will have to obtain the opinion of the relevant Government department, but the examination procedure will be relaxed.

The new policy provides for only a limited number of saturated activities, which are land development, culture, education and public utilities. The banking, insurance, financial, printing and publishing sectors will be subject to a special regime: the Central Bank will examine applications for foreign participation in these sectors and will decide on the percentage of participation and its terms and conditions.

More particulars on the new policy may be found in the relevant circular of the Central Bank of Cyprus, attached hereto as Annex 2.

The Immovable Property (Tenure, Registration and Valuation) Law
This law was enacted in 1946, replacing the Ottoman Land Law prevailing until then. It is considered to be A to Z of immovable property in Cyprus, dealing with all matters concerning the tenure, registration, disposition and valuation of immovable property, within the framework of the Land Registry system of Cyprus, which comprises all the works and means by which immovable property is technically defined and drawn, legally recognised, secured and financially valued.

The Land Registry system of Cyprus is unique, in that by its function the history of each piece of land is traced back to the date of the General Survey. The rights in land are defined and secured and all transactions relating to immovable property are safe and protected.

Cyprus is one of the 4 or 5 countries in the world which maintain such an accurate and effective Land Registry system. Moreover, with the completion of the computerisation of all its services, it is expected that the services will not only be upgraded but also accelerated.
According to this law "immovable property" means:
(a) any land;
(b) buildings and other erections, structures or fixtures affixed to any land or to any building or other erection or structure;
(c ) trees, vines and any other thing whatsoever planted or growing upon any land and any produce thereof before severance;
(d) springs, wells, water and water rights whether held together with, or independently, of any land;
(e) privileges, liberties, easements and any other rights and advantages whatsoever appertaining or reputed to appertain to any land or to any building or other erection or structure;
(f) an undivided share in any property hereinbefore set out.
"Movable property" includes anything not constituting immovable property.
Section 40 of the law provides that ownership of immovable property or rights in immovable property can only be acquired by registration at the Land Registry, through the proper procedure described in the law and that such registration may only be effected by the registered owner of the property.

The Sale of Land (Specific Performance) Law
Under this law a purchaser of immovable property may secure the remedy of specific performance, by depositing a duly stamped copy of the contract with the Land Registry within 2 months from the date of the execution thereof, thus preventing the vendor from transferring property elsewhere or charging it for as long as the contract is valid and legally effective.

The Acquisition of Immovable Property (Aliens) Law
The word "Aliens" in this law should not be interpreted in its strict grammatical meaning (i.e. enemies or extra-terrestrial creatures) but as meaning "foreigners" or "non Cypriots". The reason for the use of the term "aliens" goes back to enactment of the law during the last world war when Cyprus was under British rule; it was used to control the acquisition of immovable property in Cyprus by enemies or non-British subjects. Similar provisions appear in all the colonial legislation of Great Britain.

According to this law, foreigners purchasing immovable property in Cyprus, apart from following the general rules which regulate such transactions, are also obliged to adhere to special formalities and are faced with certain restrictions, which are aimed at the proper control of foreign investments, the protection of foreign investors, the implementation of the Exchange Control Restriction Law etc.

By law the term "foreigner" (alien) is defined as any person not being a citizen of the Republic and includes a local company controlled by non-residents (offshore), a foreign company and a trust in favour of a foreign person. It does not include:
(a) non-resident Cypriots, or
(b) foreigner wives of citizens of the Republic not living apart from their husbands under a decree of a competent Court.
"Trust in favour of a foreigner" means any kind of trust of which the beneficiary or one of the existing beneficiaries is a foreigner and includes any expressed or implied contract or agreement, written or oral, under which a foreigner will not be the absolute owner but will have ownership for the benefits of another or where ownership will be held for his benefit.
The term "acquisition of immovable property" includes:
(a) A lease of immovable property for a period exceeding 33 years.
(b) The acquisition of shares in a company which is duly registered as a legal entity in the Republic or in the Sovereign Base Areas and which (in either case) has acquired immovable property in the Republic or the Sovereign Base Areas, taking into account that if any shares in the company belong mainly to foreigners, the company is considered as "controlled by non-residents".
(c ) The formation of a trust in favour of a foreigner which involves, wholly or partly, the leasing of immovable property falling within the provisions of paragraph (a) above or a shareholding in a company falling within the provisions of paragraph (b) above.

Under the Acquisition of Immovable Property (Aliens) Law, no foreigner can acquire immovable property without the prior permission of the Council of Ministers. Normally permission is granted to bona fide foreigners to acquire a flat or a house or a piece of land not exceeding three donums (about 4000 m5) for the erection of only one house for use as a residence only by the purchaser and his family.

Members of the family of an original purchaser may also acquire their own property, provided that they are completely independent of the purchaser, both financially and residentially, such as married children having their own family and business. Permission is granted for personal use, not for letting or commercial use. This rule is relaxed for offshore companies which are permitted to acquire business premises, as well as houses or flats as residences for their members or directors.

British subjects classified as "British Residents according to Annex AT" to the Treaty of the Establishment of the Republic of Cyprus, may freely trade in land in Cyprus without the permit of the Council of Ministers. This privilege was granted to some British subjects who were residents at the time of the establishment of the Republic of Cyprus, it is recorded in their passports and it is extended to their spouses and descendants.

Although it may take up to 12 months for the Council of Ministers' permit to be obtained, purchasers are in the meantime entitled to take occupation of their premises.

After the permit has been granted and the property is registered in the name of the foreigner, no further restriction is imposed on him and he may sell or dispose of it by will or other instrument. Moreover, the legal heir is not required to obtain a permit in order to have the property registered in his name. Once the Council of Ministers' approval has been obtained, an application should be submitted to the Exchange Officer of the Central Bank of Cyprus who will furnish a certificate verifying that the purchase consideration was paid in hard currency.

It should be noted that this certificate is required in the event of a subsequent sale if permission is sought to extract the proceeds of sale from Cyprus.

A prospective purchaser should always, before entering into a contract for the purchase of immovable property, conduct a search at the Land Registry to make sure that the property to be purchased is free from any encumbrances, charges or burdens. It should be noted that no such burdens may affect the right of specific performance after the contract has been deposited with the Land Registry Office.

The transfer of immovable property can be effected once permission to acquire has been granted and the Central Bank has certified the import of foreign funds. Transfer fees are payable by the purchaser on the sale price or under certain circumstances, on the current market value as follows:

Current Market Value in CYP Transfer fees

0 - 50.000 3%
50.001 - 100.000 5%
100.001 - over 8%

Foreigners are now also entitled to borrow money for the purchase of immovable property upon mortgaging such property to the Bank from which they borrow the money.

The Immovable Property Tax Law and the Immovable Property (Towns) Tax Law
The immovable property tax is levied on the market value of the property as assessed on the 1st January 1980 and it refers to the immovable property registered in the name of the tax payer on the 1st January of each year.
The rate of taxation is as follows:

Value of property in CYP Rate

0 - 100.000 0%
100.001 - 250.000 0.2%
250.001 - 500.000 0.3%
500.001 - over 3.5%

Owners of immovable property are also subject to minor taxation under other laws, such as municipal or village rates, sewerage fees and refuse collection charges, ranging from CYP 50 to CYP 100 per annum.

The Capital Gains Tax Law
As from the 1st August 1980, Capital Gains Tax is levied at the rate of 20% on gains realised from the disposition of immovable property, including gains from the disposition of shares in private companies which own immovable property.
The following categories of dispositions are exempted from Capital Gains Tax:
(a) Transfers by reason of death.
(b) Donations between relatives up to the third degree of kindred.
(c ) Donations to limited companies all the shareholders of which are members, and continue for 5 years after the donation to be members, of the family of the donor.
(d) Donations from family companies to their shareholders, but only in cases where the property gifted was originally acquired by the company also by way of a gift.
(e) Donations to Charitable Institutions or to the Republic of Cyprus.
(f) Exchanges of immovable properties.
(g) Compulsory acquisitions.
In assessing the gain there must be deducted from the price received in consideration of the the disposition:
(a) the assessed market value of the property as at 1st August 1980, or
(b) the price paid or the consideration given for the acquisition of the property, if the property was acquired after 1/8/80.
(c) the subsequent increase of the value of the property due to inflation, which is calculated in accordance with the Retail Price Index, issued every month by the Statistics Department.
(d) in sales of agricultural land by farmers, the first CYP15.000 of the purchase price, provided that the farmer was residing in the same area at the time of the sale.
(e) in sales of property used as a residence by the vendor, the first CYP50.000 of the purchase price, provided that he has been using the same as his residence for at least 10 years prior to the sale.
(f) for all other sales, the first CYP10.000 of the purchase price.
Those deductions are granted only once, unless they have not been exhausted at the first sale, in which case any balance would be carried forward.

The Rent Control Law
Leasing in Cyprus is governed by the provisions of the Contract Law, subject to the restrictions introduced by the Rent Control Law to protect tenants against eviction under certain circumstances.

The provisions of the Rent Control Law do not cover foreigners renting properties in Cyprus.
Leases exceeding 15 years may be registered with the Land Registry and registration should be effected within 3 months of the signing of the lease. Registered leases afford the lessee certain advantages, including the right to trade the lease.

Foreigners may not take a lease of immovable property for a period exceeding 33 years without the prior permission of the Council of Ministers, and they are not allowed to let their premises to Cypriot or foreign tenants.

For more information on Legal Notes on Cyprus Property please visit

http://www.cyprus-online.com/buy-sell/cyprus-4-properties-services.htm

LEGISLATION RELATED TO IMMOVABLE PROPERTY

2007-02-07T08:20:00.000-08:00

Many laws in Cyprus regulate matters affecting immovable property and transactions related thereto either directly or indirectly. Such legislation may be divided into two categories, namely General Legislation and Specific Legislation.

3.1 General Legislation comprises those laws which, although not regulating matters of immovable property directly, do contain provisions applicable to rights in immovable property and to transactions related thereto. The main laws in this category are as follows:
(a) The Constitution of Cyprus
(b) The Contract Law, Cap. 149
(c) The Civil Procedure Law, Cap. 6 and Rules
(d) The Stamp Law, Cap. 228
(e) The Wills and Succession Law, Cap. 195
(f) The Administration of Estates Law, Cap. 189
(g) The Probates (Re-Sealing) Law, Cap. 192
(h) The Estate Duty Law, Cap. 319
(I) The Trustees Law, Cap. 193
(j) The Exchange Control Restriction Law, Cap. 199
(k) The Central Bank of Cyprus Law, No. 48/63

3.2 Specific Legislation includes all the laws and regulations referring particularly to immovable property and are as follows:
(a) The Immovable Property (Tenure, Registration and Valuation) Law, Cap. 224
(b) The Sale of Land (Specific Performance) Law, Cap. 232
(c ) The Acquisition of Immovable Property (Aliens) Law, Cap. 109
(d) The Immovable Property Transfer and Mortgage Law, No. 9/65
(e) The Immovable Property Tax Law, Cap. 322
(f) The Immovable Property (Towns) Tax Law, No. 89/62
(g) The Capital Gains Tax Law, No. 52/80
(h) The Rent Control Law, No. 23/833.3 Double Tax Treaties

Cyprus has entered into 26 Double Tax Treaties, certain provisions of which affect directly or indirectly the possession, ownership and disposition of immovable property especially in matters of taxation.

For more information on Legal Notes on Cyprus Property please visit http://www.cyprus-online.com/buy-sell/cyprus-4-properties-services.htm

Legal Notes on Real Estate & Property in Cyprus - Introduction

2007-02-07T08:11:00.000-08:00

Nowadays the world population is growing rapidly and so is the demand for land. The need for land is not limited to the residential sector; it occurs in the agricultural, industrial, commercial and tourist sectors as well. Land is a finite material and therefore its value worldwide is constantly increasing.

This increase in value is aggravated by inflation and by the instability of the monetary systems and fiscal policies of the countries that lead the race in the financial field, thus making investment in the safer sector of immovable property more attractive. The great technological progress in communication, transportation and international trading has made investment in this field easier and more accessible than in the past.

Man's affinity with the land stems from time immemorial and it is easy to understand why land has always been considered as one of the most precious commodities, closely connected with social and economic stability and progress, and why the various legal systems have always tried to regulate in detail the rights of possession, occupation and ownership of immovable property.

Cyprus
Cyprus is no exception to the rule. The economic and social evolution that has taken place in recent years and the sophisticated methods of cultivation and industrialization, together with the absence of alternative forms of investment, have diverted capital both from home and abroad to land ownership and land transactions.

This trend has necessitated the establishment of a suitable legal framework whilst allowing the involvement of Cyprus in the international land market, protects the social, economic, agricultural and industrial interests of the island and its people.

Cyprus has achieved this task. Despite its troubled history, it has managed to develop a constructive legal system for immovable property that is as efficient as similar systems in other advanced countries. It is operated through a series of laws which are regularly amended to meet everyday demands and balance conflicting interests in this vital sector of the economy.

CYPRUS IN THE INTERNATIONAL LAND MARKET
Foreign investments in immovable property
The location of Cyprus in the eastern Mediterranean at the crossroads of Europe, Asia and Africa, the safe and protective legal system, the perfect infrastructure, coupled with regular communication with all parts of the world, the relatively low cost of living, its excellent climate and the friendliness and hospitality of its people, are just some of the reasons that have made Cyprus attractive to foreign investors for over 20 years now.

Foreigners who seek to invest in immovable property in Cyprus may be classified in the following four main categories:
(a) Retired residents - These are people who settle permanently in Cyprus upon retirement. A series of incentives is given by the Cyprus Government to retired people, including duty-free facilities and very low taxation of their income which emanates from abroad. These people may also enjoy, under certain circumstances, the benefits of the Double Taxation Treaty of their country of origin with Cyprus, if there is one. Cyprus has signed 26 such treaties, regulating in effect tax relations with over 40 countries.
(b) Employed residents - This category includes foreigners who live indefinitely or for a fixed period of time in Cyprus as employees, either of their own offshore company or of a local or offshore firm, and who choose to purchase their own property in Cyprus rather than live in rented premises.
In this category are also included offshore companies purchasing houses for their Directors.
(c) Holiday Makers - Speculators
These people purchase properties in Cyprus as holiday homes or for possible permanent places of abode upon retirement, or for the sale thereof with a reasonable profit at a later stage.
Profits realized by foreigners from the sale of immovable property may be expatriated under certain restrictions.
(d) Business investors
These are foreign individuals and companies who acquire property in Cyprus for touristic or industrial purposes, making use of the location and climate of Cyprus, the excellent infrastructure and the various incentives offered for these purposes, especially in the area of taxation. To this end, the Free Trade Zone structure of Cyprus offers great inducements ranging from the provision of all modern facilities to low tax or tax incentive status.

Prices
The relatively small area of Cyprus and the great demand for immovable property, especially in recent years, have led to a considerable increase in the cost of land and accommodation in Cyprus. However, despite the increase, the prices of land and accommodation in Cyprus, as well as the cost of living, are still comparatively lower than those of most European countries or holiday resorts.2.3 Legal assistance

The complexity of the legislation on immovable property and the formalities which need to be considered when dealing in relevant matters render it necessary, especially when foreigners wish to invest in immovable property in Cyprus, to seek and obtain from the start reliable and efficient legal advice in order to avoid unpleasant results and future undesirable consequences.

For more information on Legal Notes on Cyprus Property please visit http://www.cyprus-online.com/buy-sell/cyprus-4-properties-services.htm

Cyprus Property market and euro adoption

2007-02-06T05:33:00.000-08:00

PROPERTY investment in Cyprus is becoming increasingly appealing to investors worldwide, with economic conditions now improving at an impressive rate and the prospective adoption of the euro drawing huge interest from foreign investors.Cyprus adopts the euro in January 2008.Peter Christofi, an overseas marketing manager for Antonis Loizou and Associates, says the property market would benefit enormously from the move.

“This is great news for Cyprus. Adoption of the euro is the final fence in becoming part of a united Europe. Cyprus is now stronger than ever and with the proposed adoption date of January 1, 2008 this can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean,” he was quoted as saying by newskys.co.uk.Christofi said property prices within the country were currently rising at a staggering rate of up to 20 per cent annually.

As such, investors are finding they can make bigger gains on their property in Cyprus than in France or Spain.Cyprus has long been a favourite among UK tourists and investors and it also has an enviable reputation for attracting repeat visitors. A growing number of UK residents are looking to the island for a holiday home, many more decide to retire here and thousands are taking advantage of good investment conditions.According to Christophi, this special affinity is down to the fact that the basic infrastructure in Cyprus is not dissimilar to that of the UK.While investing in some countries can be daunting because of basic communication difficulties, English is spoken by a significant proportion of the population in Cyprus, while the land registry system differs only marginally from that within the UK.

All of this is crucial in making the task of buying and selling a property or making a buy-to-let investment all the more comfortable. The President of the Cyprus Council of Real Estate Agents said that despite prices rising rapidly over the past few years, there was no chance of a slump. Dinos Sotiriou told the Cyprus Mail that, “Cyprus is only a small country and everybody here wants to invest in their own properties. Prices on the island are lower than in many other European countries, while the quality of homes is very high.”But he disagreed with the figures given by Christofi, saying house prices had recently started to stabilise after three to four years of growth at a rate of 10 to 15 per cent a year.

Economist Costas Apostolides, chairman of Economic Management Limited, agreed.“The economy has now steadied and is recovering from slow growth. The property market is competitive within the framework of the mature economy,” he said. “It’s not an issue of a bargain but of good value.”He added that, “there has never been a property slump resulting from a recession in Cyprus. There have been blips, but these have been due to other factors. This is not the UK where it can all come crashing down after years of growth.”

For more Cyprus Property News please go to http://www.cyprus-online.com/buy-sell/cyprus-news.html

Off-plan Cyprus Property - Livadhia Pearls FG, Larnaca

2007-02-04T03:29:00.000-08:00

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 ,cafés. It’s a well sought after type of property, by Cypriots and overseas clients alike.

This project is a duplicate of a very successful project that sold out before even starting construction. The project is under construction and it will be completed in approximately 1.5 years from now.

Terms of Payment:
30% with the beginning of construction (11/2006)
65% 2 months before completion
5 % on delivery* (approximately 06/2008)

We are looking for a few select investors (minimum purchase 2 apartments) to partner with us and the developer at this very early stage for a mutually beneficial relationship. Investors (minimum purchase 2 apartments) who buy with us, are entitled to a 10% discount on the prices below:

Livadhia Pearls F - G

1st Floor - Four 2 bedroom apartment from £68,000 + VAT* (£61,000 + VAT* with discount) each
2nd Floor - Two 2 bedroom apartment for £69,000 + VAT* (£62,000 + VAT* with discount) each
3rd Floor - One 2 bedroom penthouse (with huge 75 sq.m verandas) for £96,000 + VAT* (£87,000 + VAT* with discount)

Buy to Sell Investment Plan for an individual apartment : You purchase a luxurious 2 bedroom apartment for £70,000 (£61,000 + VAT)*. You put 30% down or £21,000 and the remaining £49,000 is due in 1.5 years when completed. A year later, the property you contracted to buy for £70,000 could be selling for £77,000 - plus any inflation. If property prices inflated by say 10% during the year, it would be selling for £85,000. You could then sell on your interest in the property to another investor or the end user. We will arrange this for you and will you receive back £15,000 profit (71% return on investment!), plus the original £21,000 deposit.

Buy to Let Investment Plan : You purchase a 2 bedroom apartment for £70,000* (with for 2 or more flats). At the 30% stage, you put £21,000 and the remaining £49,000 is mortgaged for 20 years. Your monthly installment will be around £330. The rental income (guaranteed with a contract from our accommodation division) is around £450. This means an annual rental return of 8% and an annual income of £1440! In addition to this, you will also have the annual appreciation which is estimated to be more than 20%.

For more information regarding Off-plan Cyprus Property

please visit http://www.livadhia.com/cyprus-property-livadhia-pearls-fg.html

Off-plan Cyprus Properties - Livadhia Pearls, Larnaca

2007-02-04T03:23:00.000-08:00

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 ,cafés. It’s a well sought after type of property, by Cypriots and overseas clients alike.

We are looking for a few select investors (minimum purchase 2 apartments) to partner with us and the developer at this very early stage for a mutually beneficial relationship.

Buy to Let Investment Plan : You purchase a luxurious one bedroom apartment for £54,000 (£47,000 + VAT)*. You put £16,000 and the remaining £38,000 is mortgaged for 20 years. Your monthly installment will be around £300. The rental income (guaranteed by our accommodation division) is around £350. This means an annual rental return of 8%! In addition to this, you will also have the annual appreciation which is estimated to be more than 10%.

Buy to Sell Investment Plan : You purchase a luxurious one bedroom apartment for £54,000* (£47,000 + VAT). You put £16,000 and the remaining £38,000 is due in 1.5 year when the project will be completed. When the project is close to finishing you sell the property for £70,000 (properties appreciate by more than 20% when they are completed) and make £16,000 or 100% return on investment!

For more information regarding Livadhia Pearls Cyprus Property please visit http://www.livadhia.com.

Cyprus Golf Property in Tersephanou, Larnaca

2007-02-03T03:53:00.000-08:00

Description: The project is located in Tercefanou Village, only ten minutes drive to Larnaca town, a five minute drive o the airport and just a few minutes to the beach. It is in a quiet location, situated on the outskirts of a pretty local village with amenities near by. There are spectaculars views of the sea and mountains. An ideal location for golf lovers as it is within walking distance to upcoming golf resort. The complex consists of five two storey blocks, all with big spacious flats and communal swimming pool. Superb letting potential with high Rental Returns Walking distance to upcoming golf course and 10 mins drive from Larnaca Airport.

The project is under study and it will be completed in approximately 3 years from now.

Terms of Payment:
7% reservation fee before 12/2005
23% with the beginning of construction (approximately 09/2006)
65% 2 months before completion
5 % on delivery* (approximately 09/2008)

We are looking for a few select investors (minimum purchase - 5 apartments) to partner with us and the developer at this very early stage for a mutually beneficial relationship.

Most apartments are sold already and you can find availability below. Investors (minimum purchase - 5 apartments) who buy with us, are entitled to a 20% discount on the prices below:

Ground Floor - Five 2 bedroom apartments (with garden) for £90,000 (£72,000 with discount) each
1st Floor - Six 2 bedroom apartments for £85,000 (£68,000 with discount) each
2nd Floor - Four 2 bedroom penthouses (with huge 55 sq.m verandas) for £110,000 (£88,000 with discount) each

Buy to Sell Investment Plan for an individual apartment : You purchase a luxurious 2 bedroom golf property for £68,000*. You put 7% down or £4,760 and the remaining £63,240 is due in stages during the 3 year period the project will be completed. A year later, the property you contracted to buy for £68,000 should be selling for £75,000 - plus any inflation. If property prices inflated by say 10% during the year, it would be selling for £82,500. You could then sell on your interest in the property to another investor or the end user. We will arrange this for you and will you receive back £14,500 profit (300% return on investment!), plus the original £4,760 deposit.

For more information on Cyprus Golf Properties please visit http://www.cyprus-online.com/tersefanou/index.html

2007 international property hotspots: Cyprus, Greece and the UK

2007-02-02T02:39:00.000-08:00

Despite the draw of property in glamorous distant Anglophone nations such as the US, South Africa and Australia, new advice published by property investment specialists Assetz suggests that those considering ploughing their cash into property would do better to look a little closer to home. 2007 is set to be a big year for two countries in the eastern Mediterranean: Turkey and Cyrpus but the UK is also offering very high returns for those who can afford the initial investment.

The Cypriot market is well-placed to be one of Europe's top performers in 2007. A major factor in future of the Cyrprus property market is its accession to the eurozone on January 1st next year. Adopting the euro means that the republic's government will surrender interest rate control to the European Central Bank, which has set rates for the eurozone at a much lower level than Cyprus'.

This will mean that borrowing on the island is cheaper and so those financing their property purchase with money from Cypriot lenders should be able to fix their loan at a more favourable rate. Indeed, politically things seem to be looking up for an island that has been divided between the Turkish north and the Greek south since 1974.

Earlier this week, Turkey offered to open a port and an airport to sea and air traffic from Cyprus. Although this may seem like a small compromise, the move has massive political implications as Turkey's relationship with the country has been one of the major sticking points over its proposed entry to the EU. If the Turks continue to dance to the EU's tune then property investors may have a burgeoning market on their hands in one of the UK's top holiday destinations. Assetz says that capital growth in the country is strong at 20 per cent and there is a high demand for property due to a strong internal demand.

However, Stuart Law, managing director of Assetz, argues that many investors may be tempted to keep their cash in their homeland as the UK is offering some of the best returns of late. "There has been a slight lowering in the rate of growth in many countries during 2006 and the UK is the first to bounce, but I suspect many others will follow next year including France, Spain and Bulgaria," he said. "With the UK performing so well, many investors will be opting for the low-risk approach and keeping their money in UK property, now it offers strong returns that can compete on the international stage."

Fore more news on Cyprus Properties please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

How In Twelve Months You Could Double Your Money Investing In Cyprus Property!

2007-02-01T01:50:00.000-08:00

Dear fellow investor

When I first heard stories about the incredible profits some investors have been making from Cyprus properties, quite frankly, I simply didn't believe them.

For example, I heard about investors who had bought some 2 bedroom flats "off-plan" at a development called Yiallos. Two years ago it was just a bare piece of land. They paid deposits of £10,000 on flats that, when completed, they could buy for £40,000 - less the deposit of £10,000 they had already paid.

A year later the flats were selling for £60,000. The final phase is now being built and the developer is now selling them for £90,000! This means that any time before completion they could sell on their option to buy at whatever the current price was, or sell them on completion for £90,000.

They had paid a deposit of £10,000 already and would have to pay (or take a mortgage) for the balance of the option purchase price - £30,000.

So the sums look like this:-

Selling price at completion

£90,000
Less deposit paid
£ 10,000

Less balance of option purchase price
£ 30,000

£ 40,000
£ 40,000
Profit

£ 50,000
Not a bad profit for investing £10,000 for 2 years!

Click here for examples of properties we recommend for "off-plan" investment >>>

Let me introduce myself. My name is Mike Daniel. After investing in property myself for 9 years, I'm a strong believer in the saying "If it sounds too good to be true, it usually is". But I kept reading reports in the newspapers... Cyprus is Europe's hotest holiday destination with over 3,000,000 tourists visiting Cyprus every year... more than 50,000 Britons now own a residential property in Cyprus... residential properties in Cyprus increasing in price annually by more than 20% in many areas and up to 50% in some coastal areas.

I decided I had to investigate further. All my property investments are in the UK and I wanted to diversify. I also wanted to be able to offer overseas property opportunities to my investor clients.

So how confident am I about buying off-plan?

Well lets just say that on my last visit I found some superb bargains that I just couldn’t resist. I finished up buying 3 off-plan properties - and our surveyor bought two as well!

And here’s an offer no-one else will give you. I’m so confident that you’ll be delighted with the properties we recommend to you, I’ll even put up part of the initial deposit from my own money and buy it jointly with you! (if you want me to, of course!)

Well I think that just about sums it all up. So if you’re interested, just email info@home-overseas.com. We’ll put your contact details on our priority list and as soon as we get details of any ‘deals’, rush details to you. We’ll also give you details of all the contacts we’ve found to be the most reputable, reliable and helpful.

I hope you’ll join me in buying some very profitable Cyprus property! I’m looking forward to hearing from you.

Yours sincerely

Mike Daniel

Managing Director

P.S . In a nutshell we offer you…

The opportunity to make substantial property profits from areas that are still rapidly increasing in value.
No management or tenants
Another layer of due diligence
Notice of any special deals or offers
A UK office and staff to help and advise you
Introductions to mortgage brokers, currency exchange specialists, and English speaking Spanish lawyers.
And all our services are completely free of charge!
Don’t miss out! Contact us now:
Mr Mike Daniel : info@home-overseas.com

Please click on a link below for further information on a topic of interest for you:
Investment plans
"Off-plan" investment plans available
We’ve done all the hard work for you - research, help, and advice, is free of charge

Free Inspection trip to Cyprus and more!

2007-02-01T01:46:00.000-08:00

Upon reviewing our Cyprus Properties investment plans, if you decide to visit Cyprus in order to inspect the properties, you are entitled to a free inspection trip. This includes airport pick-up and free accommodation for up to a week. Upon arrival we also refund your round trip ticket to Cyprus for up to £300.

Due to our high volume of inspection trips, we require a week notice in order to make the necessary arrangements. To book your free inspection trip or get more details please contact us at :
http://www.cyprus-online.com/buy-sell/property-sale-cyprus-offers.html
Tel: +357-7777-7067, Mob: +357-99-686618 / E-mail : info@cyprus4properties.com

Useful Tips on buying Cyprus property

2007-01-31T22:56:00.000-08:00

Best investment - Properties on or near the beach. Demand for Cyprus properties on or close to the beach, is very high, therefore yielding both high resale values and high rental return.

EU, VAT and increase in demand & prices - After EU accession, most restrictions to foreigner buyers were lifted and Cyprus is no longer just another tourist destination. It’s becoming the home, work place, business destination, retirement place for more than half a billion people coming from all over Europe. All these are already increasing demand for properties in Cyprus. But what else could push up the prices even more? VAT is definitely another factor. Cyprus has a transitional period until 2008 before imposing VAT on land but buyers of houses, flats, e.t.c will have to pay a 15% VAT on developments approved after May 1st 2004. What does this mean? Prices will increase gradually, at least by 50 % by 2008.

Checkpoints when buying Cyprus property - Location / Building & other restrictions (for land) / Facilities provided (c/h, a/c, s/pool, etc) / Quality of construction / Reliability of seller / After sales support / Extra Costs (extras not included in selling price could increase the price up to 50% or even more).

Cancellation fees - Selling a new Cyprus property before receiving the title deed means that you have to pay a cancellation fee to the seller. Try to minimize or eliminate this from the beginning.

Specific performance - If you don't register your buying contract within 60 days you are not fully covered by the law and the seller could take advantage (mortgage) your Cyprus property.

Current price Vs Selling potential of Cyprus Property - Very important factor to consider, since at some point you might want to sell. Buying cheap does not always mean a good investment.

Financing & Currency Exchange Facilities - This could make a significant difference on the final cost of your Cyprus property. We offer various long term payment schemes at favorable terms to assist its purchasers. Furthermore, Currency Exchange assistance is also available at the lowest cost.

Our professional & experience consultants will guide you through the process in order to avoid all the traps before and after property purchase. Please visit http://www.cyprus-online.com/buy-sell/cyprus-property-tips.html for more information.

"Off-plan" Investment Plans for Cyprus Properties

2007-01-31T02:08:00.000-08:00

A ‘smart investor’ is a well informed one. Not only on when to buy but when to sell. There is a huge amount of un-tapped investment potential in property markets where buying ‘off-plan’ affords the flexibility and maximum returns on investment.

Cyprus 4 Properties are offering prestigious “off-plan” properties in some the fastest growing property markets.Secure properties for as little as £10K. 20-30% down payment and no payments until the project is finished. And best of all, the ability to sell before completion for phenomenal capital returns!

Ask today for your free Investment Plan that will match your individual needs >>>

To view our best off plan properties in Cyprus please click here http://www.cyprus-online.com/buy-sell/cyprus-off-plan-properties-investment.html

Buy to Let Cyprus Properties

2007-01-31T02:06:00.000-08:00

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.

http://www.cyprus-online.com/buy-sell/resales.html

Rental ROI in Cyprus is 6.3%, reveals owner survey

2007-01-28T03:08:00.000-08:00

With Cyprus earmarked as one of the investment hotspots for 2007, leading ‘for rent by owner’ holiday home site, www.holiday-rentals.co.uk surveyed its owners in order to quantify the actual rental return on investment potential buyers can expect.

According to the results, owners manage to rent out their Cyprus holiday homes for 18 weeks per year on average, providing a 6.3% RoI, based on the average purchase price of £134,000 and the average rental rate of £470 per week*.

Cyprus has long been an investment favourite with Brits and its imminent adoption of the Euro in 2008 could make it an even more attractive choice, as interest rates fall to align it with the eurozone and make borrowing cheaper.

Offering higher gains than France or Spain and more stability than Bulgaria, Cyprus could provide a safe and lucrative alternative for those looking to buy foreign property in 2007.Ross McGowan, sales director, www.holiday-rentals.co.uk commented, “The number of properties in Cyprus listed has increased by over 40% since 2005 and by nearly 240% when compared to 2004.

The site now lists 795 properties in Cyprus, including 72 in the Turkish North. With tourism booming and a reputation for attracting repeat visitors, a buy-to-let investment in Cyprus is still a great bet as rental demand continues to outstrip supply.”He continued, “Advertising on the Internet is the most cost-effective way to rent your property and ensure you get the maximum return on your investment. In the past, you would have needed to employ a management company, who can take up to 30% of profits.

By advertising online and managing rentals yourself, you can cut out the middleman and keep all of that 6.3% return for yourself!”The results of the survey by www.holiday-rentals.co.uk also support the fact that capital growth in Cyprus has been high.

The majority of owners bought between two to four years ago and of those who said they knew the current value of their property, 40% said it had increased between 30-60% and 30% said it had increased between 10-20%. The factors believed to have played the most significant role in the rise were Cyprus’ imminent adoption of the Euro and the fact that tourism is growing by around 7% per year.

The average purchase price respondents had paid was £134,000, with 40% having personally financed the purchase, 33% taking mortgages against their main residence and 27% holding a mortgage in Cyprus. The vast majority said the rental potential in Cyprus was one of the most significant factors in their decision to buy there, with 16% saying it was the most influential factor. The reasonable cost of property and economic performance were also significant influences.

In terms of owner profiles in Cyprus, 36% are between 41-50, 32% between 51-60 and 15% between 31-40 years old. The over 60s represented 13% of owners. The vast majority are married and either employed full time, or self-employed, managing the rental of their property themselves in their spare time. Over a third have a total household income of less than £50,000 per year, however a fifth earned £61-£80,000 and another fifth £100,000 or more per year.

Over and above the financial merits of investing in Cyprus, there are numerous other reasons why it’s a great place to buy a holiday home. With over 340 days of sunshine per year, it’s a year-round destination and English is widely spoken on the island. There is lots of development going on, including new golf courses and marinas, which will further improve facilities on the island in the coming years.

Cyprus also has a high standard, but relatively low cost of living, low taxation and low crime rates. Is it any wonder the Brits are in love with Aphrodite’s Isle?

Fore more news on Cyprus Properties please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

Russian woman goes to trial for illegal purchase in North Cyprus

2007-01-28T03:04:00.000-08:00

A RUSSIAN woman buying a property in the north did not know it was actually owned by Greek Cypriots, a Nicosia court heard yesterday.The trial of Elena Mirkushova, 30, accused of illegally purchasing a house built on land belonging to Greek Cypriot refugees, yesterday began with the investigator of the case taking the stand.Yesterday’s proceedings were followed by Theodora Antonis Polycarpou, Marios Antonis Polycarpou and Andreas Antonis Polycarpou, the Greek Cypriot owners of the land sold to the woman by Turkish Cypriot estate agents.

Mirkushova was arrested at the Ledra Palace checkpoint in Nicosia on November 18, along with a Latvian friend of hers, after customs officers discovered a contract of purchase for a property in occupied Lapithos, as well as advertising pamphlets for properties in the occupied areas, in her bag.Addressing the court, CID Constable Costas Costa said he had taken a statement from Mirkushova who confessed to buying the property in the north.

“However, when asked if she knew that the property originally belonged to Greek Cypriots, she said she was conned by the Turkish Cypriot estate agents because they never told her who were the original owners of the land she was buying.”The investigator told the court that Mirkushova had signed the contract of purchase and had paid £1,000 sterling as a down payment for the house, which was being sold for £78,000 sterling. According to the contract, Mirkushova would then have to pay £14,600 sterling a few months later and then pay off the rest of the amount in £2,500 sterling monthly installments.

“The defendant told us that she had not yet actually decided to buy the property but had wanted to go back to Russia so that her lawyers could go over it for her,” said Costa.The court heard how Mirkushova had wanted to buy the house in the north “because she thought it would have been a good investment for her daughter.

”Evidence was also submitted to the court by the investigator, who handed to Judge Lemonia Kaoutzani various police statements, the contract of purchase and the advertising pamphlets for the properties in the north.The Russian mother was remanded in custody on November 18 before being charged with two counts of illegally purchasing a property in the occupied areas and conspiracy to commit a crime.She denies both charges.

Yesterday, the prosecution also dropped the arrest warrant against 42-year-old Bulet Fikri, the estate agent who sold her the house, because “he is in the occupied area and it is not possible to arrest him.”According to the first charge of the indictment, Mirkushova and Fikri conspired to commit a crime. The second charge stated that on November 18, Mirkushova purchased from Fikri a property that belonged to somebody else, which was being built in the Ayios Theodoros area of Lapithos.

The property sold is built on two plots, one which belongs to Panayiota Grigoris Polydorou and one which is shared between the three members of the Polycarpou family.The charge said the accused had signed a document of purchase, dated November 18, 2006, but should have known that there was no consent from the rightful owners.The trial continues of December 19, with the Polycarpou family as well as an official of the Land Registry Department to be called up as witnesses.

Fore more news on Cyprus Properties please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

Leptos in talks to buy out Aristo

2007-01-27T04:24:00.000-08:00

TWO OF the island’s biggest developers are in negotiations over a possible takeover.According to press reports, the Leptos Group, backed by an unnamed French company, is to buy out Aristo Developers.

Earlier this week, Aristo secured from the Cyprus Stock Exchange a second day of suspension of its shares pending the outcome of intense negotiations aimed at finalising the takeover bid now in progress on the group.

According to the Financial Mirror, the bid is for 100 per cent of the company and has to be all-out cash.

The Aristodimou family controls a little over 50 per cent of the CSE-listed Aristo, with the Elma Group controlling another 25 per cent. The remaining 25 per cent is spread among the public.
The price at which negotiations are being held is reported to be between 90 and 100 cents per share, with the buyer reportedly backed by a Cypriot bank, which in turn is acting on behalf of a foreign financial institution willing to provide a bank guarantee. Local press reports have put the total figure somewhere in the region of £300 million.Aristo own £200 million worth of properties and are reported to have secured permits for the development of three golf courses.

A spokesman for Leptos yesterday told the Mail that he couldn’t make any official comment but did add that, “should these reports turn out to be true, it will be beneficial to the whole island as a large part of the property market will remain in Cypriot hands.”

Traditionally, the two companies have been the major players in the Paphos area with any possible takeover likely to leave competitors trailing in their wake.

Fore more news on Cyprus Properties please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus, France and Spain top November overseas interest

2007-01-27T04:15:00.000-08:00

British property investors continue to opt for the old favourite locations of Cyprus, France and Spain to invest their cash, according to new research.

The three European nations, old friends of British holiday-home seekers, beat off stiff competition from emerging markets in the Eastern Bloc to become the three top countries for currency enquiries to foreign exchange firm HIFX.

In the company's monthly survey of global property hotspots, Cyprus, France and Spain made up over half of all its currency transactions last month.

Mark Bodega, marketing director of currency specialists HiFX, commented: "Despite a fair amount of dabbling by investors in some more exotic locations, old time favourites Cyprus, France and Spain are still the first choice for British buyers looking for a holiday home or retirement home.

"With the markets in these countries having slowed down over the last 12 months, we are seeing some really good bargains coming up and it seems that many canny Brits have also spotted this and are beginning to return to these traditional overseas markets in increasing numbers."

Although he admitted that the markets in these countries – especially Spain – had cooled of late, Mr Bodega said that traditionalists were now looking at "lesser known costas and inland amongst the olive groves", as opposed to eastern Europe.

Indeed previously touted hotspots Bulgaria, Turkey and Morocco actually saw their proportions of currency enquiries decrease in November, while those in Cape Verde and Dubai remained the same as the previous month.

In a statement, HIFX said that although quick returns can be attained in emerging markets, investors "should be careful as the fad of these countries could disappear just as quickly as they have appeared".

The monthly decline of interest in the emerging markets may be linked to homeowners' increasing affordability constraints due to the recent rise in interest rates, causing overseas property to bank on the more stable markets of Cyprus, France and Spain.

With an array of regular cheap flights to a comprehensive list of destinations, Brits are turning to these countries due to the ease of access and the security of stable house price inflation.

Furthermore, houses in Cyprus, France and Spain are much easier to rent due to their inherently strong tourist markets and high regard among UK residents.

The large ex-pat community in these countries means that settling in is not too much of a culture shock for retirees, who make up a large proportion of the overseas property market.

For more Cyprus Property News please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

Cyprus property market stable but healthy for 2007

2007-01-26T02:36:00.000-08:00

As 2007 gets under way, there’s continued confidence from international buyers in Cyprus’ residential property market. After a period of rapid price rises in anticipation of the country’s EU membership in 2004, 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 and Monarch Airlines adds Cyprus to its list of budget destinations.

According to the President of the Cyprus Council of Real Estate Agents, Dinos Sotiriou, house prices have recently started to stabilise after three to four years of intense annual growth of around 10-15 per cent. Long-term trends remain positive but are more sustainable, offering the dual benefits of stability and continued growth particularly throughout 2007, in anticipation of the Euro currency, but also into 2008 and beyond.

For potential investors, Cyprus’ economic statistics are impressive. The country enjoys a high standard of living and is ranked highly among other European economies. The per capita income is around CYP 20,000 with low unemployment (3.7 per cent) and low inflation (2.3 per cent).

The Central Bank of Cyprus interest rate stands at 4.5 per cent and Cyprus Investment Policy is liberal. It allows 100 per cent foreign participation in all sectors of the economy, for example the acquisition and development of land - both for EU nationals and investors from non-EU countries.

There are no exchange control restrictions and it’s no longer necessary to prove that property was purchased from external funds.Seasoned investors in Cyprus already know about its wealth of attractions, which make it a popular location for both tourists and foreign residents, especially retirees.

As well as the 340 days of sunshine per year, stunning beaches and dramatic scenery, Cyprus is also an attractive financial proposition. It has a low cost of living and low taxation, especially for retirees with the added benefits of no inheritance tax and banking and legal systems closely resembling those in the UK.

In addition, 2007 brings an added bonus, with Monarch Airlines offering budget fares from London Luton airport to Larnaca international airport, promising to further boost the appeal of Cyprus to tourists and potential homeowners alike.

The Monarch Airlines service begins in March 2007 and will provide some healthy competition for current major operators, Cyprus Airways and British Airways. As most investors know, when a budget airline adds a new destination to its list of routes, it’s a sure sign of a healthy property market with a promising future.

Tourism has always played a major part in Cyprus’ economic success and a stable tourist market is a major consideration for property investors concerned about the potential for high rental yield and worthwhile capital returns.

The Cyprus Tourism Organisation (CTO) has recently embarked on the Strategic Plan for Tourism 2010 which will improve the tourism sector overall, with upgraded resorts and an increase in high quality facilities, such as marinas and golf courses developments.

In addition, the CTO wants to appeal to a more diverse range of tourists, encouraging return visits and out of season holidays. Cyprus’ two international airports at Larnaca and Paphos are both currently being refurbished and extended to deal with increasing numbers of holiday makers, second home owners and foreign residents.

A recent report in the Cyprus Mail suggests that the reason for Cyprus’ popularity among all types of investors is that the quality of homes on the island remains high, despite the fact that buyers enjoy prices which are lower than many other popular European destinations.

Now that the economy has steadied in preparation for adoption of the Euro, Cyprus is the perfect environment for investors - good value combined with economic stability.

For more news on Cyprus Property please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html

Luton to Larnaca route launched by Monarch (low fair airline)

2007-01-25T02:47:00.000-08:00

Monarch is to launch flights from London to Cyprus next year as the airline expands its network to the Eastern Mediterranean.

The four times a week service from London Luton to Larnaca begins on March 26, with fares starting from £69.99 one-way including taxes.

Tim Jeans, managing director of Monarch's scheduled services, said: "We are delighted to be the first low fares airline to launch scheduled services to the Eastern Mediterranean, a market that has historically been dominated by the flag carriers and charter services.

"Cyprus Airways and British Airways have operated a high fares cartel to Cyprus for decades which we'll break with our widely available, flexible low fares.

“Our new service will be warmly welcomed not just by the growing holiday and overseas property markets in Cyprus, but the 150,000 strong Greek-Cypriot community in London, who've been deprived of choice and low fares until now.”

Flights to Larnaca will operate on Monday, Tuesday (starts July 10), Wednesday and Saturday and tickets can be booked through the Monarch website from Wednesday, December 20.

For more news on Cyprus Property http://www.cyprus-online.com/buy-sell/cyprus-news.html

Expected boom in Cyprus Property for 2006-2008

2007-01-25T02:40:00.000-08:00

After EU accession, Cyprus is no longer just another tourist destination offering sandy beaches and fun. It’s becoming the home, work place, business destination, retirement place for more than half a billion people coming from all over Europe.

Furthermore, the government introduced a 15 % VAT on property purchases in accordance with the “acquis communautaire”. All these lead to one and only conclusion - property prices are only going one way and that is up!

Until now, a foreigner was allowed to buy as much property as she/he wants, but was only allowed to transfer one house or one plot of land up to 4,000 sq.m to her / his own name. But now most restrictions to foreigner buyers are lifted which will lead to an increase in demand by 50-100% and generate an increase in both sale and rental prices. Louis Constantinou, with his more than 30 years experience in the real estate industry, believes that property prices could rise by more than 50 %.

“Until now, there was a rush to buy before EU accession and VAT introduction. But freedom of movement after EU, will further increase demand for real estate. Once restrictions are lifted we will have a new wave of buyers coming here to live, work, invest or retire. That’s millions of people coming to a small island with limited land resources!” added Louis.

Jacob Clein, another real estate expert, agrees with Louis’ assessment. “Prices will only go up. Cyprus is becoming a top destination for retirement, investment, working and living. EU citizens prefer Cyprus to other countries because they find it safer and friendlier. There is a big interest on new properties. The relatively low taxation and low cost of living in Cyprus has also an added appeal for potential buyers, offering a full, but comparatively inexpensive lifestyle. ” he added.

All these will for sure increase demand for properties in Cyprus. But what else could push up the prices even more?

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.

Joining the Eurozone (adapt the Euro as a currency) is also another factor that will contribute towards an increase of demand 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.

Always, keep in mind that the best investment are properties on or near the beach. Demand for these properties is very high, yielding both high resale values and high rental returns.

For more news on Cyprus Property please visit http://www.cyprus-online.com/buy-sell/cyprus-news.html