Real Estate & Editors' Choice News in Cyprus from Propertyshowrooms.com

Decline of Cyprus property sales continues

Tue, 13 Sep 2011 00:00:00 GMT

Sales of property in Cyprus have continued their decline, dropping throughout the country in August for the 14th month in a row.

This is according to figures from the Department of Lands and Surveys, which found that sales in Larnaca dipped by 29.3 per cent, while in Famagusta, Nicosia and Paphos they were down by 21.6 per cent, 21.3 per cent and 24.4 per cent respectively, Cyprus Property News reports.

However, the overall 4.9 per cent decline in sales is the smallest for nearly 12 months, which could mean the slide is slowing and could soon be at an end.

Regions that saw an increase in sales included Limassol and Larnaca, but property valuer Polys Kourousides does not believe the downturn will end yet.

"Limassol recorded an increase in August due to the purchase of properties by non-Cypriots, Russians mostly," he remarked.

This comes after Turkish and Greek Cypriot leaders met at the start of the month to discuss property issues and how the island could be reunified.

Property sales continue to rise in Cyprus

Tue, 11 May 2010 00:00:00 GMT

Sales of property in Cyprus are continuing to increase, the latest statistics from the country have suggested.

The figures, reported by Property Wire and released by the Department of Land and Surveys, demonstrate that the rise is occurring at a slower pace than in previous months, but it remains positive.

According to the organisation, real estate sales were up 11 per cent during April, compared to 2009, and up 25 per cent in the first quarter of this year in comparison to last.

But the growth is down in comparison to the figures that the organisation reported for March, which showed a 37 per cent year-on-year growth in sales.

In addition, the statistics show that demand for foreign property was also beginning to re-appear, after a number of investors fled the market during the country's economic troubles.

However, overseas investors in Cyprus are still a long way from being as prevalent as they were at their peak in 2008.

The land registry in the country reported that only 1,480 homes were sold to non-Cypriots in the first ten months of 2009.

Wealthy investors bolstering distressed property markets

Wed, 7 Apr 2010 00:00:00 GMT

This year could see an increase in the number of individuals turning to property as a worthwhile investment prospect, new research has suggested.

According to the latest Wealth Report compiled by Knight Frank and Citi Private Bank, many high-net worth individuals regard property to be one of the best assets to have.

A total of 71 per cent of those questioned claimed that 2010 would be a good time to make a property purchase, with its "tangible and straightforward" nature making it a good investment during tough economic times.

Many investors are looking for long-term returns and after many markets experienced downturns last year savvy investors are buying cheap and waiting for improvements to materialise.

One such market is Cyprus, which after crashing last year has begun to post year-on-year improvements at the beginning of 2010.

David Poole, head of Citi Private Bank, said: "The impact of the financial crash has not been as hard on the typical ultra high-net worth buyer of prime property.

"Wealthy owners of property are again looking for investments," he added.

Cyprus simplicity hailed by couple

Tue, 3 Mar 2009 00:00:00 GMT

Marilyn and Hamish Lowdon from Aberdeenshire told the Sunday Mail the legal paperwork and other aspects of the process involved in buying their two-bathroom apartment near Paphos "went like clockwork".

The property, which was purchased in 2005, was bought for GBP172,000 and included a large balcony and shared communal area with a pool.

Previously the couple had lived in the country in the 1960s and had long dreamed of owing a property there.

The expectation of a simple buying process for acquiring Cypriot property may be of interest to investors.

Cyprus is now looking to pitch itself at the upper segment of the tourist market, Travel Weekly has reported.

It stated the country has "long realised that attracting more affluent travellers, who place importance on quality of product rather than price, is key to bumping up numbers".

Disneyland Coming to Cyprus?

Tue, 13 Jan 2009 00:00:00 GMT

Russian investors are reportedly looking into constructing the world's biggest disneyland type project in the mixed Cyprus village of Pyla...

Beaches hailed as key in Cyprus appeal

Fri, 7 Nov 2008 00:00:00 GMT

One of the major appeals of Cyprus property is its beaches, it has been stated.

Discussing properties located near to Paphos, overseas property portal TheMoveChannel.com listed several beaches as being of particularly high quality, including Coral Bay, Geroskipou Beach and Pissouri.

Managing director of the firm Dan Johnson said: "Known as the mythical birthplace of Aphrodite, Paphos is a charismatic city full of archaeological sites and Roman ruins. It’s also blessed with spectacular beaches."

Earlier this week it was predicted that Paphos could be set for a major increase in tourist numbers thanks to the imminent opening of a new terminal and a runway extension at the city's airport.

Director of sales for Aristo Developers UK Martin Pearce said the development will make Cyprus "even more accessible".

This could create new opportunities for those investing in buy-to-let property in the area.

Paphos will open its new terminal on November 17th.

Cyprus listed as top tip for investors

Thu, 28 Aug 2008 00:00:00 GMT

Cyprus is an outstanding place for overseas property investors to put their money as it is outperforming most other markets, it has been stated.

BuyCellCyprus referred to the Royal Institution of Chartered Surveyors European Housing Review 2008, which described the country as "a rare case of a country shrugging off the gloom" in which price rises seemed to be "accelerating".

Among the attributes the firm said Cyprus has are a double-taxation agreement with the UK as well as a legal system based on the British model, much less volatility than other emerging markets, a high standard of living, good medical facilities and a low crime rate.

The latter point has been backed by property portal 3x24.

It has said that Cyprus has a crime rate that is just one sixth of the European average, something about which visitors are "invariably surprised and reassured".

Investors pointed towards Cyprus

Wed, 13 Aug 2008 00:00:00 GMT

Cyprus has been flagged up as an ideal market for overseas property investors in the UK.

Homes Overseas described the Mediterranean island as an "elite" location, since it offers strong investment potential.

The magazine stated that average property values on the island are about £150,000, which means it is relatively cheap in comparison with Britain.

However, Cyprus was said to offer the further advantage of a growing market, as house prices are going up at a rate of about 20 per cent a year.

Therefore, investors could be able to snap up a bargain residence which will quickly appreciate in value.

As a result, they would make a healthy profit if they decide to put it on the market at a later date.

Homes Overseas commented: "The Cypriot property market has performed robustly since the country became a member of the EU and Nato in 2004."

This comes after Jet-to-Let magazine flagged up Cyprus as a particularly popular market, as it has not been "overly exposed" to the turmoil in the global economy.

Briton hails move to Cyprus

Thu, 24 Jul 2008 00:00:00 GMT

A retired Briton has told a newspaper why he has decided to leave the country and relocate to Cyprus.

Speaking to the Financial Times, 68-year-old Andy Leck said the Mediterranean island offers a number of advantages such as year-round sunshine.

However, he told the publication that monetary concerns have also played a part in influencing his decision to move to another country.

For example, he said Cyprus taxes just five per cent of a person's pension income, compared with 40 per cent in the UK.

This means that he can enjoy a higher amount of disposable income if he settles overseas.

Commenting on the disparity, Mr Leck said: "I save £40,000 a year by being in Cyprus rather than Britain."

This comes soon after Jet-to-Let magazine revealed that almost 40 per cent of prospective British buyers intend to buy a residence in Cyprus within the next year.