Real Estate & Other News in Cyprus from Propertyshowrooms.com

Sales and prices of Larnaca property fall

Wed, 11 Apr 2012 00:00:00 GMT

There has been a decrease in the number of properties sold in Larnaca, Cyprus, over the last few years.

Findings revealed by Leaf Research showed that, between 2007 and 2011, there was a decline in the number of property transactions in the area of 71 per cent. An 80 per cent fall in land sales was also recorded, Cyprus Property News reported.

The results were based on Land Registry data and were compiled by Leaf Research for an analysis scheme called Project RED.

In addition to the number of people who search for real estate in Larnaca falling over the last few years, there has also been a decline in the price of property in the area.

Figures showed that median declared values for apartments and houses have dropped by 20 and 11 per cent respectively since the property peak in 2008.

These results mirror findings released in the Royal Institution of Chartered Surveyors' Cyprus Property Price Index for the last quarter of 2011. It revealed that the price of Cypriot residential real estate dropped by 1.3 per cent from the previous quarter, while apartment values fell by 1.6 per cent during this period.

Cyprus property sales fall

Fri, 9 Mar 2012 00:00:00 GMT

The number of homes sold in Cyprus in February tumbled by 26 per cent compared to the same month in 2011.

Cyprus Property News reported on the figures from the Department of Land and Surveys, which revealed just 445 contracts were received by the agency last month, down on the 602 it was sent a year earlier.

According to the organisation, overseas buyers accounted for 18 per cent of the real estate deals in Cyprus in February.

Famagusta and Larnaca did not record a drop in interest from foreign purchasers; however, fewer investors are targeting the property markets in Paphos, Limassol and Nicosia.

Overall, the level of transactions concluded by non-Cypriot buyers dropped by 17.7 per cent year-on-year.

In its European Housing Review 2012 published last month, the Royal Institution of Chartered Surveyors pointed out Cyprus's residential property market has been in decline for three years. It noted that, based on data for the first nine months of 2011, apartment prices had fallen by 11 per cent, while the value of houses was down six per cent.

Paphos 'a top target' among overseas property buyers

Fri, 13 Jan 2012 00:00:00 GMT

The real estate market in Paphos had the highest percentage of overseas buyers in 2011, according to new figures.

Cyprus Property News highlighted the data published this week by the country's land registry, which revealed international investors accounted for 35 per cent of house purchases in Paphos.

Famagusta and Larnaca were not far behind, with 32 per cent and 31 per cent of deals completed with foreigners respectively.

Nicosia, the nation's capital, is less reliant on overseas purchasers, however, with just 14 per cent of its property deals made by this demographic.

Overall, the level of real estate transactions in Cyprus fell by 18 per cent in 2011, compared with 2010, the publication revealed.

Larnaca experienced the greatest fall in activity, with a 28 per cent decline, despite the number of overseas buyers in the city rising by four per cent last year.

In December, the news provider reported on data published by the European Central Bank, which indicated property prices in Cyprus slid by 4.9 per cent in the first six months of 2011.

Greek and Turkish Cypriot leaders hold talks over Cyprus property

Thu, 8 Sep 2011 00:00:00 GMT

The United Nations (UN) is leading talks between Greek Cypriot and Turkish Cypriot leaders over the issues surrounding property in Cyprus.

Following the first of two meetings scheduled for this week, UN special advisor on Cyprus Alexander Downer told reporters that the atmosphere between the two sides had been "good".

It is hoped that Greek Cypriot leader Dimitris Christofias and Dervis Eroglu, who is head of the Turkish half of the island, can come to a consensus about creating a unified federal government that represents the interests of both sides of the population. In addition, discussions will centre on the issue of reinstatement for Greeks who own property in the north of the island.

The difficulties over real estate are one of the most crucial parts of the negotiations, with Mr Eroglu claiming that if all Greek Cypriots are granted reinstatement, it would not be possible for their Turkish counterparts to set up a bi-zonal country.

Advice from the UK's Foreign and Commonwealth Office suggests that anyone considering purchasing a property in northern Cyprus should think very carefully before doing so.

This is because many Greek Cypriots were displaced from the region during 1974 and families with claims to land in the area could see it returned to them should the Greek and Turkish leaders on the island reach an agreement to this effect.

City of London Lord Mayor Visits Cyprus (29 January 2009)

Thu, 29 Jan 2009 00:00:00 GMT

The Lord Mayor of the City of London, the Rt Honourable Alderman Ian Luder, visited Cyprus from 26th to 28th January 2009...

Celebrity couple invest in Cyprus

Thu, 14 Aug 2008 00:00:00 GMT

Celebrities Peter Andre and Katie Price have just purchased a property in Cyprus, it has been revealed.

According to OK! magazine, the famous couple recently bought an off-plan property near Larnaca.

The publication said the property is now finished and is ready to be used by the reality TV stars.

Cyprus is regularly visited by Peter Andre as he is of Cypriot descent, while wife Katie has also found much to enjoy on the island.

She commented: "I love Cyprus. I can chill and I love the weather."

OK! added that the Mediterranean island has also proved to be popular with many other famous faces, including Boyzone singer Stephen Gately and actress Kim Cattrall.

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

Cyprus joins elite list

Wed, 13 Aug 2008 00:00:00 GMT

Cyprus is one of the new countries added to the list of the "Premier League" of places to invest in by an overseas property website...

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.

Cyprus 'will keep attracting retirees'

Mon, 16 Jun 2008 00:00:00 GMT

Cyprus is likely to remain a popular destination among British retirees, property analysts have stated.

According to ShelterOffshore.com, the Mediterranean island offers the "perfect blend" of sunshine and financial benefits.

Therefore, it believes the country will avoid the worst effects of the global credit crunch and stay popular with lifestyle buyers.

ShelterOffshore.com said Cyprus' favourable tax regime is one of its main attractions to retirees, as older people are charged only five per cent on their pension income.

In addition, it stated that authorities in the country have scrapped inheritance tax, which means the government cannot claim a chunk of a person's estate upon their death.

The website commented: "There are fundamental reasons why Cyprus will remain a popular choice with people seeking a move overseas."

This comes after the Independent revealed that the island's housing market is holding up in the face of problems in the global economy.

Cyprus 'offers similarities to UK'

Tue, 27 May 2008 00:00:00 GMT

Foreign property buyers from the UK have been informed that Cyprus offers many similarities with Britain.

According to BuyAssociation, motorists on the Mediterranean island drive on the left, while many people speak fluent English.

The online portal added that the legal system in southern Cyprus is closely based on the existing system in the UK.

Paul Collins, property editor at the website, said this could be very good for Britons who are purchasing a residence in the country with a view to living there permanently.

He commented: "These are things that a lot of people look for because particularly if they're retiring, they don't want to be somewhere that's completely different."

Mr Collins added that the island is "great" for lifestyle buyers such as retirees and expatriates.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Cyprus overtakes established property markets

Mon, 19 May 2008 00:00:00 GMT

Cyprus has been ranked ahead of many established property markets in a poll of the most popular foreign destinations.

According to research by Jet-to-Let magazine, the Mediterranean island is the main hotspot of activity for property buyers from the UK this year.

This is the second year in succession that Cyprus has headed the list, ahead of traditional destinations such as France, Italy and Spain.

The publication also highlighted the growing trend of people choosing to invest abroad rather than in the UK.

Dominic Farrell, editor of Jet-to-Let magazine, attributed this to a number of positive economic circumstances in Cyprus.

He commented: "The adoption of the euro, the interest rate cut, oil and gas finds offshore and low taxes continue to make Cyprus very attractive for investors and homebuyers alike."

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Cyprus attracts British property buyers

Fri, 25 Apr 2008 00:00:00 GMT

Cyprus is one of the most popular foreign destinations for British property buyers, an expert has revealed.

Property author Nigel Howarth said more than 60,000 UK nationals own property on the Mediterranean island - a figure which can only be beaten by France and Spain.

He stated that the country offers a number of financial attractions which make it a prime location for investors.

Speaking to the Telegraph, he revealed that it has the lowest level of income tax in Europe and relatively low property prices.

Mr Howarth commented: "They are approximately 20 per cent lower than equivalent properties in Portugal."

He added that demand among British property buyers is currently on the rise, a development which is pushing up property values across the island.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Manchester consumers offered more cheap flights

Tue, 1 Apr 2008 00:00:00 GMT

People in north-west England will soon be able to enjoy more cheap flights to Spain and Cyprus.

Services to Paphos and Malaga are being introduced by easyJet as part of its expansion in Manchester Airport.

According to the low-cost airline, it is expecting to carry more than half a million people from the airport over the next year.

Furthermore, it said it plans to add new routes to its timetables in the near future.

This means that consumers who live in Manchester and surrounding areas will be able to take advantage of more cheap flights to the continent.

As a result, places such as Paphos and Malaga will be likely to attract more visitors from the region, as well as prospective holiday home buyers.

Commenting on the move, Andrew Cornish of Manchester Airport said: "The arrival of easyJet is great news for Manchester passengers."

The airline recently revealed that 500,000 people travelled on easyJet flights over the Easter holiday.

Expats save money in Cyprus

Wed, 19 Mar 2008 00:00:00 GMT

Many expatriates are enjoying financial benefits as a result of moving to Cyprus, a media report has revealed.

According to Gulf Weekly, the Mediterranean island offers a number of perks to foreign nationals who live there permanently.

The newspaper highlighted the lower cost of living as one of its main attractions, along with its favourable tax regime.

In addition, it said the price of a house in Cyprus is much lower than the value of a comparable property in a place such as Spain or France.

Gulf Weekly remarked: "Cyprus [is] firmly in the top slot for Britons seeking a more attractive destination in retirement."

The newspaper added that the island is currently reaping the benefits of a "prospering" economy.

This comes after the Telegraph predicted that the recent change from pounds to euros would also boost Cyprus's appeal to investment property buyers, due to factors such as favourable interest rates and rising house prices.

Tennis Star Set To Boost Cyprus Tourism

Thu, 24 Jan 2008 00:00:00 GMT

The tourist trade in Cyprus may be set for a boost from a new celebrity-fronted marketing drive.

According to the Financial Mirror, tennis star Marcos Baghdatis is to feature heavily in promotional literature and adverts aimed at foreign consumers.

The former Wimbledon semi-finalist and Australian Open runner-up has been recruited by the Cyprus Tourist Organisation (CTO) to take part in the initiative.

It is hoped that his international celebrity could encourage more people to consider the Mediterranean island as a good place to visit.

Commenting on the move, the CTO said the cooperation with Baghdatis was intended to use his worldwide fame in the best possible way.

His image will feature in both online and print advertisements, while he will also participate in tourist fairs overseas.

Baghdatis was born in Limassol in 1985 and is currently ranked 15th in the world.

Cyprus appeals to British expats

Wed, 9 Jan 2008 00:00:00 GMT

Cyprus has been praised by two British expatriates for providing them with numerous lifestyle benefits.

Barry and Dee Lill stated that the Mediterranean island was well-serviced by airlines, which meant they could stay in easy reach of relatives back at home.

Speaking to Homes Worldwide, they said the journey times of four and a half hours meant that Cyprus was fairly close to the UK, especially during the summer months as more flights were available.

The couple added that island's excellent weather had enabled them to enjoy more outdoor activities than they had in Britain, such as eating out and playing golf.

These were said to have directly contributed to helping them meet new people and settle into a community.

Mrs Lill commented: "Since we've been in Cyprus we have a much better social life - we've both made some very good friends."

The island recently became a member of the single European currency.

Good weather 'enhances lifestyle in Cyprus'

Tue, 23 Oct 2007 00:00:00 GMT

People living in Cyprus are able to enjoy outdoor activities all year round, according to a foreign property owner.

Charlie Burrell, a Scottish retiree who relocated to the island eight years ago, stated that he was often able to engage in outdoor pursuits as a result of the good climate.

Speaking to the Sunday Mail, he said that the warm and sunny weather allowed him to regularly have barbecues with friends.

In addition, he stated that the climate gave him the option of either spending the day relaxing on the beach or pottering about in his garden.

Mr Burrell commented: "To us, Cyprus had everything we were looking for.

"The most important thing has been the change to our lifestyle."

He added that he had also benefited financially from the move to Cyprus, as the cost of living was much lower than in the UK, while his property had doubled in value during his eight years on the island.

Earlier this week, official figures cited by the Financial Mirror showed that the country was also highly popular among British holidaymakers, potentially opening up new opportunities for rental investors.

Cyprus 'is a popular wedding spot'

Thu, 30 Aug 2007 00:00:00 GMT

An increasing number of engaged couples are choosing to hold their wedding ceremony in Cyprus.

WeddingsAbroad.com stated that since the island was accessible via a short flight from the UK, it was proving to be a convenient as a place in which to get married.

This could prove to be beneficial to overseas property investors in the area, as the happy couple's guests would need rental accommodation.

The site added that the short journey time would be a benefit to the couple, as many would be bringing guests who were not used to flying.

Ron Cropper, spokesperson for WeddingsAbroad.com, said: "Maybe the granny who's never flown before might want a close destination."

However, he said that journey times would only be an issue for those people who were taking guests with them, as many would not consider it important otherwise.

According to Saga, Cyprus is one of the most popular places for elderly people to retire to, along with Spain and Portugal.

Budget flights to boost Cyprus' tourism

Thu, 28 Jun 2007 00:00:00 GMT

The Cyprus Tourism Organisation (CTO) is reportedly seeking to bring more budget carriers to the island to boost the country's tourism trade.

Panos Englezos, chairman of the CTO, said that cheaper airfares would help to attract a greater number of visitors, Homes Worldwide reports.

Additionally, Mr Englezos said he hoped an increase in the CTO's advertising budget will have a similar impact, drawing more people to the island's tourist destinations.

Such a move may benefit property owners in the country, as Simon Tweddle, head of research at Property Secrets notes: "Airlines have started to fly to Cyprus … So I think overall the market's quite good."

In related news, members of the European parliament recently announced that they supported Cyprus' accession to the eurozone, which it intends to achieve on January 1st 2008.

Kate Hamilton, spokesperson at Homes Overseas, recently suggested that countries joining the single currency, such as those in eastern Europe, made them a "much safer bet" for potential property investors.

Moneycorp full of praise for Cyprus market

Tue, 24 Apr 2007 00:00:00 GMT

The property market in Cyprus has been "something of a phenomenon in recent years", according to one expert.

Vasilios Dimarakis, head of overseas operations at foreign exchange firm Moneycorp, which has just opened a new office in Cyprus, has said that the country exhibits stable but healthy growth.

And he believes that opportunities for foreign investors are set to get even better as Cyprus, which has one of the fastest-growing property markets in Europe, gears up to enter the eurozone on January 1st 2008, reports the Financial Mirror.

Moneycorp's Cyprus office will offer local clients and expatriates a wide range of services, including advice, support and account management.

"By opening a new office in Cyprus we are able to provide local support and assistance. Overall, the expansion underlines our commitment to fully capitalising on this growing market," Mr Dimarakis added.

A recent survey by RAI Consultants found that 51 per cent of Greek Cypriots are opposed to adoption of the euro.

March 26th – New Budget Flights to Cyprus

Mon, 15 Jan 2007 00:00:00 GMT

Keep this date in mind for a welcome new air service from London to Cyprus by award-winning airline, Monarch Airlines. This move is an important one as until now, only charter services and national carriers have served this region.

Already Monarch flies regularly to many other favourite property and holiday destinations in France, Spain and Greece, and this new scheduled service to Cyprus is welcome news for frequent fliers to the island. Commenting on the introduction of the new flights, Managing Director of Monarch's scheduled services, Tim Jeans, 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."

The thousands of British property purchasers investing in real estate in Cyprus regard this as an encouraging step that will not only increase accessibility, but boost an ever growing tourist industry on the island as it will bring with it a fresh influx of visitors to feed a flourishing buy-to-let holiday investment market. An already large retiree population in Cyprus will also benefit from greater accessibility to the London area, allowing for closer family ties with “back home”.

Property purchasers are already enjoying a healthy 6.3% annual growth in their property values, while predictions by Assetz indicate an strong increase to 10% during 2007, a figure far higher than that of the UK. Cyprus is highly popular amongst British investors, not purely for the good weather, but also due to colonial ties, English being widely spoken, as well as strong legal and financial infrastructures similar to those in the UK.

Cyprus – A New Golfing Paradise

Mon, 23 Oct 2006 00:00:00 GMT

News in this week shows Cyprus is on the move to marketing itself as an up-market Mediterranean golfing paradise over the next five years. This move is part of a long-term goal to attract the more affluent tourist market to Cyprus. Blessed with 300 days of sunshine a year and a solid tourist infrastructure, Cyprus is well placed to offer great golfing facilities and a related property market.

Currently there are three golf courses on the island, but fourteen more are planned and currently in various stages of development. However, government authorities are very conscious of the potential damage that could be caused by over-development and it is keen to preserve the natural environment of the island, considered to be one of its prime assets.

Cyprus is a currently home to some 60,000 British expatriates and as flights are available for around £120 return, Cyprus remains a favourite amongst UK investors. With the new golf courses complete, property prices are set to be driven up, provided tourist and housing demand remain strong. Last month property growth in Cyprus stood at 8.5% per annum and this kind of stability continues to draw property purchasers to the island.

Cyprus Home index reconfirms Cyprus Market Strength

Mon, 2 Oct 2006 00:00:00 GMT

According the latest BuySell Cyprus Home Price Index this week, property prices in Cyprus are rising steadily. Statistics show that prices rose by 1.6 % in August to take the average house price in Cyprus to CYP 93,191 or £109,143. This translates to a healthy rise of 8.5 % since the start of the year and since August last year, prices are now up by 10.3 %. Meanwhile rental returns are showing a level of 8 to12% on the current property prices.

Today, the trend is to put clever money into buy-to-let new build investments. These are often located around the many new golf courses that are now popping up on the island and are now representing high returns on investment.