Sales up again during March 2018

Cyprus is showing continued growth in property sales during 2018

During March a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 626 deposited in March 2017. The figures show a continuing improvement in the economic conditions, coupled with government measures (such as the citizenship by investment scheme) – and although banks remained burdened with very high levels of non-performing loans (NPLs) they are now in a better position to grant loans to those buying property. Of the 768 contracts deposited, 431 (49%) were for properties purchased by Cypriots, while the remaining 337 (51%) were for properties purchased by non-Cypriots.

 

PANCYPRIAN TOTAL NUMBER OF REGISTERED CONTRACT OF SALES FOR THE YEARS 2017-2018
MONTH JANUARY FEBRUARY MARCH TOTAL
TOTAL NUMBER OF REGISTERED  CONTRACT OF SALES 2017 423 456 626 1505
         
TOTAL NUMBER OF REGISTERED CONTRACT OF SALES 2018 695 666 768 2129
         
         
MONTH JANUARY FEBRUARY MARCH TOTAL
PERCENTAGE OF DECREASE / INCREASE : 64% 46% 23% 41%

 

THE NUMBER of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during March 2018 rose 23 per cent compared to March 2017 according to official figures published by the Department of Lands and Surveys.

Latest figures on the number of registered contracts of sale

The Department of Land and Surveys Have released the latest figures on the number of registered contracts of sale for the years 2017 – 2018

The trend is very positive showing major growth over last year.

January sales are up from 423 in 2017 to 695 in 2018 a growth of 64%

February sales are up from 456 in 2017 to 666 in 2018 a growth of 46%

Total contracts this year are up from 879 in 2017 to 1361 in 2018 a growth of 55%

Contracts of Sale 2017-2018-6

 

 

Aliathon Bowling Club

Maispa Developers are proud of the fact we have been sponsoring the Aliathon Bowling Club, and that for the last 15 years and that the Maispa trophy is awarded annually to deserving players .index.2

Unemployment Cyprus keeps dropping.

REGISTERED UNEMPLOYED CYPRUS : FEBRUARY 2018 The unemployed persons, registered at the District Labour Offices on the last day of February 2018, reached 34.204 persons. Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for February 2018 decreased to 28.560 persons in comparison to 29.412 in the previous month.

 

For  a more detailed report and Graphdownload click in Pdf

Making it safer and clear

Making it safer and clear

In future the names of legal and auditing companies that arrange citizenship for foreign investors will be made known to the interior committee.

However, MP Pavlos Mylonas has added a further request that the committee should make it clear if anyone involved in politics owns such companies.

The subject of granting citizenships was brought up by Greens MP Giorgos Perdikis, who said that more than 1,600 people have been naturalized since 2011 under the plan to attract investors, but that there is a lack of transparency.

“From January to date alone, there have been 36 naturalizations, from different countries”, Perdikis said, expressing concern that the plans are not approved by parliament, information is not shared with MPs, some of the documents are not filed with the House, while at the same time the public is only informed about certain statistics.

“The bill we have submitted aims to fully inform the House, but also to make public what is permitted. We believe that transparency is the best tool to credit the democratic legitimacy of an administrative practice,” he said.

Perdikis added that information about people who have been granted citizenship will be discussed at the next meeting, which the commissioner for personal data will attend as some elements regarding the investors’ names may be confidential.

“The intention of the committee is to discuss and conclude the debate, given that Cyprus has been accused of trading in naturalization. We must, therefore, take effective steps to fortify and protect this instrument of attracting investment, shielding democracy with transparent procedures,” he said.

Cyprus has in the past been accused of dodgy deals regarding citizenships. Last September an article in the Guardian newspaper slammed the Cypriot government for granting citizenship to billionaire Russian oligarchs and members of the Ukrainian elite. It referred to the scheme as ‘golden visas’.

The finance ministry and the Cyprus Investment Promotion Agency have dismissed claims that Cypriot passports are for sale and said the programed is simply an investment scheme.

Officials have also pointed out that the level of investment required to acquire citizenship is far higher than other European countries offering similar schemes. In Malta, €350,000 must be spent on a residence, and it need only be held for five years. In Cyprus, at least €500,000 of an applicant’s overall investment must be spent on a permanent residence.

 

House prices up

House prices up 0.4% in Q3, CBC says

ON FEBRUARY 13, 2018 ECONOMYFEATURED

By Stelios Orphanides  Cyprus Business Mail

House prices continued their quarterly recovery for the fifth consecutive quarter in July to September and rose by 0.4 per cent compared with April to June, the Central Bank of Cyprus said.

Compared with the third quarter of 2016, house prices rose in July to September by 1.4 per cent, the central bank said in a statement on its website on Tuesday. The increase was mainly on a 3.7 per cent annual increase of flat prices against a 0.7 per cent rise in house prices.

“Annual increases were recorded in the majority of the main and secondary indicators, and the highest were recorded in the Nicosia and Limassol districts,” the central bank said.

House and flat prices rose in the third quarter by a quarterly 0.3 per cent and 0.5 per cent respectively, the bank supervisor said. House prices recovered for a third consecutive quarter while those for apartments rose for the fifth quarter in a row.

The residential property price index recovered to 74.3, the highest since the second quarter of 2015. Home prices peaked in the third quarter of 2008 and fell to 73.2 in the second quarter of 2016, the lowest point since its introduction 12 years ago.

“The real estate sector’s prospects are favourable,” the central bank said. “Building permits and demand for housing loans are recording an increase while construction activity continues to recover. However, non-performing loans remain a challenge and an important obstacle towards full recovery while the impact of the imposition of value added tax (VAT) on plots is still undetermined”.

“Still, expected growth in the economy in general is believed to support the sector,” it added.

Compared with April to June, house prices rose in the second quarter in all districts except Paphos where they dropped by 0.8 per cent, the bank supervisor said. Home prices rose by 0.4 per cent in Nicosia, 0.6 per cent in Limassol, 1 per cent in Larnaca and 1.1 per cent in Famagusta.

Compared with the third quarter of 2016, home prices rose in July to September by 2.6 per cent in Limassol, 1.3 per cent in Nicosia and 1.6 per cent in Famagusta, the central bank said. They fell in Larnaca and Paphos by 0.7 per cent and 0.8 per cent, respectively.

Sold Out

After the successful launch of Our Konia Sea-View Villas we are proud to say we have sold out, to our happy customers we wish you a lifetime of happiness in your new homes.

MLS271-KONIA-SEA-VIEW-VILLA-PAPHOS-CYPRUS-3BED-4BED (20)

New home building permits

New home building permits up 93 per centbuilding permits

The number of new homes in Cyprus for which building permits have been issued rose by 93.0 per cent in November 2017 compared to November 2016 according to the Cyprus Statistical Service.

THE NUMBER of building permits authorized in Cyprus during November 2017 stood at 474 compared with the 550 authorized during the same month in 2016; a fall of 13.8% according to official figures released by the Cyprus Statistical Service. However, the total value of these permits rose by 172.0% to reach €308.7 million compared to November 2016, while their total area rose by 124.9% to reach 225.7 thousand square meters.
During November 2017, building permits were issued for: Residential buildings – 329 permits Community residencies – 2 permits Non-residential buildings – 91 permits Civil engineering projects – 12 permits Division of plots of land – 33 permits Road construction – 7 permits During the first eleven months of 2017, 5,291 permits were issued compared to 4,900 in the first eleven months of 2016; an increase of 8.0%. The total value of these permits has increased by 52.6% and the total area by 45.1%. Building permits for new homes The 329 residential building permits approved in November 2017 provided for the construction of 658 new homes (dwellings). These comprised 184 single houses (compared with 258 in November 2016) and 474 multiple housing units such as apartments, semis, townhouses and other residential complexes (compared with 83 in November 2016); an overall increase of 93.0% compared with November 2016 when permits were issued for the construction of 341 new homes.

Building Permits Issued for the Construction of New Homes (Number of Dwellings)

Month 2016 (Dwelling Units) 2017 (Dwelling Units) Movement % Change
 January 243 381 138 56.80%
February 312 383 71 22.80%
March 306 412 106 34.60%
 April 201 289 88 43.80%
 May 278 424 146 52.50%
June 287 381 94 32.80%
July 382 537 155 40.60%
August 229 244 15 6.60%
September 289 362 73 25.30%
October 384 543 159 41.40%
November 341 658 317 93.00%
 
 Totals 3,252 4,614 1,362 41.90%
BUILDING PERMITS
Comparison of the most recent period of 2017 with the corresponding period of 2016  
DISTRICT NOVEMBER 2017 JANUARY – NOVEMBER 2017 JANUARY – NOVEMBER 2016
Number Area
(m2)
Units Number Area
(m2)
Units Number Area
(m2)
Units
                   
LEFKOSIA 188 66,433 121 1,892 405,660 1,270 1,912 271,188 860
   Urban 109 45,654 76 1,132 265,032 912 1,113 173,724 530
   Rural 79 20,779 45 760 140,628 358 799 97,464 330
AMMOCHOSTOS 16 16,251 3 231 89,797 266 250 53,227 199
   Rural 16 16,251 3 231 89,797 266 250 53,227 199
LARNAKA 62 12,767 63 814 180,272 601 715 152,266 566
   Urban 32 9,515 54 429 110,262 393 338 91,712 368
   Rural 30 3,252 9 385 70,010 208 377 60,554 198
LEMESOS 161 113,005 383 1,601 505,185 1,766 1,317 316,642 1,170
   Urban 87 96,145 326 845 304,569 1,210 687 216,286 765
   Rural 74 16,860 57 756 200,616 556 630 100,356 405
PAFOS 47 17,246 88 753 173,872 711 706 140,448 457
   Urban 26 14,808 73 346 85,902 421 336 91,187 285
   Rural 21 2,438 15 407 87,970 290 370 49,261 172
TOTAL 474 225,702 658 5,291 1,354,786 4,614 4,900 933,771 3,252
   Urban 254 166,122 529 2,752 765,765 2,936 2,474 572,909 1,948
   Rural 220 59,580 129 2,539 589,021 1,678 2,426 360,862 1,304

 

During the first eleven months of 2017, the number of new homes for which permits have been issued rose by 41.9% to reach 4,614. Of those 4,614 new homes, 1,766 are being built in Limassol, 1,270 in Nicosia, 711 in Paphos, 601 in Larnaca and 266 in Famagusta. According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.

 

 

Land and Building

Maispa Developers recognize and agree with the Pan Cyprian Association of Land and Building Developers to be careful and responsibly manage the naturalization plan through investment whichMaispa Developers recognize and agree with the Pan Cyprian Association of Land and Building Developers to be careful and responsibly manage the naturalization plan through investment which has proved to be a Significant contribution in the recovery of the Cypriot economy The Pan Cyprian Association of Land and Building Developers (member of OEB) considers that the contribution of the naturalization plan through investment to the recovery of the Cypriot economy has been catalytic. Therefore, it supports the very careful management and visibility of the project, away from exaggerations and actions that may expose Cyprus and adversely affect our country's promotion as an attractive but primarily credible investment destination. The Association welcomes the stricter regulations for project management approved by the Cabinet and the efforts of the Government and other stakeholders, such as CIPA, to limit aggressive advertising and / or investor misinformation. The plan must be protected because it is an important incentive to attract foreign investment and has contributed to the dynamic reactivation of the construction sector and to the creation of skilled jobs. The construction industry and, more broadly, the country's land development sector contribute substantially to Cypriot GDP, about 17% per annum. has proved to be a Significant contribution in the recovery of the Cypriot economy

The Pan Cyprian Association of Land and Building Developers (member of OEB) considers that the contribution of the naturalization plan through investment to the recovery of the Cypriot economy has been catalytic. Therefore, it supports the very careful management and visibility of the project, away from exaggerations and actions that may expose Cyprus and adversely affect our country’s promotion as an attractive but primarily credible investment destination.

The Association welcomes the stricter regulations for project management approved by the Cabinet and the efforts of the Government and other stakeholders, such as CIPA, to limit aggressive advertising and/or investor misinformation.

The plan must be protected because it is an important incentive to attract foreign investment and has contributed to the dynamic reactivation of the construction sector and to the creation of skilled jobs. The construction industry and, more broadly, the country’s land development sector contribute substantially to Cypriot GDP, about 17% per annum.