Real Estate & Property Investment News in Cyprus from Propertyshowrooms.com

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.

Cyprus property prices slide

Tue, 3 Jan 2012 00:00:00 GMT

The value of property in Cyprus fell by 4.9 per cent during the first half of 2011, new figures show.

Cyprus Property News cited data compiled by the European Central Bank, which revealed the country experienced the third largest decline on the continent in terms of real estate prices.

Only Ireland and Spain saw their housing markets hit harder, registering falls of 11.8 per cent and 5.5 per cent respectively.

Polys Kourousides, a property valuer in Cyprus, told the newspaper that a correction in prices on the island is necessary, following a period of sharp increases between 2002 and the third quarter of 2008.

During this period, capital values jumped by an average of 14.8 per cent per year, the news provider noted.

Earlier this month, the publication reported that the Cypriot government has agreed to make changes to the property transfer fee regulations on the island.

This will see some transactions incurring no additional charges, while others will receive a reduction of up to 50 per cent.

Cyprus property sales fall

Tue, 13 Dec 2011 00:00:00 GMT

Sales of property in Cyprus have dropped for the 16th month in a row in November, reaching their lowest level since January 2009, according to Department of Lands and Surveys figures.

Nicosia was the hardest hit, with sales declining by 55 per cent, while Larnaca saw a fall of 32 per cent, Famagusta 29 per cent, Limassol 24 per cent and Paphos 15 per cent, Cyprus Property News reported.

Throughout the month, the number of contracts deposited with the Land Registry fell by 35 per cent across Cyprus. In all, 485 were received, compared with the 741 that reached the organisation in 2010.

"Unfortunately, the market is unpredictable and may deteriorate further or improve at any time," business development director of Aristo Developers Iros Miltiadous remarked to the publication.

Earlier this month, property transfer fees in the country were revised, with those paying value-added tax (VAT) on purchases exempt from the levy. Those who do not pay VAT will see fees reduced by 50 per cent, with the changes due to remain in force for six months.

Changes to Cyprus property transfer fees agreed

Thu, 8 Dec 2011 00:00:00 GMT

The Cypriot government has agreed to change the regulations relating to property transfer fees on the island for a period of six months.

A report by Cyprus Property News explained that in some cases, no tax will be payable on a real estate transactions, while it will be reduced by half in other instances.

It only affects the first sale of a home, with the publication noting it is hoped the move will "stimulate sales of new property".

Under the new law, those who are required to pay value-added tax (VAT) on their real estate deal will not have to fork out for a property transfer fee.

For those who are exempt from VAT on such a purchase, the charge to transfer the home will be halved.

These regulations came into effect on December 2nd and will apply to the Cyprus property market for six months.

Meanwhile, a recent poll conducted by the newspaper among its readers found that the top concern for people buying a home on the island is title deeds.

According to those surveyed, these documents need to be "issued promptly" and taking steps to ensure this occurs could help boost the country's property sector.

Cyprus property sales fall again

Fri, 7 Oct 2011 00:00:00 GMT

The rate of sales of property in Cyprus has dropped for the 15th consecutive month, the latest figures from the country's Department of Land and Surveys show.

Reporting on the data, Cyprus Property News noted that this now puts the number of transactions below the level seen when the market crashed in 2009.

In September, the number of purchases fell by 11.5 per cent compared to the same month a year earlier, although some regions of the island performed better than others.

The publication cited Famagusta and Limassol as two locations that saw the rate of sales increase last month, with a 43.1 per cent rise recorded in Famagusta.

However, Nicosia, Larnaca and Paphos all recorded further declines in their property markets.

The news provider highlighted the falling level of overseas buyers in the Cypriot real estate sector, pointing out that transactions among this demographic have decreased by 37.2 per cent year-on-year.

Last month, the United Nations hosted a series of talks between Greek and Turkish leaders of the island country, with the aim of making progress towards the creation of a unified federal government.

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.

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.

Cyprus plans changes to immovable property tax

Wed, 17 Aug 2011 00:00:00 GMT

Concern has been expressed that changes made to the immovable property tax in Cyprus could further damage the country's real estate sector.

Last week, the Cypriot government announced that the threshold at which the tax becomes payable would be dropped from €170,000 to €120,000, although a new sliding scale to determine the percentage to be taken will be introduced at the same time, Cyprus Property News reported.

The publication revealed that the nation's Land and Building Developers Association has written to president Demetris Christofias urging a rethink of the policy amid fears that it could damage the real estate industry.

Before the changes to taxation were unveiled, the organisation had contacted president Christofias to warn against taking measures that would impact negatively on the property industry, the news provider noted.

More than 100 developers, construction firms and real estate companies are members of the Land and Building Developers Association in Cyprus.

Real estate sales in Cyprus fall

Fri, 5 Aug 2011 00:00:00 GMT

Real estate sales in Cyprus have fallen for the 13th consecutive month, the latest figures from the country's Land Registry show.

Cyprus Property News published the data, which revealed a drop of 19.7 per cent in July, compared with the same month in 2010.

Among the areas to see the biggest slide in transactions were Paphos, Nicosia and Limassol.

The publication also highlighted that fewer foreign buyers are entering the Cyprus property market, with sales among this demographic declining by 26.9 per cent year-on-year.

It appears that overseas investors have been targeting Larnaca, which registered a 56.3 per cent rise in such property purchases.

However, interest in other parts of the country - most notably Famagusta and Paphos - seems to have dropped considerably among foreigners.

Last month, the news provider reported that the number of building permits being issued in Cyprus fell by 16.2 per cent between April 2011 and the same month the previous year, indicating that the construction industry has slowed down.

Asian and Russian buyers boosting Cypriot property market

Thu, 16 Jun 2011 00:00:00 GMT

The Cypriot property market is beginning the long road to recovery, aided by interest from Russian and Asian buyers.

Overseas Property Professional reports that many local real estate agents have seen year-on-year increases in sales to foreign buyers in the past few months.

Yiannis Misirlis, of Imperio Properties, told the news provider that the island has seen a number of different nationalities take an interest.

He noted: "There has been a noticeable percentage increase in business from Russia and China by our system that makes overseas property buyers eligible for a residential visa.

"The Russians have been aware of the rule for several years now and like to take advantage of it. The Chinese are coming in ever-greater numbers now."

According to the expert, Chinese buyers prefer apartments near the coastline and tend to put down a 50 per cent deposit with the rest paid via a traditional mortgage.

Low Cypriot property sales could encourage price falls

Fri, 27 May 2011 00:00:00 GMT

A decline in the level of property sales in Cyprus could see potential buyers given more opportunity to pick up a bargain home.

The latest official statistics reveal that there has been a decline in transactions of over 15 per cent in the fist three months of the year, compared to 2010 figures.

As a result, some vendors may be forced to lower their asking prices if they are going to have a realistic chance of attracting buyers back, A Place in the Sun reports.

Indeed, a fall in costs could also act as the spark needed to tempt a number of investors back to look at property in Cyprus.

However, in spite of this drop in sales, Cyprus remains extremely popular with Brits travelling abroad. There was a 43 per cent year-on-year rise in the number of British holidaymakers to Cyprus in April, figures from Cypriot government's statistical service show.

And although Russians are currently the most active foreign buyers in Cyprus, Brits still make up the largest proportion of overseas property owners in the country.

New development to boost Cypriot tourism market

Thu, 26 May 2011 00:00:00 GMT

Demand for buy-to-let property in Cyprus could be set to rise following news that Lanaca is preparing to embark on a multi-million pound development.

Some 15 projects are planned to take place over the coming five years, including a new marina, improved transport links, amphitheatre and 18-hole golf course.

Located on the southern coast of Cyprus, Larnaca is the third largest city and home to the island's biggest airport with direct flights to the UK.

Indeed, the latest figures show that the tourism market in the country has been relatively unaffected by economic troubles. In April, there was a 43 per cent increase in arrivals compared to the previous year.

Alexander Tomlinson, director of Cyprus property experts, Gem Invest, said: "Undeniably Cyprus has been affected by the global economic downturn.

"However, things are turning around with increasing tourism sparking the property market back into life, especially in an around the popular town of Larnaca."

Cyprus sees increase in foreign property buyers

Wed, 18 May 2011 00:00:00 GMT

Some 151 separate contracts were processed at the Cypriot Department of Land and Surveys by overseas buyers during April, it has been revealed.

The figure is up by 19 per cent on the same period last year and suggests that foreign investors are beginning to return to the once hard-hit Cypriot property market.

Indeed, the trend is not limited to a monthly increase. During the first quarter of 2011, total sales to overseas buyers increased by more than 16 per cent year-on-year.

Larnaca leads the way with sales up 43 per cent, followed by Nicosia at 21 per cent, Paphos with 12 per cent, Famagusta at ten per cent and finally Limassol with a four per cent increase.

Speaking to Overseas Property Professional, Imperio Properties boss Yiannis Misirlis said that the island has seen an increase in the number of nationalities active in the market.

"There has been a noticeable percentage increase in business from Russia and China," he added.

Mr Misirlis noted that the country's guidelines and rules regulating overseas property buyers have helped to make Cyprus an attractive investment destination.

Sales to foreigners increasing in Cyprus

Tue, 8 Feb 2011 00:00:00 GMT

The number of foreign buyers active in the Cypriot property market last year increased compared to 2009, new figures have revealed.

However, the total number of real estate purchases made in the country by overseas investors remains well below the market peak of 2007, A Place in the Sun reports.

In total, 2,030 homes were bought by overseas nationals during 2010, up 15 per cent compared to the previous year. According to previous research, the volume of properties in Cyprus sold to foreigners at the height of the market in 2007 was 11,281.

The greatest improvement in property sales was seen in Nicosia, with a 46 per cent increase. This was followed by Famagusta, where sales increased 16.5 per cent, Paphos, up 16.3 per cent and Limassol which improved by 12 per cent.

As a result of the currency rate, a large number of Brits have avoided the Cypriot property market in recent years which means that sales to foreign buyers over the previous 12 months have tended to be from further afield.

Cypriot sales increase in 2010

Mon, 17 Jan 2011 00:00:00 GMT

Sales in the Cypriot property market rose by five per cent over the course of 2010 compared to the previous year, new figures from the Department of Lands and Surveys show.

The total number of transactions carried out increased to 8,598, mainly boosted by a 14 per cent jump in sales in Nicosia and a ten per cent increase in the city of Limassol.

However, speaking to Bloomberg, Andreas Christophorides, managing director of Christophorides and Associates, said that a further recovery during the first six months of 2011 was "unlikely".

"The market may recover in the second half of 2011 but the process will be tentative," he added.

Last year, A Place in the Sun reported that a total of 1,593 homes in Cyprus were sold to overseas nationals during the first ten months of 2010.

Although this figure was higher than the previous year, sales to foreigners remained significantly lower than the 6,118 properties sold during the same period in 2008, the news provider said.

Sales fall in Cypriot property market

Mon, 13 Dec 2010 00:00:00 GMT

The Cypriot property market is likely to experience "more of the same" as it heads into 2011, it has been claimed.

Figures released by the Land Registry on Thursday show that property sales fell for the fifth consecutive month in November compared to last year, Cyprus Property News reports.

The statistics show that the number of contracts of sale deposited at Land Registries throughout the month was 741 compared to 714 during the previous month and 792 in November 2009.

The annual decline in November reached six per cent following to the one per cent decline experienced during October.

Nationally, sales so far this year have reached 7,901, an increase of nearly seven per cent on last year's total of 7,407.

According to property valuer Polys Kourousides, stagnation will continue and the year will close with a slight increase mostly due to last year's low basis.

"Things in 2011 will be the same as those in 2010. Nicosia and Limassol, which were kept high in 2010, might be affected more," he told the news provider.

Overseas buyers returning to Cypriot market

Tue, 23 Nov 2010 00:00:00 GMT

Overseas property investors continue to be drawn to the Cypriot real estate market, A Place in the Sun has reported.

The number of foreign buyers in the country improved slightly during the first ten months of this year when compared to the same period in 2009, the latest data from the Land Registry has revealed.

In total, the volume of overseas Cyprus property sales increased by eight per cent year-on-year, which suggests that the market is recovering slowly but surely.

The Land Registry figures show that the number of contracts of sale deposited at Land Registries across Cyprus on behalf of overseas nationals during October was 191, while the volume of homes bought overseas purchasers in October increased in all districts.

In particular, the number of individuals looking to find a home in Paphos was up 61 per cent year-on-year and the volume of investors wanting to find a home in Limassol was up 40 per cent.

A total of 1,593 homes in Cyprus were sold to overseas nationals buyers during the first ten months of 2010, the news provider stated.

However, sales to foreigners remain significantly lower than the 6,118 Cyprus properties sold during the same period in 2008.

Prices expected to fall in Cypriot property market

Thu, 28 Oct 2010 00:00:00 GMT

Property prices in Cyprus are expected to fall for the remainder of 2010, Property Community has suggested.

According to official figures from the Cyprus Statistical Service, the number of transactions taking place in the country has been on a steady decline, with September posting falls of 13.2 per cent year-on-year.

This reduction in sales comes despite falling prices, increased distressed property availability and other sales incentives being offered to buyers.

Indeed, experts claim that domestic economic troubles are putting people off buying and foreign property investors have disappeared from the market.

As a result, the number of building permits being issued to developers has fallen, the news provider reports.

However, Cypriot government officials have revealed their plans to start bringing in foreign developers to help overcome this problem and hopefully reignite the market.

The news may interest individuals looking to purchase property in Cyprus, with current low prices offering buyers the chance to secure a bargain.

Cyprus 'ready' for property investors

Fri, 8 Oct 2010 00:00:00 GMT

Cyprus is fully prepared for any Brits wanting to purchase real estate in the country, those looking to find a home in Paphos or buy property in Famagusta will be pleased to know.

According to Pafilia Property, the infrastructure and community feel on offer make it the ideal destination to buy a home.

"It attracts everybody from the holiday home crowd to the retirees because it has the infrastructure," Maria McLaren, spokesperson for the company, said.

"Everything is geared up for anybody who wants to go to Cyprus and live there very happily. If you buy something near a village then you become a part of the local community

Ms McLaren added that developers have dropped their property prices by between ten and 20 per cent on the island due to oversupply.

And British buyers who act soon will be able to take advantage of the recent strengthening of sterling against the euro, with figures from the International Currency Exchange showing that pound has increased by four per cent in the past year.

Brits urged to seek legal advice when buying in Cyprus

Thu, 7 Oct 2010 00:00:00 GMT

Brits looking to buy property in Cyprus have been told to seek independent legal advice to help the process run smoothly.

According to law firm Michael Kyprianou and Co, employing the help of an expert will mean that those purchasing real estate in the country will avoid any unwanted problems.

"Like everywhere else in the world, the most important thing is to get good legal advice," Savvas Savvides, partner at the firm, said. "Get independent legal advice; everything else will be fine."

"In Cyprus, there are long discussions about title deeds, [but] the thing is, when you buy wisely, I don't see any problems."

Mr Savvides added that buyers always attempted to negotiate a contract that worked out in their favour, rather than the favour of the developer.

The latest buying statistics from the Royal Institution of Chartered Surveyors shows that residential prices on average fell by 2.5 per cent during the second quarter.

Sales to overseas property buyers in Cyprus remain low

Wed, 6 Oct 2010 00:00:00 GMT

The number of overseas real estate buyers in Cyprus continues to fall, despite renewed attempts by agents to attract foreigners to the market.

According to the latest figures from the Department of Lands and Surveys, there were 127 transactions completed by overseas purchasers in August compared to 167 in July.

Industry experts claim that the decline is the result of the global economic crisis and the island's title deeds scandal.

Over the course of the year, statistics from the Estate Agents Association of Cyprus show that there has been a slight increase in the total sales to foreigners of 2.7 per cent.

However, those looking to find a home in Nicosia will be boosted by news that the region posted the largest increase in sales to overseas buyers with transaction levels were up 55 per cent.

"The negative economic condition in the United Kingdom, Cyprus’ main market, does not allow the purchase of properties by the British, while the drop in the property prices in the UK contributes negatively too," Solomon Kourouklides, chairman of the organisation, said.

Property in Cyprus 'a dream for many Brits'

Fri, 27 Aug 2010 00:00:00 GMT

The promise of year round sun and a culture of respecting older members of society mean that property in Cyprus is a dream for many people, it has been claimed.

According to a recent article in the Daily Telegraph, despite the effects of the global economic downturn and the issues regarding title deeds in the country, Cyprus remains a firm favourite for property investors.

The newspaper recommended that people search real estate in Larnaca, a coastal region which is popular with tourists, and also praised Paphos, which is the location of a number of luxury villas, and the harbour town of Kyrenia.

This week, budget airline Ryanair stated that it has not ruled out launching flights to Cyprus from the UK, which would be good news for anyone with property in the nation.

According to Travel Mole, the operator is keen to launch flights from Stansted, however, reports in the trade press have suggested that tour operators had persuaded the Cypriot authorities not to offer the airline discounted airport fees.

Buying property in France could be influenced by personality

Wed, 21 Jul 2010 00:00:00 GMT

Personality could determine a person's happiness in their chosen overseas property relocation, claims one website for those looking to move abroad.

Rather than allowing money or proximity of family to determine overseas property investment, it could be wise to let personality and temperament sway the decision.

According to Shelter Offshore, those seeking a quiet life full of peace and tranquillity could find themselves happiest in France.

Alternatively a calm but adventurous spirit could love living in Turkey among half written rules and a growing number of expats.

Unlike France where things can be readily handed over, Turkey offers those planning to move there the chance to pioneer and create their own home.

Holiday experts, Travelsoon, claims Turkey has seen its property market experience a 20 per cent growth since 2008, increasing the number of visitors to the country.

If neither Turkey's call of adventure nor France's laid-back attitude appeal, then Cyprus offers the best for a more young at heart personality.

Shelter Offshore claims Cyprus is perfect for those looking for an active social life and some fun while enjoying a great climate.

Cyprus title deed fiasco 'still ongoing'

Mon, 12 Jul 2010 00:00:00 GMT

Individuals who are looking for or own property in Cyprus may be interested to hear about the latest development in the country's long-running title deed dispute.

The Cypriot government has so far unsuccessfully attempted to introduce no fewer than five bills to speed the process up, but any further progress will now have to wait until parliament re-opens after the summer break.

According to Yiannos Lamaris, the house interior committee chairman, the bill is unlikely to go before parliament again until October at the earliest.

Estimates have suggested that approximately 130,000 properties are without title deeds because they have been built illegally.

Meanwhile, investors who are looking to find a home in Nicosia may be interested to learn that sales in the region are still rising, despite the crisis.

Earlier this year, it was revealed that the Cypriot government was planning to increase property tax to combat the recession.

The Cyprus Property News website claims the move will allow an additional EUR10 to EUR20 million in fees.

Cyprus government plans to increase property tax

Mon, 31 May 2010 00:00:00 GMT

Property investors in Cyprus should be aware that the government in the country is planning to increase property tax to combat the recession.

According to the Cyprus Property News website, the move will allow the government to collect an additional EUR10 to EUR20 million in fees.

The news provider reports that approximately 1,800 real estate owners in the country will be forced to pay more for their properties.

"Since the revaluation of the properties will take up to five years, we decided to take an interim measure in order to correct the distortions and to increase the state revenues in this critical period of recession," interior minister Neoclis Silikiotis told StockWatch yesterday (May 27th).

It may be of interest to those looking to find a home in Limassol, with the urban destination boasting lots of amenities for investors and attracting a number of tourists.

The Department of Land and Surveys in the country reported that real estate sales in Cyprus enjoyed a year-on-year rise of 11 per cent during April.

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.

Cyprus to benefit from new luxury development

Tue, 27 Apr 2010 00:00:00 GMT

The Cypriot property market has received a much-needed boost after news emerged that a Middle Eastern organisation is going to start work on a multi-million-dollar luxury development.

It has been revealed that Qatar and Cyprus will begin construction on a USD150 million hotel, office and residential complex in the country's capital city, Nicosia, by the end of this year.

Real estate and property consultant Antonis Loizou told the Cyprus Mail that the development will bring with it a number of benefits for the country.

"The first and main one is that it is an expression of confidence to the Cypriot economy, which is good," Mr Loizou told the news provider.

"At this point interest from Arabic countries to buy properties in Cyprus is very limited. This will open doors in oil-rich countries."

New figures from the Cypriot Department of Lands and Surveys showed that property sales in the country were up 37 per cent year-on-year during March.

However, the statistics also demonstrate the hesitation in foreign buyers to invest, with many still staying away from the island.

Confidence returns in European markets

Thu, 15 Apr 2010 00:00:00 GMT

Returning interest in overseas property investment is fuelling recovery in a number of European destinations, it has been reported.

Overseas Property Professional (OPP) has claimed that many markets which were negatively affected by the global financial crisis are recording a revival as confidence begins to return.

Among the destinations to see a spike in investor activity is the hard-hit country of Cyprus which, last year, experienced a large fall-out after it entered recession.

However, OPP reports that property portal Rightmove has seen increasing buyer interest over the last month.

The coastal destination of Paphos was the best performing area, posting a 12 per cent growth in interest in March when compared to February's figures.

Foreign exchange broker Moneycorp revealed to the website that the rise could be due to a favourable exchange rate between GBP and the euro.

"Compared to February's low of just under EUR 1.10, properties within the Eurozone would have appeared a more attractive prospect for euro buyers in March, which could account for the rise in enquiries that Rightmove Overseas has seen," the company's head of private clients David Kerns said.

Paphos enjoys a Mediterranean climate with minimum rain occurring during the summer and a yearly average temperature of around 19 degrees.

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.

Developers in Cyprus are focusing on high-end buyers

Mon, 22 Mar 2010 00:00:00 GMT

A developer in Cyprus has adjusted its marketing strategy in an attempt to tempt a glut of high-end buyers back to the European island, Overseas Property Professional (OPP) has reported.

The Cypriot property market has been dented fairly badly by the global economic crisis and as such has seen a decrease in the amount of investors looking to tie-up their money in housing within the country.

But developer Aristo, alongside many others in Cyprus, has launched a new project in the village of Pissouri and is hoping to attract more wealthy buyers to the market.

"We felt we needed to rebrand and categorise our developments to identify specific marketing strategies for each type of property … they have different clientele and we need to use different marketing channels," group marketing manager Panayiotis Michaelides told OPP.

Potential property investors may be interested in the news that the latest Cyprus Department of Lands and Surveys figures show that sales increased by 24 per cent during January.

Popular areas included the country's capital city Nicosia, port city Limassol - where Pissouri is based - and coastal city Paphos.

Opportunities in the market lead to growth in Cypriot property sales

Thu, 11 Mar 2010 00:00:00 GMT

After a turbulent few months for the Cypriot housing market, news that property sales are beginning to pick up is likely to be welcomed by investors.

The latest statistics, compiled by the island's Lands and Surveys Department, demonstrate an increase in volumes of around 30 per cent in February compared with the same month last year.

Solomon Kourouklides, president of the Cyprus Real Estate Agents' Association, explained that the growth was probably a result of more opportunities opening up for buyers in the marketplace.

Many new purchasers are buying up property from individuals who are struggling with loan payments.

Meanwhile, Mr Kourouklides made his predictions for the coming year: "If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009."

This is the second month in a row that property sales posted an increase, as in January the Land and Surveys Department reported that there had been a 24 per cent increase in house sales compared with the same period in 2009.

New property index set to make the Cyrus property market "more transparent"

Fri, 12 Feb 2010 00:00:00 GMT

The Cypriot property market is set become "more transparent" as the Royal Institute of Chartered Surveyors (RICS) launch the first internationally recognised price index for the region.

Although the first index makes for fairly bleak reading it represents a positive step for the industry and gives investors the opportunity to track property and rental prices within the country.

It is set to be published on a quarterly basis and will contain information relating to residential properties, offices, high street retail and warehouses.

Meanwhile, the first report says that Cyprus is currently feeling the pressure of the global economic crisis, with the economy reacting to a slowdown in activity and a decrease in income from taxation.

The Cyprus Department of Lands and Surveys reported a rise in sales of 24 per cent last month, with many investors taking advantage of the cheap properties available.

Popular areas included the country's capital city Nicosia, port city Limassol and coastal city Paphos.

Premium properties in western Cyprus could be popular

Fri, 5 Feb 2010 00:00:00 GMT

The Akamas Peninsula in western Cyprus is set to become a favourite among property investors, it has been claimed.

According to a report in British newspaper the Daily Telegraph, new transport links combined with the area's natural beauty are attracting developers building beachfront homes.

A new road which will connect the peninsula to Paphos and its international airport - to be completed around 2011 - could lure potential tourists and investors.

Furthermore, the author of the article highlights the attention Akamas was attracting from "boutique developers", who are looking to rival luxurious homes found in southern France or on the Balearic coastlines.

Andreas Andreou from Cybarco explained that individuals could find something previously unavailable in the country.

"There hasn't been much choice for buyers looking for well-designed premium properties before in Cyprus," he told the paper.

Meanwhile, the Cypriot government has given permission for 14 new golf courses to be built on the island, something which is likely to tempt both tourists and investors.

Property sales rising in Cyprus

Fri, 5 Feb 2010 00:00:00 GMT

The property market in Cyprus received a much-needed boost as house sales rose year-on-year in January.

Investors may be interested in figures released by the Cyprus Department of Lands and Surveys, which show that sales increased by 24 per cent last month.

Popular areas included the country's capital city Nicosia, port city Limassol and coastal city Paphos.

Chairman of the Pancyprian Association of Real Estate Agents, Solomon Kourouklides, told StockWatch: "The latest increase is attributable to the opportunities in the market.

"Many Cypriot individuals and investors buy properties from non-Cypriots or Cypriots that cannot pay off their loans."

However, Mr Kourouklides warned that these opportunities will not last forever and attention should be drawn to the fact that sales fell by 84 per cent in 2009 compared with 2007.

Some developers have been offering discounts of up to 30 per cent on properties in an attempt to lure investors back to the market.

The Bank of Cyprus has agreed to a loan to construct a new marina in Limassol.

Cyprus property market benefitting from huge discounts

Wed, 3 Feb 2010 00:00:00 GMT

The property market in Cyprus may be picking up again, according to one property agent.

Overseas Property Professional (OPP) has reported that Purple International saw a sharp rise in sales in the second half of last year in response to huge discounts designed to tempt buyers back to the market.

Some investors were able to pick up property with discounts of as much as 30 per cent.

OPP also drew attention to a shift in the type of purchasers who climbed onto the property ladder, as retired individuals and people relocating to warmer climates increasingly replaced the typical investor.

"The first half of 2009 was dire but the second half was brilliant," Angelos Koutsoudes, managing director and partner at Purple International, told OPP.

"Because of the volume we sell and … connections with developers, we are able to negotiate big discounts."

The Cyprian government has given permission for 14 new golf courses to be built on the island, something which is likely to tempt both tourists and investors.

Cyprus property could be "tempting" for investors in 2010

Mon, 1 Feb 2010 00:00:00 GMT

Bargain prices in Cyprus combined with its Mediterranean climate make it a tempting proposition for property investors.

In an article in the Daily Mail, Graham Norwood draws attention to the cheap prices developers and estate agents are offering to tempt UK buyers back to its market.

According to the land registry in the country, only 1,480 homes were sold to non-Cypriots in the first ten months of 2009, something which is being put down to the global economic crisis.

However, property agents have suggested things are looking up. Justin Stayles of PropCyprus told the paper said: "Prices are just about stabilising after a long period of freefall.

"If you're going to buy at the bottom of the market, get in quickly."

Areas such as Paphos are likely to benefit from a new motorway which will link the town with the expanding airport.

The Whitehaven News recently described Cyprus as an ideal holiday destination anytime of the year.

Cyprus tipped as hot investor destination

Thu, 3 Dec 2009 00:00:00 GMT

Cyprus is offering some historic opportunities for investors, it has been claimed.

In his regular blog for property firm Assetz, chief executive Stuart Law said that after months of being "in denial", developers are offering discounts of up to 40 per cent.

He predicted that the Assetz clearance unit will be particularly busy in the coming months as discounted properties are snapped up and stock is cleared at many newly-built developments.

Mr Law stated that the country offers comparatively little risk of civil conflict, dubious banks or economic problems, making it a safer bet than elsewhere, remarking: "At these prices we are looking at deals that have not been seen for around ten years."

Such news may interest investors keen to buy while prices are low and the island is in recession, in preparation for better times in the future.

In October, a Daily Mail feature on Cyprus noted that bargains have been emerging, with one example being a two-bedroom apartment in Paphos with a sea view, which was available for GBP81,000.

Cyprus tipped as bargain destination

Fri, 23 Oct 2009 00:00:00 GMT

Cyprus is a place where many buyers could find a bargain after recent property price falls of up to 40 per cent, it has been claimed.

A Daily Mail feature on the island noted that the sort of residences that can now be acquired include a two-bedroom apartment in Paphos with a sea view for £81,000.

Commenting on the way recent drops in value have cancelled out the rises of recent years, editor of Cyprus Property Magazine Nigel Howarth said prices are now back at 2004 levels.

Those keen to invest in property at a bargain cost may find now is the ideal time to do so.

Cypriot property could be in for a much-needed boost shortly with the arrival of new extensions to Larnaca airport, it has been suggested.

Head of services of civil aviation at Larnaka International Androulla Christodoulou CNA News Agency that the economy and tourism will be boosted by the opening of the facilities next month, the Famagusta Gazette reported last week.

Cypriot property 'to bounce back'

Tue, 6 Oct 2009 00:00:00 GMT

The property market in Cyprus is set to bounce back, it has been predicted.

Chairman of the Association for the Promotion of Property Development George Mouskides acknowledged in an article for the Financial Mirror that there has been a major fall in prices and transactions during the world economic crisis.

However, he stated, matters should now improve in the coming months as the world economy begins to recover.

The British tourism sector is one such area Mr Mouskides pointed to, suggesting many who have held back from taking foreign holidays will now book last-minute breaks to the island.

Summarising the prospects for Cyprus, he concluded: "The situation in Cyprus will begin to become more positive and this, according to all visible signs, will first and foremost influence the property sector."

Last month, it was suggested by president of the Cyprus Land & Building Developers Association Lakis Tofarides that the Cypriot government should lower property taxes.

This will help increase transactions, he told the Cyprus Mail.

Make tax changes, Cypriot government urged

Wed, 23 Sep 2009 00:00:00 GMT

The Cypriot government can bolster the property market in the country by making some property tax changes, it has been argued.

President of the Cyprus Land & Building Developers Association Lakis Tofarides told the Cyprus Mail that VAT could be altered in a couple of ways.

Cyprus is the only European Union country to place charges on purchases without deducting property transfer duties first, he noted.

He also called for a simplification of the regulations on the levy, remarking: "The VAT allowance for first homes should be given to all Cypriots and other European Union citizens buying a permanent home in Cyprus."

Mr Tafarides also advocated a halving of capital gains tax for a finite period.

Those thinking of buying Cypriot property may wish to watch closely to see if any such ideas are taken up, which could lower the cost of purchasing there.

Cyprus is set to see renewed economy growth in 2010 after slipping into recession this year, AFP quoted finance minister Charilaos Stavrakis as saying earlier this month.

Cyprus 'to grow again next year'

Tue, 15 Sep 2009 00:00:00 GMT

Cyprus will see its economy grow again next year, it has been claimed, something that could interest those seeking property on the island.

Finance minister Charilaos Stavrakis told reporters that over the course of 2009 the country will see an economic contraction of 0.5 per cent, but stated that gross domestic product will rise by the same amount in 2010, AFP reports.

The minister said the country had seen its economy shrink due to the effects of the global downturn, noting that this has included a fall in residential property investment from overseas.

Such figures could include many Britons affected by the economic crisis, which may mean that those who invest now could benefit from rising values as both countries see their economies grow in the near future.

Cyprus was confirmed as entering recession by European Union statistics agency Eurostat, whose second quarter figures revealed a 0.6 per cent contraction, following a 0.5 per cent shrinkage in the first three months of the year.

Cyprus is "an ideal property location"

Mon, 31 Aug 2009 00:00:00 GMT

Cyprus has been touted as the perfect place to buy property and the northern part of the island might be a savvy choice for property investors, it has been suggested.

Potential political changes in the region mean that buyers may be encouraged into the housing market, according to Investment International.

Traditionally the south has been more popular with tourists and so property prices have also been higher in this region, the news source remarked, but with reunification talks between the two parts gathering speed, now might be the time to invest.

It stated: "Investors have seen impressive price rises of around 25 per cent over the past two years, boosted by those reacting to the increase in tourism."

However, these prices are still 50 per cent lower than areas in the south, the publication added, making it a tempting choice for overseas buyers.

The Financial Mirror recently reported that interior minister Neoclis Sylikiotis defended the country's property market as safe and with a positive growth rate.

Cyprus 'safe for investment'

Wed, 29 Jul 2009 00:00:00 GMT

The Cypriot property market is one of the best that anyone can invest in, a minister in the country has said.

Interior minister Neoclis Sylikiotis commented that some media coverage of the country's market has been unnecessarily negative, the Financial Mirror reports.

Rather, he countered, "property investment is much safer in Cyprus than anywhere else'', adding that despite the world economic crisis and the problems of neighbouring countries, "the estate market in Cyprus is quite healthy and still in positive growth rate.''

Such comments may interest those thinking of investing on the island, as may the minister's pledge that new building and registration rules will be introduced to further enhance the sector.

Moreover, the market is already "stable and secure", he insisted.

Last month the country's state statistical service brought out a report that highlighted the position of Cyprus as the only country in the European Union still enjoying economic growth, which in the year to the end of the first quarter of 2009 was 1.2 per cent.

Cyprus market may be boosted by open doors policy

Fri, 24 Jul 2009 00:00:00 GMT

Cyprus has launched a new immigration policy that will allow more people from outside the European Union (EU) to take up residence there, it has been noted.

UAE firm World Class Group has announced it is to hold an exhibition of Cypriot property in Beirut over the summer, aimed at wealthy Arab businessmen.

Chief executive of the group Michael Tolan said: "With Cyprus now announcing its new 'open doors' policy, allowing families to receive a permanent visa, we see this location as an ideal alternative to Malaysia or Thailand offering similar incentives."

Such a situation could help boost the Cypriot property industry, at a time when UK investment is lower due to the credit crunch.

This in turn may increase the value of assets held by Britons on the island.

Cypriot government figures showed that the number of people migrating to Cyprus from overseas was down by 14 per cent in 2007 since the previous year, although the absolute total was still higher than the days before the country joined the EU, the financial mirror reported last month.

Cyprus 'the star performer'

Fri, 12 Jun 2009 00:00:00 GMT

Cyprus has been described as a lone beacon of economic growth in the eurozone.

The country looks on course to be the sole member among the 16 countries in the bloc to record positive economic growth in 2009, RTE reports.

Such a view was noted by the news provider after the country's state statistical service revealed that annual growth to the end of the first quarter of 2009 was 1.2 per cent, albeit less than the previously predicted 1.4 per cent.

Although the economy slowed in the first quarter of the year, the report said: "Satisfactory growth rates of both construction and the wider services sector limited the extent of this deceleration."

Those investing in property may wish to buy in Cyprus because of its stronger economic situation.

Last month the Cypriot finance minister Charilaos Stavrakis said the country's prospects economically were better than those of its neighbours, noting that the economy was still growing and the government had not needed to bail out Cypriot banks.

Cyprus property transactions down

Fri, 5 Jun 2009 00:00:00 GMT

The number of Cypriot property transactions has continued falling, official figures have revealed.

Data from the country's Land Registry showed that the year-on-year decline in sales was 53.2 per cent in May, with the figure for the year to date now standing at 60.7 per cent.

Paphos and Famagusta, which have high numbers of overseas buyers, fell by 66 per cent and 71 per cent respectively.

Such statistics suggest that the country's property market is still feeling the effects of the world economic downturn, while some UK buyers may be held back by the value of the pound against the euro.

Those who are looking to buy property in Cyprus may find that they are presented with a substantially larger choice of real estate in which to invest than might normally be the case.

One reason buyers may wish to invest in the country is that the domestic economy has been described as doing much better than those of other European nations.

Last month finance minister Charilaos Stavrakis noted that the country is the only one in the eurozone with a growing economy, while unemployment and public debt are comparatively low.

Cyprus property developer offers wares in UK

Tue, 2 Jun 2009 00:00:00 GMT

A property developer in Cyprus has launched its latest residential offering in London.

Pafilia is showcasing homes at its new Monthis Hills development, having already put on displays in Croydon and Maida Vale over the weekend.

This week it is to display the prospect at the Andaz Liverpool Street Hotel (tomorrow) and at the Baglioni Hotel in Kensington on Wednesday June 3rd.

Investors keen on buying investment property in Cyprus may wish to check out one of the presentations, either to investigate this specific development or to find out more about buying in the country in general.

The firm's UK and Ireland area manager Demetris Prodromou said: "Property in Cyprus has become an even more attractive proposition with the current crisis around the world."

He added: "People are looking for more secure alternatives and bricks and mortar are obviously an attractive proposition."

Last week another developer, A E & ML, revealed that it had also launched a new project on the island.

This consists of three-bedroom homes five minutes walk away from the beach between Cape Greco and Paralimni in the area of Fig Tree bay, with prices starting at EUR350,000 (GBP303,000), the London Daily News reported.

New Cyprus development announced

Mon, 1 Jun 2009 00:00:00 GMT

Those keen on buying a Cyprus property may be interested by a new development in the country.

Developer A E & ML has unveiled it is creating ten new homes between Cape Greco and Paralimni in the area of Fig Tree bay, with prices at EUR350,000 (GBP305,000) for three-bedroom homes with pools located near to the beach, the London Daily News reports.

"We are trying to offer homes to families from the UK and elsewhere that are ready to move into, all fully equipped, with swimming pools, parking, easy access to the beach," said a spokesperson for the company.

He added that these were suited ideally for those who wish to relocate to the country in order to enjoy year-round sunshine.

Such properties may be of interest to Britons who are keen to invest in Cyprus.

Although the Cypriot property market has seen less sales recently due to the effects of the world economic downturn, the basis outlook for the nation's economy is much better than most other European countries, Cypriot finance minister Charilaos Stavrakis said this month.

He cited factors such as falling inflation, continued economic growth and relatively low unemployment.

Northern Cyprus travel ban challenged

Thu, 21 May 2009 00:00:00 GMT

Direct air access from the UK to northern Cyprus could be resumed if a court challenge to the current ban on such travel is upheld.

The ban, which has lasted since Turkey's invasion of the island in 1974, is being challenged by Cyprus Turkish Airlines, which flies 100,000 Britons to the unofficial republic each year but cannot do so directly from Britain.

Lifting the prohibition would have "huge, symbolic importance" for the country, the high court in London was told.

Such a move could also encourage those looking to invest in property in the north at a time when talks are ongoing about possible Cypriot reunification.

Those who do invest in northern Cyprus must ensure they carry out very thorough legal checks due to the pitfalls that buying in the region pose, chief executive of the Association of International Property Professionals Paul Owen recently warned.

He was speaking after a UK couple bought land that a court later ruled should be handed over to a Greek Cypriot who was forced to leave the plot in the 1974 invasion.

Cyprus 'has good reason for optimism'

Wed, 20 May 2009 00:00:00 GMT

The Cypriot finance minister Charilaos Stavrakis has said there is good reason to be upbeat about the nation's economy.

Mr Stavrakis has been in London meeting with investors in a bid to tempt them to invest on the Mediterranean island.

His case is based on a number of positive factors, such as low public debt, falling inflation, one of the smallest proportions of the working population out of work in Europe and the only national economy in the European Union currently enjoying growth.

In addition to this, Mr Stavrakis noted, the banking system does not need support from the government, unlike other European countries.

Such factors may prompt some to opt for Cyprus as a property buying destination .

Buyers in Cyprus must be careful when making purchases in the north of the country, chief executive of the Association of International Property Professionals Paul Owen said last month.

Homework, research and legal advice are vital everywhere, even though the north of Cyprus is an "extreme" case, he warned.

A recent court ruling stripped a British couple of land they had bought in Northern Cyprus, declaring it belonged to a Greek Cypriot forced to flee south in the 1974 war.