News

Can China wake sleeping Cyprus?

Ivan Radford — Thu, 07 Mar 2013 14:06:00 GMT

Hundreds of Chinese buyers are purchasing property in Cyprus, according to new reports, as the country turns to China to wake up its sleeping property market.

The recession-hit island revised laws last year to give overseas buyers permanent residency in exchange for an investment of at least €300,000. The result has stimulated activity among Chinese buyers looking for easier access to Europe.

But will the latest spike in demand be enough to stir the market?

The slumber became ever more severe last year, according to the Department of Lands and Surveys. Before the crash, at the peak of 2007, 11,000 properties were bought by overseas buyers - more than half sold that year. In 2012, that fell to just 1,475, even lower than the 1,652 sales recorded in 2011.

Construction also remains low, with just 471 building permits issued in December 2012, down from 560 in December 2011. Indeed, overall, the total number of new homes issued permits dropped 33.5 pc from 2011.

But there was some uptick at end of the year, reports Cyprus Property News: 172 property purchase contracts were registered by foreign buyers in December, 48pc up from December 2011 and the second month of increases in a row. This rise in sales centred on the tourist hotspot of Paphos, which accounted for half of the sales.

Combined with China's attempts to cool down its own property market, are conditions right for China to come to Cyprus' rescue?

The outlook is mixed.

"The Chinese are not interested in houses as such in Cyprus," estate agent Antonis Loizou told the AFP. "They are interested only in the permanent residency. They buy houses through visa firms."

Cyprus does not, however, belong to the Schengen zone, which would allow residents to move between countries. But the citizenship scheme does make it "much easier to get a European visa", a local resident who assists Chinese investors told the AFP.

Most Chinese buyers target coastal areas, such as Paphos. Some purchase property to gain access to more affordable education for their children, although the large majority do not choose to settle in Cyprus.

The scheme's success arrives as many other European countries consider their own citizenship-for-investment program to help their housing markets recover from recession.

But even with Chinese interest on the up, sales saw an unsteady start to 2013: 375 property sales were completed in January, according to the Land Registry, compared to 803 in January 2012. This is the lowest January sales figure on record, notes Fly2Let.

The situation is made even more uncertain with the news that Russia may soon stop officials owning property overseas. Alongside China, Russia has been one of the main sources of interest in Cypriot real estate, with the Cyprus Ministry of Commerce planning to attend the DOMEXPO in Moscow in April. The new Russian bill, proposed by the government in an attempt to combat corruption, could well be a harsh blow to the Cyprus' attempts at recovery.

"For us, it's a question of survival," Maximos Pantelides, a real estate agent returning from China, commented. "Prices have gone down by at least a third in the past four years," he notes, while several estate agents have gone out of business.

There is even the possibility, he notes, that Cyprus may tighten the citizenship scheme once again after a certain number of investors have entered the market. The slumber, it seems, may yet continue.

Ready for Cyprus to wake up?

Browse our listings of Cypriot real estate for sale:

http://cyprus.themovechannel.com/property/all

Cyprus property sales reached €1.9bn last year

Ivan Radford — Mon, 04 Mar 2013 13:20:00 GMT

Property sales in Cyprus reached a total of €1.9 billion last year, according to the latest figures.

The data, released by the Department of Land and Surveys last week, revealed that transactions in the fourth quarter of the year totalled €571 million, with forced sales accounting for €2.3 million of sales.

Forced sales are "any sale of property by public auction performed in pursuance to a statutory provision or as a result of the execution of a writ of sale of immovable property, judgement or order issued by a competent Court," explains Cyprus Property News.

The latter could include sales of properties under mortgage, either prompted by an application from a mortgagee or a Court judgement, sales prompted by an application filed by a judgement creditor, or sales ordered by a writ of sale issued by the Court.

The total value of forced sales across the year hit €10.2 million, with 184 sales carried out overall compared to 10,846 voluntary sales.

Cyprus property prices continue to slump

Ivan Radford — Wed, 27 Feb 2013 12:30:00 GMT

Cyprus property prices continue to slump, according to the most recent report from the Royal Institution of Chartered Surveyors.

The figures, which cover the third quarter of 2012, show that prices and rents fell across all districts. Nicosia fared the worst as it was the least affected market up until the second half of 2012. Prices for houses fell by 1.1 per cent, while apartments saw values dip 0.4 per cent. Larnaca property recorded the biggest fall - 2.1 per cent for apartments, 4.6 per cent for houses. Retail property values fell by 7.1 per cent.

Across Cyprus, rental values decreased by 0.3% for apartments, 3.1% for houses, 5.3% for retail units, 1.9% for warehouses, and 0.1% for offices.

Compared to Q3 2011, rents dropped by 3.1% for apartments, 5.8% for houses, 12.6% for retail, 9.8% for warehouses, and 13.1% for offices.

"All asset classes and geographies continue to be affected," explains the report, "with areas that had dropped the most early on in the property cycle now nearing the trough."

The RICS comments: "During the third quarter of 2012 Cyprus' economy bore the consequences of the slowdown in the economy, the lowering of the sovereign's and the banks' rating, and the continuing political turmoil in Greece. The worsening state of Cyprus' economy and the growing political and economic uncertainty across the eurozone, led to a pronounced slowdown in mortgage and corporate lending and a further rise in the rate of unemployment.

"There has been a minimal number of investment transactions during the first half of 2012, with the third quarter lacking any notable transactions except the sale of some prime homes in the Limassol area. Property, both commercial and residential, is increasingly viewed as a risky asset and one with negative prospects in the near to medium term. Local buyers in particular were the most discerning as the increase in unemployment and the worsening prospects of the local economy led to a sharp reduction in interest."

Looking for low-priced property in Europe?

Browse our listings of Cyprus homes for sale: click here.

Currency Watch: Sterling continues slow start to 2013

Ivan Radford — Fri, 01 Feb 2013 13:39:00 GMT

Sterling has continued its slow start to 2013 with sentiment on the British pound still low.

Standing against the US Dollar continued to benefit American buyers, with rates threatening to break 1.5900, with the GBP weakened thanks to fears surrounding the UK's recession-hit economy.

"UK manufacturing PMI is due this morning," reports currency broker UK Forex, "and if better than expected might provide the momentum for GBP/USD to make it through. If it does and taking a medium term view this might provide opportunities for investors to buy dollars as the outlook for the UK economy remains bleak, evidenced by the weak GDP data released last week."

"Across the pond yesterday US data came in generally weaker than forecast (this included unemployment claims and personal spending) and it dragged on the greenback," added the broker.

The Euro, meanwhile, is looking strong against the dollar as the ECB announced in January that banks would be repaying 30pc of the LTRO at the end of the month. Even disappointing German retail sale data has not hampered the strengthening of the currency, although the USD is expected to continue to improve.

For more information on currency exchange services with UK Forex, visit our currency channel:

http://currency.themovechannel.com

Chinese developers eye up Cyprus

Ivan Radford — Tue, 29 Jan 2013 12:19:00 GMT

Chinese developers are eyeing up Cyprus, according to China Daily.

The newspaper has reported that several developers from the country are looking at purchasing land in Cyprus to set up joint ventures with local to build property aimed at Chinese buyers.

The news follows several signs that Chinese investors are playing an increasing role in the struggling Cypriot real estate market. Last July, Chinese buyers helped to boost sales of property by 25 per cent in Paphos, as developers specifically targeted the Chinese market.

Sophia Charalambous of Korantina Homes told Cyprus Mail: "All of our sales in recent months have been to Chinese clients... The British market has almost dried up for us. We have the occasional Russian client but we are mainly working with the Chinese."

At the start of 2013, Cyprus announced plans to allow buyers from outside of the EU to purchase multiple units in the same development - a law change expected to stimulate demand from Chinese investors, who already demonstrated a strong interest in Cyprus. Indeed, the Cypriot embassy Beijing received over 1,500 visa applications last year, increasing from a few hundred in 2011.

Now, Chinese developers are stepping up their activity as well.

Christos Mavrellis, managing partner with Cypriot law firm Chrysses Demetriades & Co LLC told Cyprus Property News: "They are also interested in developing an exhibition centre for Chinese exporters."

"We set up a China desk last April to cater to Chinese companies' growing interest in investing in Europe," added Stavros Loannou, CEO of Grant Thornton Cyprus.

Does Cyprus' role as a gateway to the EU appeal?

Browse our listings of Cypriot real estate:

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Jones Lang LaSalle finds global investment capital leans towards real estate

Ivan Radford — Wed, 23 Jan 2013 10:53:00 GMT

Report shows commercial real estate direct investment volume will more than double to US$1 trillion by 2030; Asia Pacific region leads investment growth since crisis.

DAVOS-KLOSTERS, Switzerland, Jan. 23, 2013 /PRNewswire/ -- As business and political leaders discuss global challenges at the World Economic Forum annual meeting in Davos-Klosters, Switzerland, a new report by Jones Lang LaSalle (NYSE: JLL) reveals that investors are already responding to shifting economic conditions by funnelling more capital into commercial real estate, particularly in the Asia Pacific region. In fact, the firm estimates that the direct commercial real estate transactional market will exceed US$1 trillion per annum by 2030, compared with 2012 volumes of nearly US$450 billion .

"Capital growth ambitions that dictated many investment decisions before the financial crisis have given way to a global hunt for secure income streams in a low-interest-rate environment," said Colin Dyer, President and CEO of Jones Lang LaSalle. "While real estate asset values have shown no immunity to the financial shocks of recent years, real estate nevertheless is emerging as a preferred option for many investors."

The report, "The Advancement of Real Estate as a Global Asset Class," finds that:

Asia Pacific has outpaced other regions in real estate activity since the global financial crisis, achieving commercial real estate investment volume in 2012 equal to 77 percent of the previous peak reached in 2007. The Americas have only reached 62 percent of that level, while Europe's investment volume is 46 percent of its peak amount.
The impact of the growing pool of capital seeking exposure to real estate can be substantial. A 1.2 percent reallocation to real estate by the 30 largest sovereign wealth funds would increase capital allocation by US$50 billion, equivalent to the entire Sydney CBD office market.

Investors are targeting a limited number of super-prime assets, chiefly office and retail buildings in major gateway cities, that have emerged as the most desired assets for some institutional investors intent on owning the most stable, best-located assets, fully leased to the most desirable tenants. Competitive bidding has driven prices on many of these properties up to and beyond pre-crisis levels.

Investment portfolios shift toward real estate

Across eleven major global markets, spreads between real bond rates and prime-grade office market yields are on average 195 basis points wider now than in the fourth quarter of 2007, JLL found. Those higher returns are convincing many investors to increase exposure to real estate.

"With sovereign bond market yields at multi-decade, and in some cases multi-century, lows, and with the outlook for capital growth subdued, yield becomes a core driver of investment returns," said Dyer. "The spread between real estate and sovereign debt yields remains high, offering generous compensation to investors for the additional risk associated with real estate."

To a lesser extent, increased allocations to real estate also reflect investor efforts to reduce risk by diversifying away from the traditional portfolio mainstays of bonds and equities, JLL's report concludes.

Asia Pacific real estate takes the lead

The Asia Pacific region is emerging as the long-term winner in the global contest for investment capital, boosted by the rise of domestic pension funds and private wealth. Since 2008, strong economic growth that contrasted with recessionary contraction in Europe and North America has fuelled real estate activity.

Operational challenges, low levels of liquidity and in some cases undeveloped capital markets currently constrain institutional investment in the region, which partly explains why most western institutions are underweighted in the Asia Pacific region relative to the size of its real estate markets. Over the long term, however, JLL expects relative portfolio weightings to move in favour of the region as high rates of saving, rapid urbanisation, the inexorable rise of the middle classes and evidence of improving transparency increase investor confidence and interest in the region.

More trends explored

JLL's report identifies several other trends emerging around the globe, including efforts to increase transparency, the rapidly expanding practice of sale-leasebacks in Asia, and the increasing pace of renovations or replacement of aging real estate to better meet the needs of modern commercial tenants.

Cyprus construction up by one-third, but recovery “long way off”

Ivan Radford — Mon, 21 Jan 2013 12:17:00 GMT

Construction of property of Cyprus increased by one-third in October 2012, according to the latest figures.

The number of building permits issued jumped from 594 to 782, an increase of 31.6 per cent, the Cyprus Statistical Service revealed. Despite this rise, though, the total area covered by the permits was 30 per cent lower than October 2011. Indeed, the total number of permits issued in the first 10 months of 2012 (6,147) compared to the same period in the previous year marks a drop of 3.1 per cent. The total value of the permits also fell by 21.5 per cent, alongside the total area (down by 32.9 per cent).

The number of new homes in October 2012 with approved construction reached 469, a fall of 24 per cent from October 2011, when the construction of 617 new homes was permitted.

"The awaited recovery appears a long way off," concludes David Crowther at Cyprus Property News.

Still keen to move to Cyprus?

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5 property destinations in Cyprus you shouldn’t forget

admin — Mon, 14 Jan 2013 14:00:00 GMT

Paphos. That's what everyone thinks when they hear the word "Cyprus property". But there are places all across the island that are worth exploring, from the oft-overlooked Northern Cyprus region to the other popular regions, such as Nicosia.

To make sure you look as widely as possible for your new place in the sun, TheMoveChannel.com profiles the areas of Cyprus that have received the most enquiries in the last year.

Here are five property destinations in Cyprus you shouldn't forget.

Larnaca Region

Larnaca is one of the oldest cities in Cyprus, a reputation upheld by the cultural depth on show throughout the region. Palm trees, beaches and restaurants ensure residents can enjoy a beautiful coastal lifestyle, while the region's international airport boosts its investment potential considerably.

Click here to browse TheMoveChannel.com's listings of property in the Larnaca region

Famagusta Region

Located on the east coast of Cyprus, Famagusta is a popular tourist destination thanks to its vibrant nightlife and lively culture. Indeed, the region accounts for almost all Northern Cyprus property on TheMoveChannel.com, attracting over 1 in 10 enquiries from buyers.

Click here to browse TheMoveChannel.com's listings of property in the Famagusta region

Protaras

Protaras is located in the resort-fuelled region of Famagusta - and is one of the area's best. Located near Ayia Napa, the town's sandy shorelines and perfect blue sky match the attractive range of hotels, apartments, villas and restaurants, making it the ideal location for a family holiday home.

Click here to browse TheMoveChannel.com's listings of property in Protaras

Northern Cyprus

A self-declared state recognised by Turkey, Northern Cyprus is regarded as occupied territory within the Republic of Cyprus - a status that often sees it overlooked by foreign real estate investors. However, despite the cool and wet winters, the region promises hot, dry summers that can be suitable for holiday home buyers.

Click here to browse TheMoveChannel.com's listings of property in Northern Cyprus

Nicosia Region

Home to the capital of Cyprus, the Nicosia region is divided between the Republic of Cyprus and the Turkish Republic of Northern Cyprus but remains popular with overseas investors due to its subtropical climate and economic importance.

Click here to browse TheMoveChannel.com's listings of property in Nicosia

We want your properties - all of them!!

admin — Mon, 14 Jan 2013 12:26:00 GMT

Lead Galaxy's network of overseas property portals, including TheMoveChannel.com, attracts 600,00 unique international buyers every month.

This year, Lead Galaxy wants to help its website visitors to have the widest possible choice of listings around the world.

There are already no limits on the number of properties you can list with Lead Galaxy - but for 2013 they're offering discounts to encourage you to add more listings.

The more you list, the more you save!

Visitors to TheMoveChannel.com (and other portals) get more properties to look at; you get more leads AND you pay less per lead. Everybody wins.

As you can see - the more listings you add, the lower the cost per lead you pay:

Package Max Listings Minimum Cost Per Lead

Listing 1 Property £15 per Lead

Multi 5 Properties £14 per Lead

Selection 10 Properties £13 per Lead

Variety 25 Properties £12 per Lead

Collection 50 Properties £11 per Lead

Range 125 Properties £10 per Lead

Portfolio 250 Properties £9 per Lead

Catalogue 500 Properties £8 per Lead

Database 1000 Properties £7 per Lead

How do I add my properties?

You can list your properties manually, or automatically via XML feed.

How much does it cost?

Start listing your properties with as little as £50 and no obligation: that credit stays in your account until you decide to use it.

For regular spenders, Lead Galaxy can offer free featured positions on our portals, email campaigns and other loyalty rewards to help your money go even further.

Cyprus property sales in 2012 hit record low

Ivan Radford — Fri, 11 Jan 2013 12:06:00 GMT

Property sales in Cyprus hit a record low in 2012, according to new figures.

The data from the Department of lands and Surveys shows that 6,269 transactions were completed last year, explains Cyprus Property News, down from 7,018 in 2011 and the lowest number of sales on record.

The fall in sales follows a series of tax incentives introduced by authorities to stimulate the island's struggling property sector and has led to predictions that 2013 will be another grim year.

Indeed, speaking to StockWatch, valuation expert Polys Kourousides argues that the country's large deficit, combined with a lack of liquidity, high interest rates and low confidence, will hinder recovery significantly.

Other experts hope that the falling prices across the island will eventually attract more overseas investors looking for low-cost holiday homes, even with some fearing a negative impact from the February elections.

Solomon Kourouklides, vice president of the Cyprus Real Estate Agents' Association, commented: "With the completion of the election, uncertainty about the economy will be raised, provided that the new government will act more decisively and will fulfil all procedures on the memorandum. This will be the beginning of the beginning since liquidity will be injected in the state and banking funds.

"This will create a positive prospect provided that funds will be injected to SMEs in Cyprus while the people's psychology will begin to stabilize and then to be reversed.

"There is a small ray of hope that properties with the drop in prices will become more attractive for the foreigners, who seem to be the only ones who can buy without a loan," he added.

Even then, however, a market recovery is not expected to begin until next year.

Looking for a low-priced holiday home?

Browse our listings of Cypriot real estate:

http://cyprus.themovechannel.com/property/all

UK overtakes Brazil in economic league table

Ivan Radford — Thu, 10 Jan 2013 11:02:00 GMT

The recession may still be hitting Britain, but the UK's economy climbed above Brazil in the World Economic League Table last year.

Brazil's booming economy saw it seize sixth spot from the UK in 2011, but the country's weak currency helped Britain climb back up the ladder, leaving the Latin American nation waiting until 2014 to replace the UK once again. Over the rest of the period to 2022, Brazil will move up another place in the League Table, overtaking Germany and France but being overtaken in turn by India.

Indeed, by 2017, India will overtake the UK as well to become the world's largest Commonwealth economy.

The world's top 3 economies, the US, China and Japan, are forecast to remain in the same relative positions for the next ten years. But by 2022 the Chinese economy, currently 53% of the size of the US economy, is predicted to be 83% of the size of the US economy and catching up fast.

Russia rose from 11th position in the league table in 2010 to 9th in 2011. In 2013, it starts overtaking large Western European economies and is predicted to reach the no 7 position by 2022.

Fast-growing Indonesia is one of this year's shooting stars. Currently (2012) the world's 16th largest economy, it is forecast to rise six places to enter the world's top ten in 2022. Other Asian economies also move up the ranking. Thailand goes up 6 places from No 30 in 2012 to No 24 in 2022; Taiwan from 27th to 20th and Korea from 15th to 12th.

European countries fall back. Germany falls from No 4 in 2012 to No 6 in 2022 and the UK from 6th to 8th. But the biggest fallers in Europe are France, which is forecast to fall from 5th to 9th, and Italy from 8th to 13th. By 2022, the Italian economy will be close to falling behind economically powerful emerging markets like Turkey and Mexico.

Comments Cebr Chief Executive Douglas McWilliams: "The Indians have lost to us at cricket this winter but they are on track to beat us at economics. By 2017 we predict that the Indian economy will be the largest economy in the Commonwealth, overtaking the UK economy.

"We are beating some other countries, though. We are poised to overtake France either in 2013 or 2014 as the economic effects of President Hollande's 75% tax policy and the difficulties of the euro drag France down.

"We have been neck and neck with Brazil for some time. Last year they overtook us; this year we have overtaken them again. From 2014 onwards, however, their more dynamic economy is likely to pull them decisively beyond us.

"Cebr's World Economic League Table (WELT) shows the dramatic changes now taking place in the world's economic geography with slow growing European economies falling back and Asian economies, even though their growth is slowing, catching up."

Where are you looking to invest?

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Cyprus law changes target property investors outside EU

Ivan Radford — Tue, 08 Jan 2013 12:20:00 GMT

The property market in Cyprus is suffering severely in the economic climate, with demand and prices both falling. But the country has introduced new changes in the law to try and encourage investment from outside of the EU.

The amendments allow buyers from outside of the EU to purchase up to two units in the same development, explains Cyprus property News. The two properties must be adjoining and could be combined into one unit, for example two adjacent town houses, apartments sharing a wall or even a residential unit and a store or office, depending on the size of the latter.

The new regulations are hoped to stimulate investment from countries such as China, where interest in Cypriot real estate is already strong. Indeed, the Cypriot embassy in Beijing reportedly received over 1,500 visa applications last year, up from a few hundred in 2011.

Looking for property in Cyprus?

Browse our listings of apartments, houses and other Cypriot property:

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Cyprus property searches fall 70pc on Google

Ivan Radford — Wed, 02 Jan 2013 13:07:00 GMT

Property marketing and seo company SEO Professor have compiled a chart from Google Trends data, which reveals the extent to which searches for property in some of Europe's most popular locations are still being affected by the ongoing economic uncertainty in Europe.

Brett Tudor, Managing Director of SEO Professor, comments, "It is interesting to see how the crisis in Southern Europe has had a dramatic impact on search traffic for property in countries like Cyprus, which has seen a decline of 70%. Greece, on the other hand, appears to have been less affected seeing only a fall just 18% since the peak in 2008."

According to SEO Professor, Google Trends can be an extremely valuable tool for property investment firms from an seo perspective, particularly when they give a fairly accurate indication of where people are most likely to search for property.

By looking at long term data and trends, it is possible to estimate where the most popular locations are likely to be in 2013.

Countries that appear to have been less affected are the UK, France and Spain, while, surprisingly Turkey, has seen a fall of 61% for the keyword 'property in Turkey'.

Brett Tudor added, "The decline in search traffic for property in Turkey comes as a surprise given the rapid growth of property prices in 2012."

5 houses to help you survive the end of the world

Ivan Radford — Fri, 21 Dec 2012 12:42:00 GMT

As the world spends the last few weeks of 2012 debating whether the Mayans were right and that the world will actually end on Friday 21^st December, few people are doing what needs to be done: finding a place to hole up and stay safe.

With this in mind, TheMoveChannel.com scours the global property market to find real estate that might resist the apocalypse.

Here are five houses to help you survive the end of the world:

Secret submarine base, Norway

Photo credit: Geekologie

The Olavsvern Naval Submarine caught the world's eye when it went on sale in June this year. The NATO-funded hideout boasts a 27,000 square foot Alpine resort and several garages, but the property's main survival tool is the giant underground hangar hidden deep inside a bomb-proof mountain. Just the place to store your submarine - and if you're serious about preparing for the apocalypse, you'll definitely need one of those.

Nuclear missile silo, USA

Photo credit: Realtor.com

Trust America to have its own missile silo up for sale. The nuclear base, unused for decades, has been converted into a luxury home for those ready to bunker down and get through the planet's darkest days. The 1,800 square-foot property appears to be a traditional mountain lodge, but underneath the floorboards lies a launch pad for an intercontinental ballistic missile built in the 1950s. Which means that if the aliens are coming: you're ready.

Doomsday bunker, Nebraska

Photo: Terravivos.com (via CNN)

In the wake of Japan's tragic earthquakes, sales of these doomsday bunkers in Nebraska shot up by 1,000%, according to CNN. Reservations for a room in a 200-person property require a minimum deposit of $5,000 with Vivos, but demand for the company's shelter soared. "People are afraid of the earth-changing events and ripple effects of the earthquake, which led to tsunamis, the nuclear meltdown, and which will lead to radiation and health concerns," commented the company's CEO Robert Vicino. "Where it ends, I don't know. Does it lead to economic collapse? A true economic collapse would lead to anarchy, which could lead to 90% of the population being killed off."

Cheerful dinner conversation not included.

Posh doomsday bunkers, Switzerland

Photo: Flavorwire

There are doomsday bunkers and doomsday bunkers. These are the latter. Located in the Swiss hills, these shelters, designed by Bjarne Mastenbroek and Christian Muller, have industrial-themed decor and windows, but the real sign of security comes from the front door, which is hidden deep inside the mountains, through an underground tunnel, the entrance to which is a fake shed. Make sure you leave the pub with enough time to find the front door before the apocalypse begins.

Adult movie bunker, LA

Photo credit: CBSLocal.com

What will the human race do during the cold, lonely months after the end of the world? One LA movie studio has the answer: a post-apocalyptic underground bunker, which will allow "1,200 to 1,500 people" to enter and provide them with bars, a performing stage and a "sophisticated content production studio", just to make sure that the world's supply of adult films outlives the rest of us. The studio's website will also continue to run, promises the company, even if it is only on the bunker's internal local network.

"Our goal is nothing less than to survive the apocalypse to come in comfort and luxury," Pink Visual spokesman Quentin Boyer told CBS Los Angeles, "whether that catastrophe takes the form of fireballs flung earthward by an all-seeing deity, extended torrential rainfall, Biblical rapture, an earthquake-driven mega-tsunami, radioactive flesh-eating zombies, or some combination of the above."

You can't say they're not prepared.

Don't believe the world is going to end?

Browse our listings of overseas property:

http://www.themovechannel.com/property/all

Expats in Asia and Latin America set for biggest wage rise in 2013

Ivan Radford — Fri, 21 Dec 2012 11:12:00 GMT

Click here to view the full infographic

Australian workers can expect only modest pay rises next year while high growth markets in nearby Asia will see wages increase by up to three times that of their Western neighbours, according to the latest pay forecast data by global management consultancy, Hay Group.

With varied Australian business performance across sectors especially the decrease of the resources sector, pay forecast rates are becoming more differentiated for individual sectors and specific roles.

In Australia, pay overall will rise by an average of just four per cent in 2013, whereas in growth markets including Vietnam (12.8%), Indonesia (10.6%), India (10.5%), the Philippines (8%) and Malaysia (6.2 %) wages are expected to increase rapidly. While in China, workers can expect wage hikes of 9.5 % as the intensifying ‘war for talent' continues despite slowing economic growth (up 1.1% on last year).

Interestingly, pay rises in the second generation of high growth Asian economies are outstripping those of their colleagues in the region's more developed countries. For example, in Japan, wages will increase by just 2% next year.

Steve Paola, Senior Consultant at Hay Group, said Australian organisations are facing an increased threat from maturing markets in nearby Asia, due to slowing growth rates.

"With strong economic growth in Asia translating into need for talent and rocketing wage hikes, local organisations may struggle to keep their most talented employees in the country as they are increasingly being enticed to work for companies located in buoyant Asian markets.

"As a result, Australian businesses need to ensure they have reward strategies in place that deliver strong incentives for their current and future employees enabling them to retain high performing staff despite modest pay increase forecasts.

"Ensuring local talent is retained through providing growth and development opportunities and an engaging work environment are important non-financial retention strategies."

According to Hay Group's research, salaries in developed Western economies will experience the smallest increases in 2013, as GDP growth remains broadly flat.

Across North America, pay will rise by 2.9% - the lowest of any global region - and in Europe, crisis-weary companies in Greece and Ireland will not raise pay next year, against a subdued regional average of 3.3%. Increases in Germany, the UK (both 3%) and France (2.6%) will also be subdued and across the region the pay rises on offer are lower than in 2012 when the average pay rise was 5.5%.

"It's no secret that employees in developed markets face a tough year ahead with small wage increases however despite the weak outlook there is an upside for Australian workers as it is predicted they will receive higher pay rises than most of their Western counterparts," said Paola.

Latin America will experience the highest overall rise in salaries next year (9% on average), with Venezuelan workers set to see wages jump by a colossal 29% - driven largely by high inflation.

Looking for a profitable life abroad?

Browse our listings of property for sale overseas:

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Europe property downturn “continues to surprise” as US continues to recovery

Ivan Radford — Wed, 12 Dec 2012 11:17:00 GMT

The world's housing markets posted mixed signals during the full year to Q3 2012, according to the latest survey by Global Property Guide, and Europe is at the eye of the storm.

Indeed, while the US property market continues to recovery, the scale of the European downturn, the sheer size of the downward pressure, "continues to surprise", admits the report.

Of the 44 countries for which quarterly house price figures are available, house prices fell in 23 countries, and rose in 21 countries during the year ending in the third quarter of 2012, again in inflation-adjusted terms.

America is the brightest sport on the real estate map. The Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.31% year-on-year in Q3 2012, the highest growth seen since Q2 2006. The nationwide seasonally-adjusted S&P/Case-Shiller home price index also rose by 1.92% during the year to Q3 2012, in sharp contrast with its 7% year-on-year decline seen in Q3 2011.

Dubai, UAE, has also rebounded strongly. The price index for all residential properties surged by 14.43% during the year to end-Q3 2012, as compared to a meagre year-on-year increase of 0.96% seen in the same period last year.

Pacific housing markets are now recovering too. New Zealand's median house price rose by 5.19% during the year to end-Q3 2012, in sharp contrast with the 4.39% year-on-year decline in Q3 2011. Likewise, Australia's housing market is also improving, with house prices in its eight major cities falling by just 1.57% year-on-year in Q3 2012, the lowest decline since Q4 2010.

Meanwhile, there is some positive news for individual European housing markets. House price falls in Ireland may be decelerating. Ireland's residential property price index fell by 13.17% year-on-year in Q3 2012, the lowest decline since Q1 2011. In addition, house prices have risen significantly in Austria, Turkey, Latvia, Germany, Iceland and Finland.

But many European housing markets remain extremely depressed, and continue their rapid spiral downwards. House price falls are accelerating in Greece, Spain, Netherlands, Portugal, Croatia and Lithuania. Of the 23 European countries included in the survey, 14 countries recorded house price falls while only 9 countries have seen house price increases. The nine weakest housing markets in the global survey are all in Europe.

Other bad news can be found in Asia, where the housing market surge has weakened. Seven of the 10 Asian housing markets included in the Global Property Guide survey performed more poorly this year than the previous year. Nonetheless, Asia's biggest housing market, China, is recovering, judging by the latest quarter's figures.

Where are you planning to invest in 2013?

Browse our listings of overseas real estate:

http://www.themovechannel.com/property/all

Reasons to go to the Mediterranean in 2013

Ivan Radford — Wed, 12 Dec 2012 10:34:00 GMT

LONDON, December 12, 2012 /PRNewswire/ --

The Mediterranean is world-renowned for its relaxed way of life, deliciously healthy cuisine, exquisite beaches and 300 days of sunshine a year. With these connotations of the Mediterranean firmly embedded into our consciousnesses, it's hardly surprising that the Med remains one of the most popular places to holiday in the world.

Leading travel specialist Thomas Cook offer quality and affordable holidays to the Mediterranean and have generated this fantastic overview of just a few of the reasons why you should consider the Med for your holiday this year:

Greece

Represented in its flag, Greece's national colours are blue and white - white representing its beautiful beaches and buildings and blue the clear seas that surround it. For cheap Greece holidays in 2013 you may want to think about heading to one of Greece's numerous islands, such as Corfu, Crete, Rhodes or Thassos. These popular tourist resorts are competitively priced and have plenty to do and see for all the family.

Turkey

Hot on Greece's tail as a popular Mediterranean holiday destination is Turkey; a land equally rich in history, heritage, culture and life.

Turkey's Mediterranean shoreline, known as the Turquoise Coast, is almost 1,000 kilometres in length and is scattered with beautiful fine-sand beaches set within a backdrop of verdurous pine-clad forests.

Thomas Cook can help you find cheap holidays to Turkey which offer plenty to see and do and cater for a myriad of tastes and requirements.

Tunisia

Being lapped by the notoriously azure waters of the Mediterranean yet possessing the intense heat of North Africa, the wondrous sights, smells and experiences you will find in Tunisia will guarantee you have a holiday with a difference in 2013.

For those seeking a cultural break, a Tunisia holiday <http://www.thomascook.com/lp/1x6-en6uqa/holidays-tunisia> beckons as this wholly unrivalled country is home to many unique ancient sites, incredible museums and archaeological marvels.

For those with dreams of sunbathing and relaxing on the beach, Tunisia is blessed with beautiful coastlines that will suit you perfectly.

Cyprus

If you're looking for an affordable yet quality holiday in 2013, cheap holidays to Cyprus <http://www.thomascook.com/lp/1x6-en6ulb/holidays-cyprus> are a great option.

Cyprus is the third most populous island on the Mediterranean Ocean and is one of the most popular destinations for tourists in Europe. With stunning views, quaint towns and villages and a nightlife scene that is virtually unrivalled, it's easy to gauge why this beautiful island is such a popular tourist hotspot.

Brazil property prices soar as Eurozone markets slump

Ivan Radford — Tue, 11 Dec 2012 12:29:00 GMT

Brazil property prices soared this year, according to Knight Frank's Global House Price Index, as eurozone markets slumped.

Brazil's real estate values jumped by 15.2 per cent in the third quarter of 2012, the highest annual increase in the world. Meanwhile, with the Eurozone now in its second recession in three years, buyers' confidence is at an all-time low, according to Knight Frank: all the bottom 12 rankings are occupied by European countries this quarter.

The Eurozone's 17 member states have on average seen prices fall by 1.8% in the 12 months to September. Other world regions such as South America and Asia Pacific have seen growth of 9.8% and 4.2% respectively.

Greece has now pushed Ireland off the bottom slot - where it has resided for five consecutive quarters - by recording an average price fall of 11.7% in the last year. Ireland, by comparison, has seen its rate of decline improve, up from -14.3% a year ago to -9.6%.

Overall, mainstream global property prices stand just 5.2% above the lows experienced in the wake of the financial crisis in Q2 2009.

Alongside Brazil, five other markets recorded double-digit annual price growth in the year to September; Hong Kong, Turkey, Russia, Colombia and Austria.

Despite positive data from the US - prices are 3.6% higher than in the third quarter of 2011, vacancy rates are at their lowest level since 2005 and housing starts are up 49% year-on-year - the US fiscal cliff casts significant doubt on this recovery.

Asia's policymakers are offering little hope of an Asian-driven recovery. China's new leadership looks set to continue with stringent property cooling measures and new lending restrictions in Hong Kong are likely to limit the availability of credit.

Knight Frank's Prime Global Cities Index, which tracks the value of luxury property in 26 cities across the world, shows that prime property values have climbed by 18.7% over the same period.

Kate Everett-Allen, International Residential Researcher at Knight Frank, said: "Confidence, affordability and debt are constraining Europe. Strict lending and the looming fiscal cliff may dent the early signs of growth in the US while regulatory measures in Asia are keeping housing markets in check. The current period of stagnation looks set to continue well into 2013."

Planning to invest in overseas real estate?

Browse our listings of Brazilian property:

http://brazil.themovechannel.com/property/all

Top 5 popular property destinations in Cyprus

admin — Fri, 30 Nov 2012 15:45:00 GMT

Even during times of economic downturn, Cyprus remains one of the most popular countries on TheMoveChannel.com for real estate investors. Is it the natural landscape? The Mediterranean climate? The fact that people still drive on the same side of the road?

Whatever the appeal, Cypriot property has been drawing in overseas buyers, particularly Brits, for years. If you are looking to join them, where should you head?

TheMoveChannel.com profiles the areas of the island with the highest number of enquiries on the site. These are the top five popular property destinations in Cyprus:

Limassol

The largest city on the island, Limassol is a hugely popular destination for Cypriot property hunters. Its unique combination of ancient archaeological sites and stunning beaches has attracted tourists during the summer month for decades, boosting demand for property from both holiday home hunters and buy-to-let investors.

To view listings of property in Limassol, click here

Larnaca

The third largest city on Cyprus, after Limassol, Larnaca is a thriving tourist resort. The idyllic coast, lined with palm trees, gives residents in the town a view that is hard to match while Larnaca airport boosts its reputation and accessibility to property buyers around the world.

Browse TheMoveChannel.com's listings of property in Larnaca here

Limassol region

The Limassol region is one of the most popular property destinations in Cyprus thanks to its wide-ranging landscape. The busy port and holiday resorts bring tourists to the main city, while the Troodos mountains nearby provide a luscious green backdrop for visitors, boasting quiet villages and vast vineyards that have their own investment appeal.

To view listings of property in the Limassol region, click here

Peyia

Located North of Paphos, Peyia is a town that overlooks the beautiful Coral Bay. Nestled in the hills, the stunning landscape and peaceful lifestyle have seen many British tourists visit the area - the majority of them now live there permanently.

Browse TheMoveChannel.com's listings of property in Peyia here

Nicosia

The capital of Cyprus, Nicosia is the largest city on the island. Unlike many popular hotspots with property buyers, Nicosia is located away from the coast, but its old architecture, thriving economy, picturesque scenery and wealth of culture make it the perfect rental property or second home hotspot for families and businessmen alike.

Browse TheMoveChannel.com's listings of property in Nicosia here

Investments Explained: Residential property

admin — Tue, 20 Nov 2012 13:15:00 GMT

Investments Explained: TheMoveChannel.com breaks down investment opportunities into bite-sized chunks every week.

In an ever-fluctuating global economic, it is important to invest in reliable assets, from financial products or stocks to commercial property and even alternative investments. But sometimes, after all that investing, you just need somewhere to put your head down and rest. The answer? Residential property.

Like all property investment opportunities, residential real estate comes in several shapes and sizes. What's what and how do you pick between them?

Here is TheMoveChannel.com's guide to residential property:

Apartment

Also known as a flat in the UK, Hong Kong and other countries, an apartment is a residential unit that occupies a self-contained space within a larger building. Apartments can contain several bedrooms, or consist of one single room which combines the kitchen, living room and dining room. These are known as studio apartments. Apartments can also span more than one floor within a building. These are called maisonettes.

Browse TheMoveChannel.com's listings of apartments for sale by clicking this way

House

A house is a residential building designed to house human residents that spans multiple stories. Designs vary significantly between homes, but unlike studio apartments, rooms are always separated into distinct spaces. A house can be rented or purchased by an investor, while in many countries owning a home is a sign of personal wealth; in the US, for example, buying a house is a key part of the American Dream.

For more information on TheMoveChannel.com's range of houses for sale, click here

Mobile homes

Mobile homes are portable properties that allow owners a greater degree of geographical flexibility. The property may be fixed, as in a park home, and occupy a plot within a wider community, or attached to an engine to form a motor home or caravan. As well as providing a more flexible lifestyle, mobile homes are also often cheaper and made out of a prefabricated materials.

Click here to browse TheMoveChannel.com's listings of mobile homes

New home

A new home is exactly what it says on the tin. Without factors such as previous owners, possible historical damage or other legal complications, new build properties can be simpler to purchase and cheaper to run thanks to energy efficient appliances and eco-friendly designs. As a result, they are often popular among first time buyers.

Interested in a new home? Click here to browse TheMoveChannel.com's listings

Prestige property

For those house hunters after something classier than your average home, a prestige property is the answer. From former castles and royal palaces to expansive country estates, a prestige home is a luxury property that guarantees both comfort and privacy. And in the case of a private island, a unique view as well.

Browse TheMoveChannel.com's listings of prestige property by heading this way

Unique property

Ever wanted to live in a windmill? Fancy putting your feet up in a farmhouse? How about owning your very own tower? From the peculiar and rare to the downright weird, unique properties are a wonderful way for house hunters to express their personality or pick up a special piece of history. Whatever your preference, you are guaranteed to own something that is one of a kind.

For more information on TheMoveChannel.com's range of unique property for sale, click here

Watercraft

A watercraft home gives you a taste of life on the open sea, whether it is a houseboat to dock in a local canal or a more extravagant vessel to use as a holiday home. Depending on how you use them, watercraft can incur additional charges, such as docking fees, but who doesn't like the idea of floating away overnight?

Click here to browse TheMoveChannel.com's listings of watercraft homes

How to create a good property listing

admin — Mon, 19 Nov 2012 13:49:00 GMT

More advice on selling property online from SellMyProperty.org, the leading international For Sale By Owner advertising service.

This week, Sell My Property turns its attention to the most essential step in selling your house: creating a listing. Once you've signed up with Sell My Property and you log in for the first time, you are automatically taken through to the "Create a Listing" page.

What goes into a good property listing? Which details should you leave out?

Here are seven simple steps to creating a good property listing:

1. Give it a name

We don't mean "Brian" or "Audrey". This is the part that will grab people's attention or turn them away, so include all the important stuff here. How many bedrooms? Is it near the beach? Can investors expect a high rental yield? Combine them into a snappy name, e.g. "2 bed flat on Murcia coast. Refurbished. 7% return", and you're good to go.

2. Add a reference

Don't worry: this one is just for you, so you don't have to come with anything catchy. Designed for sellers with more than one property to advertise, this field helps you tell the difference between your multiple listings when looking at the "Manage My Listings" page.

You cannot use any special symbols here, but any combination of alpha-numerical characters is fine. Perhaps "Brian" or "Audrey".

3. Mark it with an "X"

No one wants to buy a house if they don't know where it is, which is why Sell My Property always includes a map as part of the listing (see a listing on TheMoveChannel.com for an example). Using our location finder is an easy way to pinpoint your property's exact position, or if you prefer, you can use another maps service, for example Google Maps, and copy the coordinates into your listing.

4. Write a brief description

Consider this an expanded version of your property's name, including all the vital statistics and unique selling points in a few sentences. Keep it simple and to-the-point to capture buyers' attentions as quickly as possible.

5. Insert images

Pictures are worth a thousand words, so make sure you make the most of them. With our basic listing package, you can upload up to 10 large images of your property.

Read our detailed tips on how to take a good property listing photo, then pick one of them to be the main listing picture - an exterior shot usually works best. The other photos are then displayed in the order you upload them, so take care to add the best exterior images first before moving on to interior images of rooms and, eventually, any shots of the surrounding area or a floor plan.

6. Add a full description

This is where you can really sell your property, so make sure you read our guide on how to write a listing description first. Once you've got something written, go to the "Further Information" tab to add it to your listing.

7. Tag it with keywords

Keywords are what will help people find your property. Swimming pool, two bedrooms, Murcia, rental income; those are the kind of words you want to be including. But we've saved you the time and hassle or writing them out manually. Simply click on the "Autocomplete" button and we'll generate the keywords using your description - another reason to take extra care when writing it.

And it's as easy as that. Once you've finished all seven steps, hit the "Save" button and congratulations! Your property listing is live - and you are officially selling your home.

Ship or Sell When Moving Abroad?

admin — Fri, 16 Nov 2012 16:25:00 GMT

One of the most important questions and considerations when you're moving abroad is whether to take your belongings with you. Families can easily have a whole house full of furniture before the move, and it's often difficult to work out whether it's cheaper to sell everything, and buy new items when you get there, or ship everything over.

One of the main points is that, on average, it costs around £3500 to move a house's contents to Australia. The price can vary quite a lot, so this is only a rough guide, but it does give a basis to work on. You can usually work out approximately how much you might make by selling all of your belongings buy looking at online auction sites. Again, using the internet you can find out how much it will cost to buy all of the things you need when you get to the destination. Compare this information to an accurate shipping quote, and you shouldn't have too much trouble deciding which the cheaper option is. Usually, selling the contents of your house, and buying all new stuff saves money, but the choice isn't that straightforward.

The issue is that it's far more work to try to sell and buy everything than it is to use an international removals company. It's very time consuming to list everything you've got online or in a newspaper, and you don't know that you'll be able to sell everything, especially if your house is large. The other problem is arriving in your new home. There are many essentials and items of furniture that you'll have to buy almost immediately, which adds to the stress of moving.

The only real way to decide which option is best is to get a quote for your removal, and then accurately work out prices against the hassle involved. Of course, you may also have large items of sentimental value, which cannot be sold. In these cases, you'll have to use a removals company. Shipit.co.uk specialise in international removals, and have expert packers to make sure that delicate goods are safe and secure.

Removals are usually the easiest option, and offer a much smoother transition from one country to another. Unless you have a small home, and can do without some furniture and appliances temporarily, it's usually best to have your belongings shipped.

Alternative Investments Explained: Precious Metals

admin — Thu, 15 Nov 2012 14:01:00 GMT

Alternative Investments Explained: from bamboo to precious metals, AlternativeMarketplace.co.uk breaks down the alternative products vying for your cash and assesses which assets are worth taking the risk.

This week, precious metals go under the microscope.

What makes a metal precious? Several things. Firstly, the chemistry: precious metals are less reactive than most elements. Secondly, their appearance: due to their chemical make-up, precious metals tend to glisten more in the light, making them more attractive to both consumers and investors. Thirdly, their proliferation; while the metals all occur naturally, they are rarer than standard metals, which makes them more precious. All of these combine to create the fourth, and most important factor, their financial value.

Go back hundreds of years and precious metals, such as gold, silver and platinum had such high values that they were used as currency, traded in place of coins. Over the years, these naturally occurring metals have become even more valuable - or at least, the perception of their value has increased - to the point where they are never used as currency. Instead, they are hoarded as commodities for industrial or investment purposes.

Gold and silver's colourful properties make them ideal for art and jewellery, sculpted into fashion accessories and luxury items. They are also used as bullion for currency, although the metal's core value makes the coins far more valuable than their denominational worth.

Aluminium used to share the same precious status as gold and silver - not because it was a rarely occurring substance, but because it was difficult to obtain from the Earth and extract from ores. When that issue was solved, aluminium became increasingly common, prompting its value to plummet to that of a normal metal. It is now used to make drink cans and other everyday items.

But gold and silver are precious because of their rarity, which has kept their worth high. Indeed, as a commodity investment, that's what makes precious metals so worthwhile; the long-term perception of their value enables them to resist wider economic trends. Markets may fluctuate, currencies may weaken, but the value of precious metals remains the same.

Moving house can be good for your health, says research

admin — Fri, 09 Nov 2012 13:43:00 GMT

It's famous for being one of the most stressful things you can do in life, but moving house can actually be good for your health, according to new research.

The Gallup-Healthways Well-Being Index asked 1,000 American residents about their sick days, health problems and other symptoms an found that being unhappy with where you live can be bad for your health. For those satisfied with their home's location, the average physical rating was 78, significantly higher than the 69.1 recorded for those unhappy with where they live.

"Those who are satisfied... are less likely to report having experienced physical pain, having health problems, being obese, having headaches, or having ever been diagnosed with asthma or high cholesterol," explains Gallup. "They are also more likely to report feeling well-rested and having enough energy."

"Additionally, adults who say their city is getting better as a place to live are less likely to report having ever been diagnosed with high blood pressure, diabetes, or high cholesterol than those who say their city is getting worse as a place to live. However, residents who are satisfied with their city are no less likely to report these three health issues than those who are dissatisfied."

Income, education and ethnicity are already associated with a person's wellbeing, but Gallup argues that this new research suggests that homeowners' perceptions of their communities is equally important when considering their health.

The question is: when are you planning to move?

Unhappy with where you live?

Find a new life abroad. Browse our listings sunny houses, beachfront apartments and other overseas property:

http://www.themovechannel.com/property/all

Luxury Cyprus property sales resist slump

Ivan Radford — Mon, 05 Nov 2012 12:44:00 GMT

Luxury Cyprus property is resisting the market's slump, according to new surprising new figures. The country's real estate may be struggling but high-end homes are still attracting investors, especially in Limassol.

New research, conducted by Leaf Research, reveals that 14 of the 16 homes sold in the first half of 2012 worth €2 million and over were located in Limassol - the same number as the total luxury homes sold in Paphos between 2009 and 2011. Indeed, in the first six months of this year, only one property worth €2m was sold in Paphos.

"The number of units transacted has progressively increased since 2009, as more developments / projects targeting the luxury market are being completed," reads the report. "The number of transactions appears to be uncorrelated to the state of the economy, probably due to that buyers of this type of real estate are not so affected by fluctuations in the real economy."

Larnaca and Famagusta's luxury market fared slightly worse than property in Limassol, with only three sales of €2m homes apiece between now and 2009. Both, however, performed better than Nicosia.

"With Nicosia being the main banking, and accounting hub, one would expect that the district would have a higher number of high-end residential transactions," explains the report. "This can be partly explained by two reasons. Firstly, Nicosia is dominated by locals (more than 90% of transaction volume is by local buyers) who tend to have lower budgets than overseas buyers. Secondly, locals tend to prefer to build their own homes rather than acquire the end product. As most tend to live in these houses for life, transactions of such properties are few and far between."

(via Cyprus Property News)

Alternative Investments Explained: Carbon Credits

admin — Wed, 31 Oct 2012 13:29:00 GMT

Alternative Investments Explained: from bamboo to precious metals, we break down the alternative products vying for your cash and assess which assets are worth taking the plunge for.

This week, carbon credits get the cross-examination treatment:

Carbon credits were first introduced as an environmental measure, designed to help companies, individuals and countries to mitigate their increasing emissions of greenhouse gases.

They are defined as: "A certificate showing that a government or company has paid to have a certain amount of carbon dioxide removed from the environment."

As greenhouse gases grow in the atmosphere, global warming is exacerbated, placing the Earth at greater natural risk. But by buying carbon credits, this rise can be offset.

One carbon credit tends to be equal to one tonne of carbon dioxide, with credits then going towards funding carbon reduction schemes around the world, helping to encourage alternative systems that emit fewer gases.

Over time, this has turned from an international scheme into a commodity market. Carbon offsetters can now buy carbon credits from traders and companies that have aggregated credits together. As a a result, investors can now buy and sell credits with firms and individuals, generating returns through the trading process.

As greenhouse gases become more vital for the Earth's future and more companies decide to offset their emissions, the carbon trading market continues to grow exponentially, potentially without limit.

The long-term potential for returns as well as the moral payoff that goes with an ethical investment opportunity make many investors choose to invest in carbon credits, giving them a chance to secure the future of their funds as well as the planet.

Financial stability is priority for expats

Ivan Radford — Tue, 23 Oct 2012 12:08:00 GMT

Financial stability when expats consider buying property abroad, according to new research.

A study by TD Global Investor Confidence found that 61 per cent of expats surveyed said having money gave them the most confidence about moving overseas, ranking financial stability about both health (57 per cent) and having friends (48 per cent).

35 per cent of expats also said that their job was an important factor, adds Expat Forum.

"Moving abroad, whether it is for a short period of time or to start a new life, can be an adventure although it is not something to be taken lightly," commented Annemarie Jung, chief executive officer of TD Company's Internaxx Bank.

"So it is understandable that expats would want to ensure they are financially secure and healthy if they are to make such a life changing decision. But even though their current financial status is clearly important they also have an eye on the future. While some expats say they don't worry about having enough money, the majority are keen to see that their financial future is secure, placing most importance on ensuring they have saved enough for their retirement."

Cyprus construction in severe 'decline'

Ivan Radford — Wed, 17 Oct 2012 23:53:00 GMT

Construction activity in Cyprus saw the second highest decline in the European Union during the second quarter of 2012 after Greece according to figures published earlier today by Eurostat.

According to the Eurostat newsrelease published on Wednesday, construction activity in Cyprus fell 15.9% during the second quarter of 2012 compared with the second quarter of 2011. This follows a decline during the first quarter of 17.6%.

The decline is the second highest fall in the European Union after Greece (which fell by 28.6%).

Production in construction also fell in Portugal (-17.7%), Slovenia (-16.6%), Italy (-13.9%), Spain (-12.8%) and Slovakia (-11.5%).

Building construction declined by 5.2% in the euro area and by 6.9% in the EU27, after falling 5.7% and 6.0% respectively in July 2012. Civil engineering decreased by 7.9% in the euro area and by 7.5% in the EU27, after falling 6.8% and 10.5% respectively in the previous month.

In the first quarter of 2012, there was an increase of 5.2% and 6.6% in EU27 and the euro area respectively.

Compared with August 2011, production in August 2012 dropped by 5.5% in the euro area and by 6.8% in the EU27 (but the figures from Cyprus were not available).

Cyprus construction 'slump' continues

Ivan Radford — Mon, 15 Oct 2012 10:44:00 GMT

The Cyprus construction industry's slump continued in July with building permit numbers rising slightly compared to July last year, according to the latest figures from the Cyprus Statistical Service.

The number of building permits issued in July 2012 stood at 613 compared with the 601 issued in July last year; an increase of 2.0%, according to the latest figures released by the Cyprus Statistical Service.

However, compared with July 2011, the total area of these building permits fell from 186,807 square metres to 142,702 square metres (-24%) and their value fell from €177.1 million to €147.9 million (-14%).

During July, building permits were issued for:

- Residential buildings - 392 permits

- Non-residential buildings - 85 permits

- Civil engineering projects - 92 permits

- Division of plots of land - 38 permits

- Road construction - 6 permits

During the period January - July 2012, 4,284 building permits were issued; a decrease of 7.4% compared to the number issued in the same period last year, while the total value of these permits fell by 26.5% and their total area fell by 31.7%.

New home construction

The 392 residential building permits that were approved in July provided for the construction of 569 new homes comprising 217 single houses and 352 multiple housing units (such as apartments and other residential complexes).

This is a fall of 34% compared with July 2011 when building permits were issued for the construction of 859 new homes.

During the first seven months of 2012, the number of new homes for which permits have been issued has dropped 38.6% compared with the same period last year.

Search for Cyprus properties on TheMoveChannel.com

Currency Watch: GBP/USD rates rise overnight

Ivan Radford — Tue, 18 Sep 2012 11:51:00 GMT

Photo credit: Images Money

The exchange rate between the pound and dollar has risen overnight, according to Forex.

The currency broker reports that GBP/USD eventually traded to a high of 1.6273 yesterday before dropping off slightly this morning. The UK CPI data is released today, which may affect exchange rates. "Expectations are for inflation to ease to 2.5% although there are some reports circulating this morning that there may be upside risks to this number following the Olympics and the rise in transportation costs," comments Forex. "If the CPI number surprises this morning it could bring in to play a break of the April high of 1.6304."

The exchange rate between the Euro and US Dollar, meanwhile, has consolidated around the 1.3100 figure after pushing through the 1.3160 level yesterday. Spanish yields have ticked slightly higher in the last day or so which is weighing on the single currency this morning as well, adds the broker. German ZEW will be the next focus for traders in EUR/USD and it's particularly important for risk sentiment in the market given the dreadful state of the US Empire State Manufacturing Index released yesterday.

"AUD/USD has been sold off overnight after the release of the RBA Monetary Policy Meeting Minutes. The central bank indicated that they stood ready to cut interest rates amid the deterioration in the global economic outlook, falling commodity prices and an overvalued Aussie dollar," concludes Forex.

The AUD/USD has fallen from 1.0530 to a low of 1.0427 this morning. As a result, GBP/AUD is up and currently trades at 1.5570.

For more on currency exchange services available through selected partners, visit TheMoveChannel.com's dedicated currency channel:

http://currency.themovechannel.com

Cyprus property sales slide by 40pc

Ivan Radford — Wed, 12 Sep 2012 10:50:00 GMT

Sales of Cyprus properties slid by 40pc in August, according to official figures. Indeed, the number of contracts deposited at the country's Land Registry last month fell to just 316 compared to 527 last year.

The latest drop in transactions follows news that Chinese buyers were entering the island's struggling market, helping to drive up activity. But out of the 316 deals registered, only 27 per cent involved overseas buyers. Indeed, the level of activity in August actually marked a record low demand for property in Cyprus.

For domestic investors, the number of property sales fell by 46 per cent compared to August 2011, with drops particularly severe in Limassol, Nicosia and Famagusta. Sales of Cypriot real estate to local buyers are now at their lowest level since 2000, when Land Registry records began.

International transactions fared slightly better, dropping by a less dramatic 15 per cent. In Famagusta, for example, overseas property sales actually increased by 37 per cent, while Limassol saw transactions rise by 28 per cent. Nicosia and Larnaca held down the national average, though, with deals dropping by 57 per cent and 41 per cent respectively.

Across the first eight months of the year, overseas sales reached a total of 953, 20 per cent lower than the 1,197 sales racked up in the same period of 2011.

(via Cyprus Property News)

"Get on with it," Ireland tells Cyprus

Ivan Radford — Tue, 11 Sep 2012 14:21:00 GMT

"Get on with it." That is the message that Ireland had to Cyprus this week.

Struck down by economic recession, the island's property market has been struggling to recovery, with Cyprus property sales falling to all-time lows. Ireland, of course, has already been through its own crisis, receiving an €85 billion bailout to help it climb back up from rock bottom. And now the country is sharing its experience and advice with Cyprus.

"In a nutshell, the property bubble was fuelled by an unregulated, irresponsible banking sector," Minister of State for European Affairs Lucinda Creighton explained. "Obviously government policy contributed to that but the nub of the issue is we had an enormous property crash which brought the whole economy crashing down with it."

But two years after its bailout, the economy is finding its own feet again.

"The economy is basically growing once again," said Creighton. "We've effectively emerged from recession. The economy grew by over 1.0 per cent last year, so by and large it's a good news story, though that's not in any way to take away from the huge sacrifices that the Irish people have had to make."

What can Cyprus learn from Ireland?

"To get on with it, to be resolute and to be honest about the scale of the crisis," concluded Creighton. "Every other country, Spain, Cyprus, should try to avoid the mistake we made."

(via Cyprus Mail)

Global property market edges towards recovery

Ivan Radford — Thu, 09 Aug 2012 13:04:00 GMT

Photo credit: Images_of_Money

The global property market is edging towards recovery, according to Jones Lang LaSalle.

JLL's latest report showed that after a dip in activity in the first quarter of 2012, investment volumes climbed back up to $108 billion in the second quarter - placing capital markets back on track to achieve a volume of approximately $400 billion by the end of the year.

Global economic outlook weakened as euro strains re-emerged, while low growth in developed economies remains a drag on a strong real estate recovery. Corporate occupiers adopted a wait and see approach to expansion, with sale and leaseback activity increasing as corporate looked to release capital.

Leasing activity improved from the first quarter dip, but remains lower than 2011 due to weak jobs growth. As a result, gross leasing volumes across 2012 are expected to be 10 per cent below 2011.

Global office vacancy rates are now 13.3 per cent, the lowest since 2009, while vacancy continues to edge downwards.

The weight of capital continues to compress prime yields in some markets, while as the yield gap widens, more investors are expected to look at secondary markets. Nonetheless, debt will be a constraint, especially in Europe.

In retail sectors, JLL highlights a low development pipeline in both Europe and the US, but retail sales underpin activity in Asia as industrial recovery builds in the US market. Hotels saw a shortfall in investment during the first half of the year, but a strong deals pipeline is predicted to make up for the investment levels in the coming months.

Both sentiment and levels of activity across the world's major real estate markets have seesawed during the first half of the year. Following a slow start to 2012, the second quarter saw a modest rebound in investment and leasing turnover. But, economic uncertainty continues to affect investor sentiment. Deals are taking longer to close and the market remains polarised as investors steer clear of risky assets, focusing instead on prime product in core markets like London, Paris and New York. Yet, in spite of economic uncertainties, real estate as an asset class continues to attract a substantial weight of capital and remains firmly on track for this year's global investment volumes to match the robust levels of 2011.

In the corporate occupier markets, leasing volumes are also up on the subdued levels of the first quarter, but activity is still running 10%-15% lower than in 2011. Expansion demand is relatively weak as corporate occupiers look for further cost savings and smart growth ‘in situ'. Where there is new demand it is typically focused on higher-potential ‘emerging' markets like Mexico City and Jakarta, which are showing healthy levels of corporate activity, or on speciality markets such as the tech-rich areas of San Francisco Bay and the energy and commodities-driven cities like Houston and Perth.

Cyprus house prices and rents fall across all districts

Ivan Radford — Wed, 08 Aug 2012 12:03:00 GMT

Photo credit: Cyprus pictures

Cyprus prices and rents fell across all districts in the second quarter of 2012.

The Royal Institution of Chartered Surveyors' latest Cyprus index found that prices for houses and apartments fell by 1.2 per cent and 2 per cent respectively compared to the previous quarter. Rents dropped by an average of 2.1 per cent apartments and just 0.5 per cent houses, while compared to 2011, office rental rates plunged by 14.2 per cent.

Nicosia and Limassol had the worst quarter after being the least affected markets up until the second half of 2011. Indeed, apartment prices in the latter fell by 3.4 per cent from the first three months of the year, while house values were down by 2.3 per cent.

RICS Member Pavlos Loizou commented: "During the second quarter of 2012 Cyprus' economy bore the consequences of the political turmoil in Greece and the progressive decoupling of the local economy. The worsening state of Cyprus' economy and the growing political and economic uncertainty across the eurozone, led to a pronounced slowdown in mortgage and corporate lending and a further rise in the rate of unemployment."

(via Famagusta Gazette)

Cyprus property sales hit all-time low

Ivan Radford — Tue, 07 Aug 2012 12:16:00 GMT

Photo credit: Cyprus pictures

Cyprus property sales have hit an all-time low, according to new figures.

408 contracts were registered with the Land Registry in July, 33 per cent down on July 2011 and the lowest number since Cyprus Property News started keeping records in 2006.

27 per cent of the sales went to overseas buyers, with sales decreasing in all regions of the country. Indeed, demand from international investors continues to wane, with just 869 overseas sales recorded in the first seven months of this year; 21 per cent down from the same period in 2011.

With the Eurozone financial crisis continuing and confidence still low, the overseas market is struggling to recover as houses and developments sit on the market unsold.

Domestic buyers accounted for 63 per cent of the sales, but even then transactions are on a downward spiral, with 144 fewer properties sold compared to 2011.

Chinese buyers chivvy up Cyprus sales

Ivan Radford — Tue, 31 Jul 2012 12:04:00 GMT

Chinese buyers are chivvying up the Cyprus property market, according to new reports. Investors from China have woken up the dormant housing market in Paphos, helping sales to rise by 25 per cent in recent months.

The former hotspot for British buyers was hit hard by the global recession, causing demand, prices and sales to drop considerably. But now Chinese buyers are entering the area, according to Paphos developers The Leptos Group.

"Billboards along the main roads of Paphos are now advertising properties for sale in Chinese while developers have been actively targeting the Chinese market for some time," reports Cyprus Mail.

And according to many firms, the tactic working.

Sophia Charalambous of Korantina Homes comments: "All of our sales in recent months have been to Chinese clients... The British market has almost dried up for us. We have the occasional Russian client but we are mainly working with the Chinese."

It’s expensive being an expat: living costs up as property values plummet

Ivan Radford — Thu, 26 Jul 2012 12:11:00 GMT

It is expensive being an expat, according to a new report, as living costs soar and property values plummet.

Research by Post Office International Payments found that living costs for expats have risen by 11 per cent since 2011, almost four times the UK inflation rate. That climb is even steeper in the Eurozone, where costs have increased by 15 per cent.

At the same time, 72 per cent expats said that their property values had dropped - and, to make matters worse, they are spending an unnecessary £217 million on bank transaction charges when transferring funds abroad.

Only 3.5% of over 900 people surveyed had seen no increase in costs over the past year but almost half (48.4%) said they had paid out more than 10% extra on household expenditure, motoring and meals out. Nearly two-in-five (18%) said they felt that these prices had risen by over 20%.

With confidence at a low ebb, more than two-thirds (67.5%) said that the price rises had already impacted on their lifestyle and would mean making significant cutbacks this year.

The surge in prices was even more marked in the most popular European countries for expats, according to the Post Office report. Spain, Cyprus and Portugal were particularly hard hit with food and fuel prices named as the key issue.

Two-in-five expats in Spain said the cost of eating out had risen over 15%, while 71% reported an increase of over 10% year-on-year for fuel. All of the Cyprus-based respondents said that prices had increased with 30% saying prices had risen by over 20% and a quarter reporting a rise in the cost of food of more than 20%.

Similarly, 70% of homeowners in Spain said that their property had fallen in value since 2011. More than two-thirds of those living in Cyprus reported a drop in the value of their home. In Portugal more than three-in-five homeowners said their home had lost value in the past year.

UK expats owning homes in France fared better. Only 16.4% of respondents believed that the value of their property had dropped over the past year, with over half (52%) saying their home was worth the same as 12 months ago.

The Post Office Expat Payments Index also found that over half (51%) of expats transferring funds from the UK did so via their bank. Despite many expats saying they needed to make cut backs, they potentially waste an average of £1583 each a year by paying bank charges on these transactions rather than using a fee-free International Payments specialist like the Post Office. This figure rises to as much as £300 for those banks making higher charges.

The £158 wasted would be enough to pay for 130 litres (28.6 gallons) of petrol or a pair of return flights between the UK and the Costa. Alternatively £300 would buy 12 meals out for two with wine in the Algarve.

Michael Gibbon, Head of Post Office International Payments, said: "With rising prices and falling property values overseas, it is no wonder that confidence is low amongst the expat community. However, many expats are sending hard-earned cash down the plughole simply by paying charges to transfer funds via their bank. Depending on which bank they use and how much they transfer, they could lose hundreds of pounds every year that could help offset the higher prices for food, motoring and household necessities.

"With sterling experiencing a four year high against the euro, people who send funds in larger amounts once or twice a year might want to transfer smaller amounts more frequently to take advantage of the improved euro exchange rate. If they do that through a bank they will pay hefty bank charges but with Post Office International Payments it will not cost them anything."

Global commercial property investment up by 10 per cent

Ivan Radford — Mon, 16 Jul 2012 11:18:00 GMT

Investment activity in commercial property looked positive across the globe in the second quarter of 2012, according to Jones Lang LaSalle.

Comparing data from over 60 countries, JLL's report shows that volumes rose by 10 per cent upon the first quarter, with investors continuing to move away from equities and towards other assets.

Asia Pacific, Europe, Middle East & Africa, and the Americas all recorded an increase in activity in the second quarter of the year. However, on a year on year basis the picture is more mixed with only Asia Pacific showing growth in investment volumes, up by 21 per cent compared to the same period in 2011.

In contrast to the fragile market of the first half of 2010, investor sentiment is much more optimistic and this is reflected in volumes being over 50 per cent higher in H1 2012. However, the positive attitude of the first half of 2011, when government stimulus was in full swing globally, has not been sustained in the face of continuing debt and economic growth concerns and volumes are down 9 per cent on H1 2011.

Clearly we remain in a challenging environment. However, the demand for good quality, well located direct commercial property remains high globally as evidenced by the rising transactional volumes this quarter," commented Arthur de Haast, Head of the International Capital Group at Jones Lang LaSalle. "In the light of ever diminishing yields from other asset classes the potential income returns offered by core, prime commercial property are attractive to many investors. Even in Europe, the eye of the economic storm at present, we continue to see strong demand for the best properties as witnessed in the recent purchase by the Malaysian pension fund PNB of two London properties from the KanAm portfolio above the reported book value of €590m."

One consistent feature of the investment market over recent times has been the influence of cash rich buyers in core, prime locations. With further news this quarter of banks exiting the commercial lending business, and new entrants only able to provide a fraction of the level required, private equity, institutional and high net worth purchasers continue to dominate purchasing activity at the expense of distressed vendors and developers in particular.

David Green-Morgan, Global Capital Markets Research Director at Jones Lang LaSalle commented: "While volumes have improved in the second quarter and the pace of activity is broadly in-line with that of 2011, the investment market globally continues to evolve with new equity rich entrants attracted by the immediate income return as well as the longer term capital growth. We expect the investment market to continue to be dominated by those groups with access to equity and only a minimal or no need for debt financing, as evidenced in Paris by the Qataris buying retail and office assets or new market entrants such as Norges continuing to increase their direct real estate exposure across international markets."

Concluding, Mr de Haast added: "For the last two years core, prime locations have been performing well and this has attracted the vast majority of investment capital. This weight of capital has compressed yields in prime markets globally whereas secondary markets continue to see yields move out, and the gap between the two has grown ever wider. While the economic outlook remains precarious the pricing in many secondary markets will eventually approach a level which will trigger more activity."

Controversial Cyprus land swap approved

Ivan Radford — Thu, 12 Jul 2012 11:32:00 GMT

The first ever land swap deal has been approved by the Cyprus government this week.

The exchange of property between Greek Cypriot and Turkish Cypriot owners on the north and south of the island was given the go-ahead by Attorney-General Petros Clerides. It will see the Turkish Cypriot land in Larnaca transferred to refugee Dr. Mike Tymvios by the government, who will then purchase the land from him for €13 million.

The deal follows years of lobbying for a property exchange scheme by the Turkish Cypriot leadership, reports Cyprus Property News. But Clerides emphasised that the land swap was a "special" one-off case.

For more on the case's complicated history and the government's controversial decision, read this detailed rundown at the Cyprus Mail.

Cyprus house sales slip back in June

Ivan Radford — Tue, 10 Jul 2012 12:04:00 GMT

Cyprus property sales slipped back in June, according to the latest figures.

The country's Land Registry offices reveal that a total of 543 contracts were deposited for the purchase of properties, 8 per cent lower than June last year.

But there is some positive news to be found: property sales across the first six months of 2012 were 4 per cent higher than the first half of 2011. This slight increase is most likely due to the rush to beat the Property Transfer Fee deadline, suggests Cyprus Property News, which has since been extended to the end of the year.

Domestic sales showed similar promise in June, with 15 properties sold across the month, 4 per cent higher than June last year, and 2,910 transactions completed in the first half of 2012, 12 per cent above the first six months of 2011.

Internationally, though, the market is still sliding. Sales fell in all areas by 36 per cent in June compared to last year, with Larnaca hardest hit by a year-on-year drop of 68 per cent.

Over the first six half of this year, overseas sales reached 800, 18 per cent down on the first half of last year.

Cyprus construction collapses again

Ivan Radford — Mon, 09 Jul 2012 12:37:00 GMT

Cyprus construction fell again in April, according to official figures.

500 building permits were issued in April 2012, 10.7 per cent below 2011, the Cyprus Statistical Service has revealed. 347 of those permits were for residential buildings and 77 for non-residential buildings.

New home building also saw a decrease in activity, with 347 permits approved for the construction 373 new homes, 39 per cent less than April 2011, when 1,196 new homes were given the thumbs up for construction.

Across the first four months of the year, the statistics are equally grim, with new home permits down by 44.1 per cent compared to the first four months of 2011. A total of 2,496 permits were issues between January and April this year, down 5.3 per cent from the same period last year.

Source: Cyprus Property News

Surviving in Cyprus: an expat guide

Ivan Radford — Wed, 04 Jul 2012 12:44:00 GMT

"I finished work at lunchtime on Friday and by 3 pm I was at the airport!"

That's how Gladys began her new life in Lanarca. It was a big step for her and husband, but they had been planning for years to retire and find a place in the sun. And where better than this impressive four-bedroom villa in Cyprus?

"Our family and friends were in a way upset at our decision to leave," she recalls, when they announced that they would move to Aradippou, a much sought-after suburb of Lanarca just 15 minutes from the beach. "But everyone remarked that they now knew where to go for holidays!"

The warm weather and new surroundings were exciting, she tells me, before admitting that being the new kid on the block was nerve-wracking. "It was a couple of hours before landing that it sunk in what I had done. We knew no one on the island!"

With a little help from my friends

It got worse when they reached the house to discover their furniture would not arrive for three weeks. But the Cypriot locals soon came to the rescue: "No sooner had we arrived than a neighbour invited us for dinner. I was invited by another for breakfast, while her husband took mine to sort out a bed."

So Cyprus wasn't so scary after all?

"From day one we found everyone was so helpful and friendly, giving us little bags of fruit when we went for a walk, inviting us in for coffee."

She pauses. "Cyprus coffee is awful. But being British I took it gracefully!"

Apart from the coffee, what else was different in Lanarca? Was it tough to get used to driving on the wrong side of the road?

"Oh, the roads are very British! We drive on the same side, have insurance and MOTs. The only difference is the tax disc, which isn't displayed but carried with you. On the whole it was easy to fit into their way of life. Being an ex-British colony, their law and many of their ways are based on the UK system."

The language, then. That must have been a challenge. She laughs. "I tried to learn Greek - and I'm still rubbish!"

So the communication barrier isn't a problem? Ordering food or buying things in the supermarket? "Every time I try to use my Greek, I'm answered in English!" she replies. "Most people can speak English and if they can't, they always know someone who can."

The way she puts it, moving to Cyprus doesn't seem like such a big step after all. There's Christmas, Burns Night and St George's Day to celebrate. There's even an M&S, a Tesco Express and a chip shop, not to mention the British cinema. She reminds me of the large expat community out here, which only adds to the familiarity.

"We quickly made friends with other Brits. People hearing us speak in supermarkets, on buses, in petrol stations would stop, speak and invite us to their homes - that never happened in Britain in all the years I lived there!"

If Cyprus is different to England, she concludes, it's mainly because everyone is more helpful. "One thing I learned very quickly - if you don't understand something, ASK FOR HELP. It doesn't matter if you're at the hospital, local authority offices or wherever, people will be only too pleased to help you out. They almost take a pride in offering their assistance."

Room enough to rent

What about family? Did her kids ever forgive her for moving abroad with her husband?

"We had barely settled when they started to arrive," she smiles. "I think we see more of our family now than we did back home!"

It's no surprise. You can see from the three large bedrooms that the house has more than enough room for guests. You could even rent it out as a holiday home if you didn't plan to live their permanently - Lanarca is popular with tourists, adds Gladys. It's easy to see why.

"We swim almost every day, go for meals, visit Aradippou's theatre, take tango lessons and then hit the beach," she enthuses, launching into a description of the local attractions. So much for a quiet retirement. Rather the opposite: Gladys seems hell-bent on making the most of what's on offer.

"Where else can you ski in the mountains then drive to the beach to swim on the same day?"

She has a point.

She stands and offers me tea - not coffee.

I follow her to the kitchen, an attractive, bespoke cream room that she had done after moving in. "The house is our permanent home, so we've constantly upgraded it," she explains. She points out the main improvements: the laminate floor, the fireplace in the family room, "not that we even need that amount of heat!"

She takes me into the small garden and we sip our drinks there, passing through some gorgeous outside doors with hand-painted glass. She asks what I think. I don't tell her that I'm more impressed by the designer Italian tiles in the downstairs bathroom.

Survival tips for expats in Cyprus

I finish my tea and ask about how she's lasted so long. She makes relocating abroad look easy, but there must be some tips she can share for eager expats-in-waiting.

"You need to learn very quickly that time doesn't mean a great deal. People promise to come with deliveries in 10 minutes or invite you for dinner at 7pm, but they're so laid back here. Now I know to ask if they mean British time or Cyprus time!"

What about food? Is there anything to avoid?

"Cypriots have a different way of butchering meat," she cautions. "At the butchers always state exactly what you wish. They believe in waste not, want not. It is very common when ordering a leg of, say, lamb to find it chopped up into bits, or to see a chicken complete with giblets, legs, neck etc. being handed round in a large dish for dinner."

So is there anything she misses about home at all? She smiles.

"What do I miss about home? Basically nothing! We have satellite TV, which keeps us well up-to-date with what is going on throughout the world."

She explains that these days, staying in touch with friends abroad is easy thanks to technology. "Internet access is throughout the house," she points out. I nod, trying not to think about the 52-inch TV in the main bedroom.

"I am sure anyone buying this home would have a better standard of living than in UK and be very happy out here," she concludes. Then lets out a little chuckle.

"We do laugh when we hear about the weather in Britain."

Looking to move to somewhere sunny?

This Cyprus home can be yours for £237,209. Price negotiable.

Watch - What's the cost for a Cyprus bailout?

Ivan Radford — Thu, 28 Jun 2012 10:31:00 GMT

Cyprus says it is premature to speculate on what conditions Brussels might attached to the bailout it wants. But EU sources said the Cypriot government could ask for 10 billion euros to shore up its banks.

What is the cost for a Cyprus bailout? A big fear in the country is that unpopular austerity measures could be imposed and that its low-tax status for businesses could be challenged. Analyst Fiona Mullen of Nicosia-based economic research consultancy Sapienta told Euronews:

"We don't know what the cost will be, what the EU will demand in return for this loan. The biggest worry being they might force an increase in the corporate tax rate, which is currently the lowest in the EU at 10 percent."

Watch the full report:

Have Cyprus property prices reached the bottom yet?

Ivan Radford — Thu, 21 Jun 2012 12:06:00 GMT

Cyprus property prices have fallen again in the first quarter of 2012, according to the Royal Institution of Chartered Surveyors.

The RICS Cyprus property Index shows that house prices dropped by 2.4 per cent compared to the last three months of 2011, while apartment prices slipped by 2.6 per cent. Rents also dropped by 2.2 per cent in the quarter for all Cypriot property.

The figures follow a recent report from Global Property Guide, which revealed real estate values in Cyprus had fallen by 14.5 per cent at the end of last year from the market peak in 2008.

Indeed, RICS has seen a similar trend, with apartments in the Famagusta/Paralimni area falling by 31 per cent since the Institution's index began. And that may not be the whole story, according to Cyprus Property News:

"Anecdotal evidence suggests that prices of holiday apartments designed for the overseas market have fallen still further," reads the magazine, "and that ground floor apartments and penthouses are being bought by Nicosians, looking for a weekend retreat, at knockdown prices."

The plummeting figures paint an overwhelmingly negative picture of Cyprus' struggling real estate. The market will be relieved that Greece's recent elections avoided another €10 million of estimated debt, but Cyprus still required €1.8 billion by the end of June to recapitalise the Popular Bank - a sum that has seen the government reportedly negotiate support from Russia.

If the rumoured bailout does take place, will the price drops continue even lower? With RICS noting a 17 per cent drop in average residential prices since the first quarter of 2010, is the market still yet to reach the bottom?

Cyprus airport development experiences turbulence

Ivan Radford — Tue, 19 Jun 2012 11:00:00 GMT

Plans to develop a Cyprus airport into a commercial centre are experiencing turbulence.

The project, which would see Larnaca's old airport converted into a complex complete with showrooms and facilities, has encountered financial and legal obstacles following new proposals from its Chinese backers.

The Chinese firm, Far Eastern Phoenix, is investing €600m in the development but recently proposed to extend its agreement with Hermes Airports from 19 years to 50 years, which had led government ministers to re-evaluate the project.

Meetings took place in Cyprus yesterday to discuss the plans, which is expected to boost overseas investment in the country as well create hundreds of jobs for both domestic and international workers.

Source: Cyprus Property News

Cyprus reportedly closes in on Russian loan

Ivan Radford — Mon, 18 Jun 2012 11:55:00 GMT

Cyprus is reportedly closing in on a deal for a second loan from Russia.

The Finance Minister Vassos Shiarly has refused to comment on reports in the Russian press that the two countries are close to agreeing a 5 billion euro deal to help Cyprus avoid seeking an EU bailout.

Cyprus needs 1.8 billion euros by the end of June to recapitalise the island's second-largest bank, adds Cyprus Property News, not to mention a further 3 billion euros to refinance its public debt. If reports are true and the Russian loan does proceed, it will more than cover the country's overheads.

Cyprus shoots down Qatari investment plan

Ivan Radford — Wed, 13 Jun 2012 11:33:00 GMT

Cyprus has shot down a Qatari investment plan in the country's capital city.

An understanding was reached in 2008 between Qatari Diar Real Estate Investment Company and the Cypriot Government to evaluate a plot of land opposite Nicosia's Hilton hotel for mixed-used development. But this week, the Finance Minister commented: "it would seem that the investment in question may likely not go ahead, for various reasons."

"In a roundabout way, the Finance Minister today has told us that it is not happening," responded Cyprus' opposition party.

"And to make it appear as if the Qataris will not leave without investing a single euro, they [the government] are now making vague references to other investments, and this to justify their incompetence for failing to bring to fruition a development project which they have been advertising for more than two years."

Source: OPP

Cyprus new home construction falls by 57pc

Ivan Radford — Fri, 08 Jun 2012 11:30:00 GMT

Construction of new homes in Cyprus has fallen by over fifty per cent, according to official figures.

The latest report from the Cyprus Statistical Service shows that building permits were issued for 506 new homes in March 2012, 57.7 per cent lower than March 2011, when the construction of 1,196 new homes was approved.

Despite this, the overall number of building permits across Cyprus, including developments such as civil engineering projects and road construction, was 808 in March 2012, 9.2 per cent higher than March 2011. However, Cyprus Property News notes that the total area of these permits covered 112,451 square metres, 43.5 per cent less than March 2011.

Top of the Props: Buyers see bright side of Greek euro tragedy

Ivan Radford — Wed, 06 Jun 2012 15:26:00 GMT

Photo credit: Adam Balch

Buyers are seeing the bright side of Greece's euro tragedy, according to TheMoveChannel.com's latest Top of the Props report. The eurozone crisis continues to spread waves of uncertainty across the continent, but Greece and Cyprus fought back against the tide in May as demand for each country's property increased, propelling them both into the overseas portal's top 10 destinations.

While banks discussed bailouts and austerity measures, buyers bucked the negative trend last month, driving Greece five places up TheMoveChannel.com's chart to number eight, with Cyprus just behind after climbing seven spots. This is the first time both countries have been in the Top of the Props Top 10 since November last year.

Together, the two destinations accounted for 4.09 per cent of the site's total enquiries in May, lower than sixth place Brazil (4.37 per cent) and far behind buyer favourite Spain, which commanded a 17.81 per cent share of attention, but still enough to rank above tenth place Germany (1.85 per cent). The increase in interest may be slim, but it reveals the ongoing appeal of two much-maligned property markets.

Indeed, Greece and Cyprus have never been far away from TheMoveChannel.com's Top 10. Greece appeared in eighth place in February 2012, while Cyprus rose as high as seventh in October 2011. But economic woes and negative media coverage have left both countries loitering inside the Top 15 for the last three months.

May's uptick in demand also shows the changing relationship between the two markets. Throughout last year, Cyprus remained the most popular of the pair, but since the start of 2012, Greece has consistently received more enquiries from buyers, despite the increasingly tumultuous economic climate.

Director Dan Johnson comments: "Greece continues to hog the headlines this year for all the wrong reasons, so it's a pleasant surprise to see two of Europe's traditional lifestyle destinations back in TheMoveChannel.com's Top 10. There's no getting round the fact that demand has decreased compared to last year - enquiries in October 2011 were higher for each country, even though Greece ranked three places lower - but as debates continue to surround the future of the euro, the increasing popularity of Greek and Cypriot real estate could be a sign that investors are not yet planning an exit of their own."

Ross Michaelides of Buy and Sell Estate Agency in Crete comments on Greece's enduring appeal for overseas investors: "Buying property does have a lot to do with economics, but buying a home abroad should never be determined by money figures alone. The low crime rate, the natural beauty of the area, the weather and climate, the professional services and the hospitality of the people weigh the same (if not more) in the decision to buy a house abroad."

The full breakdown of the Top 40 is as follows:

Overall Enquiries for May 2012
Rank	Country	Share	Change
1	Spain	17.81	Non-mover
2	USA	12.97	Non-mover
3	France	9.92	Non-mover
4	Portugal	5.58	Up 1
5	Italy	4.9	Up 1
6	Brazil	4.37	Down 2
7	Turkey	3.15	Non-mover
8	Greece	2.15	Up 5
9	Cyprus	1.94	Up 7
10	Germany	1.85	Down 1
11	India	1.73	Non-mover
12	Cape Verde	1.71	Down 2
13	Thailand	1.61	Up 1
14	Malta	1.46	Down 6
15	Bulgaria	1.39	Down 3
16	Cayman Islands	1.26	Up 12
17	Croatia	1.19	Down 2
18	St Lucia	1.1	Up 9
19	canada	0.99	Up 1
20	Mexico	0.85	Up 3
21	Slovenia	0.73	Up 5
22	Hungary	0.69	Down 5
23	Switzerland	0.67	Down 3
24	Poland	0.65	Up 1
25	Egypt	0.61	Down 7
26	Morocco	0.51	Down 2
27	UAE	0.38	Down 8
28	St Vincent and Grenadines	0.36	Up 15
29	Australia	0.34	Up 1
30	Indonesia	0.3	Down 10
31	montenegro	0.29	Up 3
32	Costa Rica	0.28	Down 3
33	Jamaica	0.26	Up 2
34	Barbados	0.24	Down 4
35	New Zealand	0.22	Up 14
36	Philippines	0.17	Down 3
37	Georgia	0.16	Up 4
38	South Africa	0.15	Down 6
39	Austria	0.13	Down 2
40	Mauritius	0.12	Up 2

Notes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.TheMoveChannel.com and the office address is 24 Jack's Place, Corbet Place, Spitalfields, London, E1 6NN.

Contact Dan Johnson on 0207 952 7650 for further information.

Cyprus tax incentives extended for foreign buyers

Ivan Radford — Wed, 30 May 2012 11:08:00 GMT

Cyprus has extended tax incentives for foreign buyers.

The House of Representatives yesterday voted to continue the Property Transfer Fee regulations, introduced last December, until the end of 2012. For those who pay VAT on property transactions, the transfer fees are waived entirely for another seven months, while those who do not pay VAT only have to pay half of the transfer fee.

The changes only apply to the first sale of a property when the contract is registered with the Land Registry by the end of the year, reports Cyprus Property News.

Cyprus has also expanded the 5 per cent VAT on new homes to include investors from outside of the EU.

Cyprus luxury market stays strong

Ivan Radford — Mon, 28 May 2012 13:04:00 GMT

Figures surrounding the Cyrus property market have been plummeting downwards for some time, but amid the country's economic crisis, a chink of positive light has appeared: luxury real estate on the island has actually resisted the recession quite well.

Knight Frank's Cyprus Residential Prime Market Report 2012 demand has stayed relatively strong for high-end property with prices in the most popular second-home destinations falling by 20 per cent since the market peak, compared to third-choice locations, where values have dropped by 40 per cent.

"Unlike the domestic housing market and the core second-home market, demand for the very top-end of the market has remained strong over the past couple of years," reads the report.

Demand for prime developments is driven exclusively by international investment, with the UK accounting for most activity in sectors below €500,000. Russia and other European buyers fuel the €500k-2m market, while Russia and other CIS countries dominate the €2m+ market.

"Estimates vary, but against a backdrop of falling prices across the country, values across prime markets have generally remained flat over the past two year," adds the report. "However, at some of the very top developments unit prices have risen by around 10% on average."

Four countries to buy homes in

admin — Mon, 21 May 2012 13:56:00 GMT

Photo credit: eutrophication&hypoxia

With the global economy still in a state of recovery, many investors are looking to buying second properties that could become lucrative long-term investments. There are a multitude of factors involved in this-affording long distance movers, making sure you can still finance your first home, etc.

The most important thing is being sure that the investment you're making won't be in a popping bubble. Many of us have learned that lesson the hard way. For that reason it's important to do your research when searching for an overseas property. Here are four countries that could be good starting points for an overseas property investor:

Northern Cyprus

Decades of political unrest have kept this island in a depression as both the Greek Cypriots and Turkish Cypriots wrestled for control. But beginning in 2003 the nation has seen meteoric financial growth and Northern Cyprus's property values have risen. This is the result of a myriad of factors: an impressively diverse and textured culture and landscape that sees the intersection of three continents-Europe, Africa, and Asia. Additionally, there is very little crime in the country.

Currently many apartments can be had for $80,000, while houses and villas go for about $200k to $350k.

Dubai

This extremely verdant nation in the United Arab Emirates is becoming a rising star on the

world scene, replete with booming luxury and tourist industries, a rich cosmopolitan culture and a very active business scene. Add to this low crime, a high standard of living, its tax haven status, and its 6.7% GDP growth rate and you can understand why people are scrambling to swoop up Dubai's half million dollar homes.

Shanghai, China

Joining the rest of the Chinese economy, Shanghai is a growing cosmopolitan hub that should continue to grow in the coming years, meaning that property values will likely continue to rise. Some analysts consider Shanghai to be a bubble, but they said the same thing about Dubai and both cities have continued to increase in value.

Shanghai has a 9.3% GDP growth rate and cheaper real estate than Hong Kong.

Dominican Republic

The Dominican Republic benefits from a triple whammy of fortuitous factors: a stable democracy, a good economy, a beautiful location, and extremely affordable homes. There are few places in the world where you can find oceanfront home for a quarter of a million dollars. This is one of them.

These four countries are growing rapidly and it is quite possible that their real estate markets will inflate. Of course, that's a risk inherent in any speculative real estate play. However, if one judges promise based upon the strength of the national economy and cultural diversity, these countries rank highly for investors.

Construction quality of Cyprus property to improve?

Ivan Radford — Fri, 18 May 2012 11:35:00 GMT

The construction quality of new build homes in Cyprus may be set to improve as the first insurance firm in the country offers 10-year warranties against latent property defects.

British insurer Premier Guarantee announced the first 10-year warranty against hidden home defects in Cyprus this week, pledging to "help restore the tarnished reputation of the island construction industry".

The scheme would offer a decade's worth of protection against losses caused by defects in materials, design and/or workmanship of a property that results in "major damage to the structural elements."

The insurance can be transferred between buyers and claims can be settled without having to prove negligence on the park of the developer or contractor. Buildings will be assessed by the company for their eligibility for cover, according to a 320-page technical manual.

Source: Cyprus Property News

Cyprus sales sink for almost 22 months in a row

Ivan Radford — Tue, 15 May 2012 12:39:00 GMT

Cyprus property sales have been steadily sinking for almost 22 months in a row, according to new figures from the Land Registry.

461 property purchase contracts were submitted in April this year, 15 per cent fewer than April 2011, as transactions continue to shrink across the country. Indeed, with the exception of January 2012, when the market saw a year-on-year increase, sales have dropped every single month since June 2010.

The latest slump follows a string of price cuts and legislation reforms, but Cyprus' economy has sapped local demand. Even with 26 per cent of contracts submitted in April belonging to overseas investors, transactions are now 70 per cent below the market peak of 2007.

The only region to see an increase in domestic activity was Paphos, which remains a popular hotspot for property buyers, while Limassol was the only region to see overseas investment increase.

"The government still has much to do to repair the Island's tarnished reputation abroad resulting from the on-going delays in issuing Title Deeds and the actions of unscrupulous property developers," adds Cyprus Property News.

Cyprus still struggling in "unfavourable economic climate"

Ivan Radford — Tue, 08 May 2012 12:15:00 GMT

The Cyprus property market is still struggling in the "unfavourable economic climate", according to the Royal Institution for Chartered Surveyors.

The RICS Global Commercial Property Survey revealed that prices across the country are still falling, while rental yields are unattractive to investors.

"[This is] mainly due to the unfavourable economic climate, the negative forecasts for the broader economy, the lack of sponsorship and the low performances," board member of RICS Cyprus Pavlos Loizou explained to Cyprus Mail.

"We are going through a long period of trying to balance the rentals with the prices, which will be followed by an extended period of inaction, until the economy stabilises and starts to recover," he added, suggesting that commercial property yields need to jump by several per cent to lift the market out of its slump.

Source: Cyprus Mail

Cyprus construction continues to collapse

Ivan Radford — Fri, 04 May 2012 12:35:00 GMT

Cyprus construction is continuing to collapse, with the number of building permits issued in February falling once again.

In total, 633 permits were issued, according to the Cyprus Statistical Service, a drop of 9.4 per cent from the 699 issued in February 2011.

The figures, considered by the Cyprus Statistical Service to be a leading indicator of future market activity, suggest an ongoing slump as the number of residential dwellings approved for construction fell by 33 per cent from 2011.

Source: Cyprus Property News

"Do not ignore" Cypriot bank writs, advise experts

Ivan Radford — Wed, 02 May 2012 10:44:00 GMT

Legal experts Judicare have advised UK buyers not to simply ignore writs from Cypriot banks regarding the non-payment of loans.

The writs, which give the buyer 30 days in which to file a court appearance in Cyprus to defend their non-payment, are being served by banks following the purchase of property in the country and could potentially see enforcement carried out upon the buyer's real estate in the UK.

Therefore, Judicare told Cyprus Property News this week that it was "critical that any client being served in the UK seek legal advice from Cypriot counsel within the stated deadline".

"We strongly advise that any recipient of such writs or termination notices act to address the matter and not simply ignore the service and the potential implications to the same," the law firm added.

Cyprus banks take "dramatic measures"

Ivan Radford — Tue, 24 Apr 2012 12:07:00 GMT

Cyprus banks are taking "dramatic measures" to raise the capital required after the Greek sovereign debt bailout.

In total, Cypriot banks need 2.5 billion euros by June this year to prevent further damages, with Popular Bank required to raise 1.35 billion euros to avoid dependence on the government. They, along with The Hellenic Bank and The Bank of Cyprus are following in Spain's footsteps and attempting to sell off distressed properties and non-core assets from troubled developers to meet the targets.

The lenders have already sold assets in Australia and Europe, OPP reports, but this still hasn't earned enough to cover the deficit.

Greek recovery forecast good news for Cyprus

Ivan Radford — Wed, 18 Apr 2012 12:03:00 GMT

Greece could see GDP growth of up to 3 per cent by 2013, according the country's prime minister. Lucas Papademos announced this week that the Greek recovery forecast predicts a bounce back from the financial crisis within two years.

The prediction, based upon the country sticking to existing reforms and austerity measures, also anticipates the recapitalisation of Greek banks with EU loans from Friday 20^th April.

The forecast is good news for developers in Cyprus, reports OPP, with one firm telling the trade publication: "This is excellent news. Previously, buyers wanting to buy a home in Crete were hit by a double edged sword [of underperforming property markets and] Greek banks concentrating upon the consolidation of their balance sheets, which has resulted in the mortgage door firmly closed to the granting of any loans."

Cyprus suspends property repossession bill

Ivan Radford — Tue, 17 Apr 2012 10:55:00 GMT

Cyprus has suspended the introduction of a new bill that would allow the repossession of mortgaged property.

The bill, prepared by the Land Registry Department, would have amended the Immovable Property Law to enable banks to repossess and sell off land and property. But the government has halted the plans "indefinitely due to the economic crisis", reports the Cyprus Mail.

"Perhaps this is not the appropriate time for the mass auctioning of immovable properties by lenders," wrote the Interior Ministry to legislators.

Only 5 homes in Famagusta were sold last month

Ivan Radford — Wed, 11 Apr 2012 12:18:00 GMT

Cyprus overseas sales are still shrinking, reveal the latest government figures.

The number of foreign buyers in the first three months of this year fell by over a quarter compared to 2011, according to the Department of Lands and Surveys. A total of 129 contracts (out of 563) were registered by overseas investors between January and March, with only five properties sold to foreign buyers in Famagusta last month.

Domestic market activity is also on the decline, adds Cyprus Property Buyers, with sales in March this year dropping to 434 compared to 465 in March 2011.

But the quarterly figures reveal an increase in domestic sales, comments Nigel Howarth: "The first three months have seen a 14% rise in sales compared with the same period last year, due to an almost doubling of sales in January. But there are signs that the decline in sales is getting smaller and sales may be about to reach their worst point."

RICS: Prices in Cyprus continue to fall

Ivan Radford — Thu, 22 Mar 2012 00:41:00 GMT

THE NINTH edition of the RICS Cyprus Property Price Index reports that property prices in the Island's main urban areas continued to fall during the fourth quarter of 2011 although there was a small increase in apartment rental values.

Commenting on the latest Index Pavlos Loizou MRICS, Board member of RICS Cyprus, said "During the fourth quarter of 2011 Cyprus' economy bore the consequences of the decoupling of the Greek economy, the slowdown in mortgage and corporate lending, the increased cost of electricity, and the rising rate of unemployment.

"The combination of the above, along with the decrease in salaries of government workers and uncertainty surrounding Cyprus' banking system, led to a decrease in retail spending and a slowdown of the economy".

"Whilst the first and second quarters saw some signs of muted economic growth, the third and forth quarters saw investors postpone their decision making and banks retrenching by limiting the amount of credit available. This led to a low transaction turnover and to reduced interest, especially by local buyers, as they were more affected by the increase in unemployment and the decrease in credit."

Source: Cyprus Property Buyers

Paphos homes in danger of collapse after heavy rain

admin — Tue, 20 Mar 2012 09:30:00 GMT

A recently built six house estate in Armou near Paphos is in imminent danger of collapse after it was constructed on land locals had long been warned was unsafe.

The development looks like an earthquake has struck. All of the houses show serious structural problems, from slanting floors, to the partial collapse of stairs, walls, swimming pools and patio areas. Outside drains are now exposed in one garden and retaining walls have been split apart.

Two of the access roads to the development are currently impassable with giant gaps in both, and huge pieces of tarmac have been dislodged. The third is barely useable, and may also be out of action at any time.

And just one more week of rain could see the homes falling down completely according to the president of Paphos’ architects and civil engineers association, Chrysostomos Italos.

Source: Cyprus-Property-Buyers.com

Dreams of a home in Cyprus turn into a nightmare

admin — Wed, 14 Mar 2012 09:48:00 GMT

When Steve Noonan, a legal adviser for Cleveland Police, bought his two-bedroom apartment off-plan at the Cypriot development of St Nicolas in the town of Chloraka, near Paphos for only £160,000 in 2008, it seemed too good to be true.

"And the problem is, it was too good to be true," he says, particularly when a debt collection agency in the UK started sending him letters, texts and phone calls demanding mortgage repayments on his Cypriot property, or his family home in Skelton, Yorkshire and other assets would be repossessed by bailiffs.

The deal involved a UK-based agent, the major Greek and Cypriot Alpha Bank, and the Cypriot developer Alpha Panareti. Mr Noonan and his wife Eugenie say they were told that repayments to Alpha Bank would be only £560 a month through a 25-year interest-only loan.

Source: Cyprus-Property-Buyers.com

Construction sector in recession for second year

admin — Fri, 09 Mar 2012 06:25:00 GMT

The Construction sector continued in recession for the second year running in 2010 according to a report “Construction and Housing Statistics, 2010″ recently published by CySTAT.

The main developments in the sector during 2010 were:

1. The construction sector continued for the second year in a row to exhibit signs of recession. The rate of growth of the sector in 2010 (in terms of value added at constant prices) is provisionally estimated to have recorded a decrease of 7.0% compared to a decline of 18.6% in 2009.

2. The gross output of the sector at current market prices was reduced in 2010 by 9.7% to €3,048.8 million compared to €3,376.3 million in 2009. The subsector of buildings construction and civil engineering recorded a decrease of 6.2%, while the subsector of land and buildings development registered a decline of 22.7%.

3. New residential buildings accounted for 46.4% of the total gross output of the subsector of buildings construction and civil engineering, new non-residential buildings (offices, shops, hotels, factories, airport buildings, etc.) for 20.9%, new civil engineering projects (roads and bridges, water supply and sewerage networks, telecommunications and electricity lines etc.) for 24.5% and repairs and maintenance for the remaining 8.2%.

Source: Cyprus-Property-Buyers.com

Building permits decrease by 14.5 per cent

admin — Fri, 17 Feb 2012 06:28:00 GMT

Building permits fell 14.5 per cent in 2011 compared to the corresponding period of the previous year, according to data issued by the Statistical Services.

A total of 7,506 building permits were issued between January and December 2011.

At the same time, the total value of these permits decreased by 21.8 per cent and the total area by 22.8 per cent. Τhe number of dwelling units recorded a decrease of 38.2 per cent.

The number of building permits authorised by the municipal authorities and the district administration offices during December 2011 stood at 560. The total value of these permits reached €189.3 million euros and the total area 213.900 square meters. These building permits provide for the construction of 573 dwelling units.

Source: Cyprus-Mail.com

Investor appetite grows as commercial foreclosures keep rising globally

admin — Tue, 14 Feb 2012 13:00:00 GMT

While investor appetite rose dramatically towards the end of 2011, the level of distressed properties* coming to the market is set to keep on rising globally, according to RICS.

Released today, the latest RICS Global Distressed Property Monitor reveals that two thirds of the countries surveyed anticipate a rise in forced selling of commercial buildings for the first quarter of 2012. Unsurprisingly, the number of commercial foreclosures is set to rise at the fastest pace in the Euro area.

Once again, the countries at the centre of the eurozone debt crisis are worst hit. The Republic of Ireland, Portugal, Spain and Italy expect the highest number of foreclosures. As previous reports have shown, the highly volatile economic and financial context has started to affect steadier markets. Property professionals in France and Germany also anticipate more distressed selling.

Source: Property-Magazine.eu

European Commission replies to property complaints

admin — Mon, 13 Feb 2012 12:10:00 GMT

The Civil Justice Directorate of the European Commission has replied to numerous letters of complaint it has received concerning Cyprus property developers and unfair commercial practices.

Numerous letters have been sent the European Commission Vice-president and commissioner responsible for justice, fundamental rights and citizenship, Viviane Reding, complaining about the unfair practices of the property industry in Cyprus.

Source: News.Cyprus-Property-Buyers.com

Cyprus property sales jump 97 per cent

Ivan Radford — Thu, 09 Feb 2012 12:29:00 GMT

Photo credit: Lisa_on_Flickr

Cyprus has long been the black sheep of the overseas property family. With its economy in turmoil, hit hard by the Eurozone crisis, prices and demand have been plummeting for months. But Cyprus surprised the world this week with the news that domestic property sales in January jumped by 97 per cent compared to 2011.

The figures, published by the Department of Land and Surveys, show that 697 local sales were completed in January, compared to 354 in January the year before, marking the second consecutive monthly increase in transactions for the market.

The rise, which followed a 22 per cent increase in December, has been attributed to the tax incentives introduced by the government last year. The incentive, which reduces VAT for first-time-buyers who live there permanently, also abolishes Property Transfer Fees on the first sale of a property for six months.

Since 2004, when domestic buyers were priced out of the market, property transactions have dipped. "A fall in the Island's GDP and rising unemployment means that the ‘good days' have gone", admitted real estate analysts Leaf Research to Cyprus Property News last month.

But now local investors are rushing to complete transactions before the deadline arrives.

So what does this boom mean for overseas investors?

While locals look to Limassol for property, Paphos is the primary place of choice for international investors. According to the Land Registry, 35 per cent of overseas purchases in 2011 took place in the popular town. But demand continued to dip, with sales volumes dropping by 18 per cent compared to 2010.

As Greece, Italy and Spain continue to cause wider economic concern, confidence in Cyprus property remains low abroad - particularly in the UK, where Brits make up the main buyer demographic. Scandals over missing title deeds and developers extorting investors' money have scarred many, prompting the government to introduce new measures last year to try and repair the country's tarnished image. Meanwhile, developers are busy targeting China in an attempt to find buyers unaffected by either crisis.

In January this year, 106 contrasts were deposited by overseas investors in the Registry, indicating almost the exact opposite of the upward domestic trend. "To put this into perspective," writes Global Edge, "in 2007 sales to foreigners averaged 940 per month."

Yet while overall foreign transactions fell by 37 per cent at the start of 2012, sales in Paphos actually increased by 23 per cent.

With prices predicted to fall throughout the year and the tax incentives in place, the cost of purchasing a home is certainly low enough to be attractive. But as investors await compensation, Cyprus is still searching for a way to restore confidence in its property market. If the current trend continues for another few months, could a surge in domestic transactions be enough to convince buyers that it's safe to return?

Not scared of Cyprus property?

Browse our listings of houses, condos and other real estate in Cyprus:

http://cyprus.themovechannel.com/property/all

Cyprus: Property market review and expectations for 2012

admin — Tue, 24 Jan 2012 01:49:00 GMT

Mr Loizou, lead consultant with niche real estate market research company Leaf Research, spoke of the economic factors and other issues that had resulted in dramatic downturn in sales that started in 2008.

“A fall in the Island’s GDP and rising unemployment means that the ‘good days’ have gone” said Mr Loizou, adding that “we are probably approaching the worst point, but things are unlikely to get back to where they were.”

Since January 2010, loans for housing have increased by 17% (€1.818 billion) and have rocketed by a staggering 197% since 2006. “The high cost of servicing these loans combined with increasing interest rates is putting a greater financial burden on households” said Mr Loizou.

The reduction in domestic sales started in 2004 as salaries failed to increase in line with the rising cost of housing. Although wages kept pace with construction costs, land prices rocketed by 576% between 1998 and 2008, pricing many local buyers out of the market.

Source: Cyprus Property News

Paphos 'a top target' among overseas property buyers

admin — Fri, 20 Jan 2012 10:47:00 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.

Source: PropertyShowrooms.com

Buyers in Cyprus can save under new transfer fee waiver

admin — Wed, 18 Jan 2012 06:48:00 GMT

The abolition of transfer fees will save buyers thousands of pounds off a new property in Cyprus under a change in Cypriot law.

The change, which last for six months only, allows those who pay VAT when buying a property to avoid transfer tax, saving up to 8% on its value. Those who do not pay VAT on their property will save 50% on the transfer fee.

Traditionally Cypriot law requires a buyer to pay a property transfer fee at completion but, in a bid to stimulate growth in the island’s property market, the fees have been waived until June 2012.

Jonathan Salsbury, UK sales manager for Cybarco, a leading luxury developer in Cyprus, said it means a golden window of opportunity for buyers.

Source: PropertyWIre.com

What will it take to stop the rot in the property market?

admin — Thu, 05 Jan 2012 03:45:00 GMT

AS WE approach the end of the year it is apparent that the Island’s property market is in a deep recession with little hope of a recovery in the near future.

Domestic sales have been hit by the uncertainty in the property market, the lack of liquidity plus the high cost of loans, record levels of unemployment and the problems with the Island’s economy.

British buyers have virtually deserted the market as a result of the revelations about Title Deeds and the misdemeanours of property developers, real estate agents and banks featuring in the UK media.

Property sales to overseas buyers in Paphos, once a favourite of the British, are down by nearly 90% on the numbers sold in 2007 and are at half the number sold ten years ago at the start of the property boom.

Source: Cyprus-Property-Buyers.com

Property prices and rents in Cyprus continue downward trend

admin — Wed, 04 Jan 2012 06:15:00 GMT

Residential property prices and rents continued to fall in Cyprus in the third quarter of 2011, according to the quarterly index from the Royal Institution of Chartered Surveyors.

Property prices have been affected by financial problems in the eurozone and by an explosion at the Evagelos Florakis Naval Base which severely damaged the country’s main electric power station.

‘The combination of the turmoil in Greece with this unfortunate event caused severe disruptions in daily lives and a loss of people’s confidence in the abilities of the state. In turn, the explosion led to numerous accusation and discussions by parliamentarians and government officials which escalated causing political instability,’ said Pavlos Loizou of RICS Cyprus.

‘Whilst the first and second quarters saw some signs of muted economic growth, the third quarter saw investors postpone their decision making and banks retrenching by limiting the amount of credit available. In turn this led to a low transaction turnover and to reduced interest, especially by local buyers, as they were affected by the increased tension between government and parliament,’ he added.

Source: PropertyWire.com

Global housing markets struggling

Ivan Radford — Mon, 05 Dec 2011 11:29:00 GMT

The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.

Moreover, 26 housing markets performed more poorly during the year to the third quarter than last year, while only 18 countries performed better.

The Global Property Guide's statistical presentation uses price-changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.

What is most remarkable this quarter is the wide variety of outcomes:

Brazil and India booming

India and Brazil's housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures. There were strong house price increases in almost all India's major cities, reflecting the country's current high rate of consumer price inflation, despite a drop in demand resulting from the repo rate hike in October (currently at 8.50%), the 13th since March 2010, making home loans costlier.

Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter, according to the FIPE- Zap price index. Sao Paolo had an astonishing year, with house prices up 20.26% during the year to Q3 2011. The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.

Europe's mixed housing markets

The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.

The Baltics have also performed strongly. Latvia is the third best performer among all reporting countries in our survey over the twelve months to Q3 2011. In Riga, standard type apartments rose 13.31% year-on-year, a quick comeback after a fall of 5.40% in the second quarter.

Following Latvia was Estonia, whose housing market is rallying after three years of terrific losses that began during the onset of the global financial crisis. During the year to end Q3 2011, house prices in Tallinn were up 12.30% with a quarterly rise of 2.71%.

Other European markets which have enjoyed satisfactory increases were Norway (+6.74%), France (+4.80%), and Switzerland (+3.35 %).

Modest house price increases were seen in Slovenia (+0.82%), Iceland (+0.76%), Germany (+0.66%) and Luxembourg (+0.55%) in the year to Q3 2011.

Ireland stays weak

The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.

Several other European housing markets experienced accelerated downturns during the year ending in the third quarter of 2011, including Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%) and Bulgaria (-9.65%).

Conversely, European countries which saw slower house price falls this year than the previous year include Turkey (-0.50%), Russia (-3.47%), Croatia (-4.59%), Hungary (-4.67%), Athens, Greece (-6.57%) and Kiev, Ukraine (-7.02%).

Asian housing markets now cooling

In Asia, several countries had house price increases during the year to end Q3 2011, albeit less strong than last year, following the government measures to curb the heat in their respective housing markets.

In Hong Kong, house prices were up 12.07% year-on-year, after a rise of 19.30% the previous year. In Malaysia, house prices rose by 3.15% year-on-year, after a rise of 5.76% during the same period last year. In Singapore, house prices rose by 2.73% year-on-year, a big drop from last year's 18.96%. In Taiwan, house prices were up a mere 0.46% year-on-year, after a rise of 6.97% during the same period the previous year. During the latest quarter, house prices were down 7.02%.

However, housing markets in South Korea and Philippines (Makati CBD) improved from a year earlier with price rises of 1.55% and 0.89%, respectively.

In Japan (Tokyo) and China (Shanghai), housing markets have been deteriorating since Q1 2011. House price declines are being reported across China, indicating the success of government measures during the past year. The country's skyrocketing housing prices have been blamed for social tensions and other economic problems.

Patchy progress for North America

The Canadian housing market has been a notable performer in the year to Q3 2011, with house prices in the six cities rising by 3.25% year-on-year, according to Teranet - National Bank Composite House Price Index. Record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence in the housing market. During the third quarter, house prices were up 3.46%.

In the United States, the housing market drifted lower as house prices plummeted by 7.22% (seasonally-adjusted) year-on-year to Q3 2011, according to the Federal Housing Finance Agency (FHFA). However, the number of homeowners who owe more than their homes' worth decreased modestly in the third quarter, though levels remained high.

Israeli house price boom now over

House prices in Israel fell 0.58% in the year to Q3 2011, the first drop since 2009. During the latest quarter, house prices were down 3.65%.

The moderation in home prices comes against the background of the continued increase in the number of building starts, the lagged effect of the increase in the interest rate, measures introduced by the Bank of Israel affecting mortgages, and steps taken by the Ministry of Finance in real estate taxation. The effect of these moves is expected to continue and be evident going forward.

Pacific housing markets heading down

In New Zealand, median house prices were down 4.30% from a year earlier, with a quarterly house price fall of 2.26%. However, there is optimism in the housing market buoyed by low interest rates and recovery following earthquakes in Christchurch.

High interest rates and global economic uncertainty have continued to impact the Australian housing market, and it slumped 5.55% in the year to Q3 2011, the third quarter in which annual house price falls were reported this year.

Accordingly, the Reserve Bank of Australia (RBA) lowered the benchmark interest rate in November, the first time since April 2009, moving to boost the nation's economy amid uncertainty stemming from Europe's debt crisis. The benchmark rate is currently at 4.50%.

Draft law abolishes Cyprus' "Property Transfer Fees"

admin — Thu, 10 Nov 2011 07:22:00 GMT

In an attempt to stimulate the Cypriot property market, the island’s MPs unanimously voted in the House of Representatives this week to abolish or reduce its official “Property Transfer Fees” for a period of six months.

The politicians have also proposed that:

· For those who pay VAT on their house purchase, no transfer fees will be payable.

· For those who do not pay VAT on their purchase, property transfer fees are to be reduced by 50%.

The draft law will be effective for six months, until the Cyprus government submits a full proposal to the House.

“Property Transfer Fees are based on the Land Registry’s assessment of the market value of a property at its date of purchase. However, using its discretion to reassess the amount of Transfer Fees payable, the Land Registry relies on its own historical data in a way that cancels out any transfer tax benefit of a ‘bargain-buy’, which can result in double the expected amount being levied,” Cyprus property News told OPP.

Source: OPP.org.uk

Cyprus property sales down 21 percent in October

admin — Mon, 07 Nov 2011 08:10:00 GMT

The Cyprus property market shrank by 21 per cent in October compared with October 2010 and the number of sales recorded so far this year are down by more that 11% on the number sold in 2009, the year the market collapsed.

Liquidity problems, record levels of unemployment and the huge uncertainty in the market continue to send the Cyprus property market into a tail-spin. With the exception of the suspension/reduction in Property Transfer Fees approved by parliament yesterday, there are still no signs of a recovery.

Sales fell for the 16th consecutive month in October, according to Department of Land and Survey figures published yesterday. The figures reveal that the number of contracts for the sale of property deposited at Land Registry offices throughout Cyprus fell to 565 compared with 714 in October 2010; a drop of 21 per cent.

Source: Cyprus-Property-Buyers.com

Top of the Props: America surprise second choice for buyers

Ivan Radford — Wed, 02 Nov 2011 12:36:00 GMT

Photo credit: Tommy Chang

America is now the second most popular overseas property destination in the world, according to the latest Top of the Props report from TheMoveChannel.com.

After a long-running battle between France and Spain at the top of the chart, the US has unexpectedly turned the two-horse race into a three-way competition for top spot. The country rose by two places in the rankings, replacing the traditional runner-up as the surprise second favourite for buyers in October.

America has always been one of the most popular places for foreign real estate investment, alongside France, Italy, Portugal and Turkey. But while Spain remains the country of choice for buyers (receiving 3 per cent more enquiries than the month before), America saw an increase of 1.06 per cent in enquiries last month.

That number may seem like a small increase, but interest in US property has grown by 3 per cent over the past three months, indicating a consistent appetite from overseas buyers for the country's heavily discounted property market. France had 1.57 per cent fewer enquiries last month, while interest in Portugal also waned, by 2.42 per cent - perhaps a sign that the continuing Euro crisis is sapping interest in continental property markets.

America's ascension was just one of several surprises, as Cyprus and Thailand both jumped several places to enter the Top 10 most popular destinations. Cyprus has been suffering from unemployment and economic woes in the years since the housing boom, but the country is now starting to claw back buyers, as property prices dropped for the sixth quarter in a row last month. New legislation to allow buyers to officially receive property title deeds is also encouraging investment, with many foreign investors already taking advantage of the more transparent system.

The Thai property market has just been hit by major flooding, although high-rise condominium sales are expected to grow as a result. Indeed, overall property transactions in Bangkok actually increased by 1,500 during the second quarter of 2011, according to CB Richard Ellis. But while Thailand and Cyprus made October a month of surprises, the biggest shock remains the US victory over France, as real estate away from the Eurozone continues to demonstrate its pull.

Director Dan Johnson comments: "French real estate has been seen as a safe investment zone in Europe for some time, so America snatching second place is a great achievement. The US market is currently full of foreclosures and repossessed property, with the affordable prices tempting buyers away from the French ski slopes and into the States.

"It's interesting to see Cyprus and Thailand regain their status as former Top 10 property destinations. The flooding may see Thailand's popularity decrease next month, but Cyprus' low prices leave a lot of room for investment as buyers look for familiar markets amid ongoing economic uncertainty."

The full breakdown of the Top 40 is as follows:

Overall enquiries for October 2011
Rank	Country	Share	Change
1	Spain	18.01	Non-mover
2	USA	9.27	Up 2
3	France	7.93	Down 1
4	Portugal	6.86	Down 1
5	Italy	6.29	Non-mover
6	Turkey	4.07	Up 1
7	Cyprus	3.65	Up 4
8	Thailand	3.17	Up 7
9	Bulgaria	2.77	Down 3
10	Brazil	2.67	Down 2
11	Greece	2.33	Up 1
12	Malta	2.23	Up 2
13	Barbados	2.02	Up 4
14	Germany	2.02	Down 4
15	Morocco	1.84	Down 6
16	Egypt	1.66	Up 3
17	Cape Verde	1.61	Up 4
18	Poland	1.19	Up 2
19	India	1.01	Down 3
20	Switzerland	1.01	Up 7
21	Hungary	0.96	Up 2
22	Cayman Islands	0.95	Non-mover
23	UAE	0.95	Up 5
24	Croatia	0.8	Down 6
25	Canada	0.8	Down 12
26	Slovenia	0.74	Down 1
27	Mexico	0.68	Up 13
28	Australia	0.49	Down 4
29	St Lucia	0.43	Down 3
30	Jamaica	0.41	Up 1
31	Indonesia	0.38	Down 1
32	Montenegro	0.35	Down 3
33	Malaysia	0.2	Up 8
34	Austria	0.19	Up 2
35	St Vincent and Grenadines	0.19
36	Albania	0.18	Down 1
37	Singapore	0.18
38	Lithuania	0.16
39	Belize	0.15
40	Philippines	0.15	Down 1

Notes to Editors

The website address is http://www.TheMoveChannel.com and the office address is 45 Lafone Street, Shad Thames, London, SE1 2LX.

Contact Dan Johnson on 0207 952 7650 for further information.

Standard & Poor’s downgrades Cyprus’ credit rating

admin — Mon, 31 Oct 2011 07:28:00 GMT

Standard & Poor’s cut Cyprus’ long-term sovereign credit rating by a notch to ‘BBB’ from ‘BBB+’ yesterday, referring to the banking system’s exposure to the Greek sovereign debt.

In its press release, Standard & Poor’s said “In our opinion, the contingent liabilities posed to the Cypriot government by the Cypriot banking system’s exposure to Greece continue to weigh heavily on the ratings on Cyprus.”

“We believe that a Greek default scenario with private sector involvement (PSI) or “haircuts” higher than previously agreed by commercial creditors would necessitate the recapitalization of some domestic banking institutions.”

“We also believe the effect of a Greek government default could reverberate through Cyprus’ economy in the form of private-sector funding costs increasing beyond our previous expectations, thereby reducing investment and overall domestic demand.”

Source: Cyprus-Property-Buyers.com

Property prices continue to fall in Cyprus

admin — Mon, 24 Oct 2011 08:34:00 GMT

Cypriot property prices have fallen for the sixth consecutive quarter, according to reports from the Central Bank of Cyprus.

During April, May and June of this year house and apartment prices fell by 0.9% - and on an annual basis prices have fallen by nearly 5%.

Over the past twelve months, Paphos has suffered the biggest fall in apartment prices (-18.4%) followed by Larnaca (-10.8%). Apartment prices in the seaside towns also fell, with Famagusta being the worst-hit area, while those in the island’s capital, Nicosia, appear to have stabilised.

The falling prices are being blamed on a variety of factors including the country’s high unemployment, high interest rates and the fact that during the boom years prices spiralled to an unrealistic level.

Cyprus investment scheme investigated by BBC

admin — Wed, 19 Oct 2011 08:27:00 GMT

In a programme broadcast last evening, BBC Inside Out North East and Cumbria investigated claims made by families that deals set up by Teesside-based businessman Andrew Laird have left them facing ruin.

The deal was to buy an apartment off-plan and then sell as soon as it was finished. “So after three years, you were looking at a £60,000 profit. Sit back, sell it on and make a profit – as simple as that.” explained one of ROPUK’s clients to BBC investigator Chris Jackson.

“He (Andrew Laird) had been our financial advisor for ten years,” said Olwyn Harrison “and it looked like a good investment. Low mortgage for us to afford, good rentable properties and we liked the sound of it”.

Andrew Laird was arranging the sale of all the apartments at the Alpha Panareti development at ‘St. George Hills’, promoted as a “new dawn in investment opportunities”, under the name of Roseberry Overseas Property or ROP UK.

Source: Cyprus-Property-Buyers.com

Cyprus sales continue to plummet

admin — Mon, 17 Oct 2011 10:37:00 GMT

Property sales volumes continue to plummet in Cyprus, with no let-up in the downward spiral since July 2010. The number of homes being sold is now at a lower level than when the market crashed in 2009.

A Cyprus Department of Lands and Surveys report published this week shows that the number of contracts for the sale of property deposited at Land Registries throughout Cyprus in September fell for the fifteenth consecutive month.

Home sales numbers crashed by 11.5% last month with the number of contracts deposited reaching 608 compared with the 687 deposited in September 2010.

Total sales during the first nine months of this year now stand at 5,317, down 17.5% on the 6,446 sold in the first nine months last year. Sales are now down by nearly 10% on those of 2009; the year the market collapsed.

So far this year, Limassol is weathering the storm well with sales by just 0.8% below those of last year. But in Larnaca sales have fallen by 27.5%, in Nicosia they are down 23.7%, in Paphos they are down 22.5% and sales in Famagusta have fallen by 15.9%.

And sales to overseas buyers, which account for a quarter of all sales, fell by 37.2% last month, with the number of contracts deposited reaching 113 compared with 180 deposited in September 2010.

Economic uncertainty, lending restrictions and high interest rates are taking their toll on the island and, according to a recent report from Savills Research called "Spotlight on Second Homes Abroad," "buyers now favour more spacious units, in line with traditional overseas property buying trends. This reflects that today's buyers are motivated by lifestyle reasons rather than simply the opportunity for financial returns."

Cyprus needs to build more upmarket homes. According to Savills, "preference for low density environments and good accessibility, proximity to beaches, and the opportunity to sample local cuisine and culture, are all factors influencing choice of holiday home destination. Almost 60% of holiday home owners prefer quiet rural and village environments to urban areas."

Source: OPP

Cyprus minister gives Oroklini theme park the green light

admin — Mon, 03 Oct 2011 09:01:00 GMT

At last Monday’s meeting, Interior Minister Neoclis Sylikiotis give the green light to the proposed theme park in the Oroklini area, according to reports in the local media.

At the meeting, the Minister gave the project the green light and issued instructions for the exchange of some 500 donums (approximately 67 hectares) of state-owned land in the area needed for the construction of the park. The state land will be exchanged for land of equivalent value owned by individuals involved in the company formed by local land owners.

In addition, instructions were given to change the zoning of the area to accommodate the development and the necessary changes to the infrastructure.

Source: Cyprus-Property-Buyers.com

Cyprus VAT reduction for first-time home buyers agreed

admin — Mon, 26 Sep 2011 09:30:00 GMT

Following a series of proposals, counter proposals, discussions and debates, a compromise deal has been reached on the VAT reduction for first-time home buyers.

With 33 MP voting in favour and 18 against, the bill reduces the VAT payable on new homes measuring up to 275 square metres to 5%.

If the government accepts the bill, the changes will come into effect on 1st October.

Agreement on the compromise bill was reached yesterday following an urgent meeting between the Cyprus Finance Minister, Kikis Kazamias, and the House Finance Committee.

Source: Cyprus Property Buyers

Cyprus property sales slump slows

admin — Thu, 15 Sep 2011 07:12:00 GMT

DEPARTMENT of Lands and Surveys published yesterday show that the number of contracts for the sale of property deposited at Land Registries throughout Cyprus in August fell for the fourteenth consecutive month.

However, the 4.9% fall in sales is the smallest for almost a year giving hope that the devastating decline may soon be coming to an end. Last month 527 contracts were deposited compared with the 554 deposited in August 2010.

Limassol performed well, with sales up 25.5%. Larnaca also saw an increase, with the number of sales rising by 2.6%. But sales in Nicosia, the capital, fell by 22.5%, while those in Famagusta fell by 21.4% and those in Paphos fell by 15.8%.

Total sales during the first eight months of this year stand at 4,709, a decline of 18.2% on the 5,759 sold in the first eight months last year. Sales are now down more than 8% on those of 2009; the year the market collapsed.

Source: Cyprus-Property-Buyers.com

Cyprus considers property tax cuts as austerity package passed

admin — Wed, 31 Aug 2011 07:01:00 GMT

The Cyprus parliament voted through a €220 million (US $319 million) austerity package this week as the island tries to stave off an international bailout.

The measures being put into place include cuts to the Cypriot public payroll and a move to force civil servants to make contributions toward their pensions.

Parliament has also raised tax rates on dividends, interest and income, introduced an annual business registration fee and increased property taxes.

Cyprus is trying to slash this year’s budget deficit to 5.5% of GDP from a predicted 6.5%, with the aim of getting it down to less than 2% in 2012.

Source: OPP.org.uk

Cypriot real estate market falls

admin — Tue, 16 Aug 2011 06:37:00 GMT

New figures from the Cypriot Land Registry have showed that the slump in the country’s property market shows no signs of abating. The number of sales of property in Cyprus has fallen for thirteen consecutive months and the number of houses sold fell by almost one quarter between July 2010 and July 2011.

Sales falling and could have ‘huge economic costs’

Cyprus property News reports that the number of contracts deposited at Land Registries throughout Cyprus in July for the purchase of property fell by almost a quarter between July 2010 and July 2011. There were just 605 contracts deposited in July this year compared to 797 in the same period last year.

Total sales of property in Cyprus have fallen almost one fifth, from 5,205 in 2010 to 4,182 in 2011. Sales are also down by 7 per cent on 2009 where 4,493 properties were sold between January and July.

Source: HomesGoFast.com

Paradise Hills buyers face uncertain future

admin — Tue, 26 Jul 2011 06:09:00 GMT

Buyers of properties at Paradise Hills development in Marathounda village in Paphos are facing an uncertain future over the completion of the site and ownership of their homes, after a rescue plan was rejected by the Bank of Cyprus (BoC).

Thirty three of the 46 units have been sold but only three are now occupied. Property owners say have been plagued by a raft of problems since purchasing their homes and now have no idea what the future holds for them.

After problems were highlighted a year ago, the site was ultimately connected to the main electricity supply, which residents say has made their day-to-day life more bearable. They had previously been reliant on power supplied by costly generators.

Last year their plight was also filmed for a popular UK TV show ‘Holiday Homes from Hell’ which was screened by ITV on 19th July.

Source: Cyprus-Property-Buyers.com

Cyprus could need bailout after blast

admin — Thu, 21 Jul 2011 06:52:00 GMT

Cyprus may need foreign financial aid unless drastic action is taken to deal with the impact of an explosion which decimated its largest power station, central bank governor Athanasios Orphanides has warned.

Already under market pressure because of its links to debt-laden Greece, economists have warned the island could face a bill of up to €1 billion after the blast a week ago knocked out half of its power supply.

"To avoid the worst, including admission into (a) support mechanism and all that that entails for the economy ... further and more drastic measures must be taken immediately," Orphanides said in the July 18 letter sent to Cypriot president Demetris Christofias and copied to political party leaders.

"Weighing up all the facts, the unfavourable international environment, the difficulties in resorting to external borrowing and the additional economic impact from the recent events, I believe that the economy is in a state of emergency, comparable to that of 1974," Orphanides wrote.

Source: Independent.co.uk

Cyprus property picture improves

admin — Tue, 19 Jul 2011 06:24:00 GMT

Figures recently released by the Department of Lands and Surveys show that 1,316 property transfers took place at District Lands Offices throughout Cyprus during June; an increase of more than 100 on the number that took place in May.

Speaking with INBNews last week Interior Minister Neoclis Sylikiotis noted that there is now the possibility of issuing Title Deeds at the rate of 1,200 a month and 25,000 annually by reducing cumbersome procedures and making the system faster.

So far this year, 6,213 transfers of property have taken place. These properties had a declared sale price of €953,715,113.69, which the District Lands Offices uplifted to an accepted price of €1,027,779,359.71; an increase of 7.8%.

Source: BuyAssociation.co.uk

Cyprus property transfers continue to improve

admin — Mon, 11 Jul 2011 11:40:00 GMT

Source: Cyprus Property News

Cyprus: UN hosts new unity talks in Geneva

admin — Fri, 08 Jul 2011 06:56:00 GMT

The leaders of divided Cyprus are meeting UN Secretary General Ban Ki-moon in Geneva in a new effort to reach a deal on reunification.

Correspondents say the UN wants both sides to resolve the outstanding issues in the next 12 months, before Cyprus takes up a steering role in the EU.

The Greek and Turkish Cypriots remain divided Over property, the right of return of the displaced, and security.

A UN peacekeeping force has been deployed on the island since 1964.

Source: BBC.co.uk

Cyprus developers association calls for tax review

admin — Tue, 05 Jul 2011 08:33:00 GMT

IN A MEMORANDUM to President Demetris Christofias the Cyprus land and Building Developers Association has put forward a number of suggestions to revive the Island’s property industry.

The memorandum calls on the President not to impose new taxes on businesses as these will result in a further deterioration in the business climate by depriving businesses of working capital and increasing unemployment.

The Association suggests that the government should provide incentives and measures to help revive and revitalize the property market and in particular, a review of the Property Transfer Fee bands, VAT and Capital Gains Tax.

Ten years ago, the average apartment cost the equivalent of €51,000 and attracted Property Transfer Fees of €1,500. Today, that same apartment would cost €200,000, and would attract Property Transfer Fees amounting to €9,000 plus €30,000 VAT; that’s a 2,600% increase in tax!

Source: Cyprus-Property-Buyers.com

Guilty of tax evasion unless you prove otherwise

admin — Tue, 28 Jun 2011 06:49:00 GMT

IN virtually all civilised countries, the burden of proof rests with the person or organisation that lays charges against you; in other words, you are considered to be innocent until you have been proven guilty.

However in Cyprus, the reverse is true when it comes to paying your Property Transfer Fees at the Land Registry.

Using its discretionary powers to reassess Property Transfer Fees, the Land Registry relies on historical data to assess the market value of a property – and it will use that data as the basis for calculating the transfer fees to be paid by the purchaser.

The reason for the Land Registry’s reassessment, we are told, is that vendors and purchasers often under-declare the price of a property in efforts to defraud the state of much-needed tax revenues; by under-declaring the price, vendors reduce the amount of Capital Gains Tax they pay, while purchasers reduce their Property Transfer Fees. Of course for this fraud to take place both the vendor and the purchaser have to collude to deceive the authorities.

Source: Cyprus-Property-Buyers.com

Cypriot diplomats to meet UN experts on property issue

admin — Mon, 27 Jun 2011 11:55:00 GMT

Permanent Secretary of the Cypriot Ministry of Foreign Affairs, Ambassador Nicos Emiliou and member of the Cyprus negotiating team, Toumazos Tselepis, will arrive in New York Tuesday for talks with the team of experts appointed by the UN to help the two sides in the peace talks on the property issue.

According to diplomatic sources, the two Cypriot officials will meet a different team of experts during this visit and that discussions will centre on the legal aspects of the property issue, such as setting up of a committee for compensation.

The Permanent Secretary of the Ministry of Foreign Affairs will also meet UN Under-Secretary-General Lynn Pascoe and the five permanent members of the Security Council to discuss the latest developments on the Cyprus issue, in view of the 7th July Geneva meeting of Secretary General Ban Ki-moon with President of the Republic Demetris Christofias and Turkish Cypriot leader Dervis Eroglu.

The aim of the SG and his associates, as was repeatedly stated in public, is for the Geneva meeting to result with an action plan to overcome the differences that remain.

Source: Farmagusta Gazette

No decision on proposals to hike Cyprus property tax

admin — Fri, 24 Jun 2011 07:22:00 GMT

GOVERNMENT plans to introduce a €1,000/annum tax on profitable companies for two years have been received positively by the Chamber of Commerce and Industry (KEVE).

The government estimates that if around 100,000 of the companies registered in Cyprus pay this tax it will result in an inflow of some €100 million/annum into the state’s coffers.

There are approximately 170,000 companies registered in Cyprus; 70% of these are foreign and 30% are Cypriot. But the tax will only be levied on those companies that have returned a profit in the last three years.

Plans to increase property taxes were also discussed, but no decision was reached. Chairman of the employers’ federation Filios Zahariades said that “There was a preliminary discussion, which we will continue to see how the immovable property tax will become better and fairer, and we will revisit the matter.”

Source: Cyprus-Property-Buyers.com

Residents scheme sees foreign interest in Cyprus shooting up

Sarah Kendell — Wed, 15 Jun 2011 10:49:00 GMT

A few bad stories in the press might have seen Brits cool their interest in Cypriot property, but business is still booming on the island nation due to an influx of Russian and Asian buyers, reports Overseas Property Professional.

In April and May alone, Cyprus experienced a year-on-year increase in foreign property sales of 19% and 21% respectively, a healthy achievement given the general slowdown in the European market. According to Yianni Misirlis of locally based developers and agents Imperio Properties, this is mainly due to an influx of Russian and Chinese buyers taking advantage of the lesser-known Cypriot residents' scheme for real estate owners on the island.

"There has been a notable percentage increase in business from Russia and China by our system that makes overseas buyers eligible for a residential visa", Misirlis told Overseas Property Professional. "The Russians have been aware of the rule for several years now and like to take advantage of it. The Chinese are also coming in ever-greater numbers."

Misirlis also indicated that the improvement of transparency with regard to title deeds meant Cyprus was ironing out its problems with scam developers and becoming a safer place for buyers to invest than ever before. "The Title Deeds problem fell in to different categories, all of which have been resolved by the new law", said Misirlis, referring to the recent reform that allows buyers the absolute legal right to receive their title deeds, providing their contract of sale is lodged with the Land Registry.

"Many 'rogue' development companies...went bankrupt or disappeared halfway through the building process, having taken money from the buyer. That buyer is now entitled to receive his property, provided he has a registered contract of sale."

Interested in property in Cyprus?
Browse our listings of apartments, houses and other properties for sale in Cyprus here: http://cyprus.themovechannel.com/property/all/

Foreign demand for Cyprus homes

admin — Thu, 09 Jun 2011 07:10:00 GMT

Cyprus has enjoyed continued growth in overseas demand for homes last month.

Foreign buyers were able to negotiate significant discounts on properties because of Cyprus' ailing economy and poor domestic property sales market.

Official figures reveal that a total of 187 property contracts were deposited by foreigners compared with 154 in May last year, a 21% increase year on year.

Property sales improved in most parts of Cyprus last month, led by an 86% annual hike in Nicosia property sales.

Source: Assetz.co.uk

Overseas demand for homes in Cyprus improves

admin — Tue, 07 Jun 2011 07:42:00 GMT

Foreign demand for homes in Cyprus continued to improve last month, with some overseas nationals taking advantage of a poor domestic property sales market and a weak Cypriot economy to negotiate significant discounts on properties.

Official data shows that 187 property contracts were deposited by foreigners compared with 154 in May 2010 – 21 percent year on year.

Property sales last month improved in most parts of Cyprus, led by an 86 per cent annual hike in Nicosia property sales, followed by Famagusta, up 71 per cent, Limassol (up 49 per cent) and Larnaca (up 21 per cent). However, property sales in Paphos last month fell 38 per cent during the same period.

Cyprus property sales to overseas nationals has increased by 17 per cent during the first five months of this year compared to the corresponding period in 2010.

Cyprus – So Near And Yet Maybe So Far From The Greek Financial Storm

admin — Tue, 07 Jun 2011 06:57:00 GMT

A strange coincidence brought a group of international insolvency and restructuring experts to the same Limassol hotel this past weekend as a combined meeting of IMF and World Bank representatives from far and wide. It was a powerful reminder of events in nearby Greece, where the outcome of the sovereign debt crisis remains in the balance, not helped by the latest collapse of negotiations between rival political groupings aimed at creating consensus on much needed austerity measures.

On the surface, Cyprus seems serenely unconnected to the economic mayhem taking place 500 miles away across the Mediterranean, although the UK half term holidays didn’t seem to have hotels, restaurants and bars exactly buzzing with trade.

What activity there was seemed to have a distinctly Russian or Eastern European accent to it, hopefully a decent bulwark against the fall in spending by cash strapped British ex-pats struggling to meet their escalating euro-denominated cost of living out of sterling-based pensions and savings income.

The economy may also take a hit from the UK’s austerity measures as Lord Ashcroft reviews Britain’s overseas military bases. Over 3000 forces personnel are located in Cyprus, and around 1600 local civilians are employed in support roles. The bases cover 3 percent of the island.

Source: FinancierWorldwide.com