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Monthly Archives: January 2013

 Cypriot property market Cyprus economy

The Cypriot property market Cyprus economy could be about to receive a boost from China, with developers from the country looking to Europe for investment. Christos Mavrellis, managing partner with Chrysses Demetriades & Co LLC, told the China Daily that Asian developers are planning to buy land in Cyprus or enter into joint ventures with local developers to build homes for Chinese people.

While Mr Mavrellis did not reveal the names of those entities with their sights set on Cyprus, he explained that the residency scheme, offered to foreign buyers who purchase property in the country, is attracting the Chinese market and developers are eager to take advantage of this. Under Cypriot immigration law, a person from overseas on an income of no less than €30,000 (£25,267) that purchases a home with a value of €300,000 (£252,676) or over may be eligible for a residency permit.

China and Russia have been the target markets for such a scheme – the same audience sought by Spain for their own residency programme. At the end of 2012, figures showed that Cyprus had received 590 applications from Chinese developers to build homes in the country, indicating that investors are taking the bait. Stavros Loannou, chief executive officer of Grant Thornton Cyprus, told the China Daily that to cope with “Chinese companies’ growing interest in investing in Europe” they had set up a desk in China in April.

Nevertheless, growing interest from foreign buyers has yet to prove sufficient to reinvigorate the Cypriot property market. The Global Property Guide reported in May 2012 that real estate prices were continuing to fall in the country. This is a trend that seems to be continuing into 2013, with the sector unable to recover the verve it enjoyed during its boom.

Price growth in the country halted at the end of 2008 and the country has since been working to get the market back on a stable footing. One measure cited by lawmakers as integral for stimulating growth is the abolition of a bill to increase annual immovable property tax (IPT). It is believed that the document, which was part of the island’s bailout, is unfair and based on 1980s values.

Article by +Peter Mindenhall on behalf of News Desk (

cypriot property market cyprus economy

EU must tackle airlines arbitrary rules on One carry-on bag

Ahead of the proposals the European Commission is due to present in the coming months to review air passenger rights, the European Parliament debated today the “one carry-on bag” rule imposed by certain airline companies. In particular EP Members addressed the excessive and often arbitrary restrictions faced by passengers on their hand luggage.

AYLWARD_90.jpgALDE MEP Liam Aylward (Fianna Fáil Party, Ireland) said: “Stories about passengers who are forced to check their hand luggage due to inconsistent, excessive and often arbitrary restrictions are common and while sometimes comical in their absurdity, are often costly and frustrating for the passengers. These actions are contrary to passengers’ rights and represent a breach of competition law”.

 According to Mr. Aylward:” often what is allowed for the outgoing flight is inexplicably not permitted for the return journey”. In definition of  what items are essential or non-essential, the inclusion of airport retail purchases as baggage and the dimensions of bags allowed, vary from airline to airline and often from airport to airport. “This lack of clarity across the EU causes confusion and expense.  It makes travel difficult and where enforced excessively is resulting in a marked decrease in airport retail sales“.

For Liam Aylward industry must collectively and uniformly set common upper limits for restrictions which would give passengers greater clarity when packing, shopping and travelling. “What are needed are measures to harmonise commercial practice concerning hand luggage to protect passengers and allow them to carry a reasonable amount of hand luggage, including purchases from airport shops.”

MEISSNER_90.jpgALDE coordinator in the Transport Committee Gesine Meissner (FDP, Germany) said: “Free movement of goods and people is one of the most significant and consistent achievements of the EU. In this respect we need to set a sensible EU framework on hand luggage. We cannot leave passengers at the mercy of the current excessive and arbitrary restrictions imposed by airlines at the boarding gates”


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Reasons to invest Larnaca

Reasons to invest Larnaca New and exciting developments planned for Larnaca are sure to increase demand for properties in Cyprus, read what the plans are and start to make your investment in the region now, could this be the next big expansion…….. contact us now for more information on properties for sale in Larnaca
MULTI-MILLION plans involving 15 ambitious development projects, which promise to change the face of Larnaca are in the works over the next five years, the town’s tourism board announced.
“Over the next five years Larnaca will acquire a new upscale image, making it as a very significant tourist destination with excellent infrastructure, superstructure and quality services with facilities for locals and tourists,” said Larnaca Tourism Board chief Dinos Lefkaritis, who is also president of the Larnaca Chamber of Commerce.
“These projects are expected to create a new dynamic,” Lefkaritis however stressed the need for project deadlines to be kept for the huge five-year undertaking to be achieved.
Larnaca has for years been in many respects ‘tourism‘s underdog’ as most tourists saw it simply as the town where the airport was located rather than a tourist destination in its own right.
But the tourism board which is made up of interested parties such as the Chamber of Commerce, the Cyprus Tourism Organisation, the Cyprus Hotels Association and the Association of Cyprus Travel Agents among others, yesterday launched a the new brochure setting out 15 new projects that will be implemented over the next five years.
“Although Larnaca has always offered plenty to both its residents and visitors, this is being further enhanced with a host of changes the town has recently undergone and will undergo,” the board said in its announcement.
“Big investments such as the new international airport and the creation of three town squares – amongst others – have been a welcome addition, but Larnaca has even bigger plans. Thanks to these changes, Larnaca’s future has never looked brighter.”
The projects include such well-known developments as the new marina with some lesser known projects such as the revamp of Piale Pashia, a walkway between Pyla and Voroklini and an environmental centre at the Salt Lake,
A spokesman at the board was yesterday reluctant to put a figure on the total cost of the 15 developments. “Some are just approximate budgets and for others the budget has not been worked out yet,” the spokesman said. However it is known that the marina project alone could come in at over €80 million.
The Larnaca Tourism Board was established in 2008 to promote Larnaca as a tourist destination and to offer new initiatives to attract visitors. “The Larnaca Tourism Board has been working tirelessly to upgrade Larnaca and its services since its inception, and with so many positive changes on the way, it won’t be long before this already-popular destination becomes a firm favourite for all,” the board said.
The 15 projects are:
Marina: Expansion to accommodate up to 900 berths, luxury villas, a 5-star hotel and commercial and recreation areas with plazas, shops, dining, promenades and parks.
Completion Phase 1– 2015, Full – 2020
Piale Pasha: The coastal road from the Medieval Castle towards McKenzie), will become more pedestrian friendly and attractive with a cycle lane, walkways, new lighting and a green area.
Completion 2013
Olympic shooting range in Klavdia village: Four combined Olympic trap-skeet-double trap, one separate skeet, one separate trapdoubletrap layout and 10 – 12 layouts for sporting and kompak shooting, hosting major competitions and European training.
Completion 2011
Golf course at Tersefanou: International standard, 18-hole par 71 golf course will have water features and will boast Cyprus’ only PGA. The Academy will provide state-of-the-art technologies and instruction. It will also boast an elevated clubhouse, spa and banqueting and conference facilities.
Completion 2014
Removal of Oil Refineries: The road from Larnaca city centre to the tourist region of the Larnaca-Dhekeleia Road will undergo regeneration with the removal of the oil refineries and new area upgrades that will provide an extra 3km of beach.
Completion 2014
Completion of Larnaca-Dekeleia Road: Phases C and D of roadworks along the Larnaca-Dekeleia Road will see the roads in the areas of Voroklini and Pyla completed. The road will be modernised with the creation of walkways, cycle paths and green spaces.
Completion 2014
Excavations at ancient Kition: The tennis courts will be relocated so that further excavations can commence and the site will become an archaeological park along with the archaeological museum.
Completion 2013
McKenzie Sports Complex: An attractive and convenient place for training sessions and matches for both local teams/athletes and those from abroad. Facilities will include a football and track field, three football pitches, 10 tennis courts, a café and changing rooms with showers and toilets.
Completion Phase 1– 2012, Full 2015
Alethriko Tennis & Sports Centre: New sports village whose focal point will be a 5,000-seater professional tennis court – as approved by the International Tennis Federation for world-class tennis tournaments like the ATP 500 and the WTA. There will also be a tennis academy and facilities for hockey, basketball, mini football, volleyball, boxing, Olympic standard gymnastics and ice-skating.
Completion 2014
Pedestrian walkway Pyla-Voroklini. The two tourist areas will be seamlessly joined with a single 5.5 km seafront walkway for pedestrians to enjoy a scenic stroll right alongside the sea, spanning the distance from Mer Bleu to Larnaca city limits.
Completion 2013
Voroklini open-air amphitheatre: A traditional open-air amphitheatre to host all types of events and entertainment. Built at the foot of the mountain, it will seat 1,100 spectators.
Completion 2014
Lefkara conference centre: To be built in the traditional architectural style of the village, the centre will serve as a multi-purpose venue with the capacity for 300 people.
Completion 2012
Environmental centre, Salt Lake: The new information centre will provide visitors with information on the different types of flora and fauna that live in the salt marshes and wetlands, and will help to preserve the importance of this natural treasure.
Completion 2013
Skarinou environmental education centre: Based in the hillside village, the centre will educate and inform visitors about Larnaca district’s mountainous villages and their natural beauty. It will also promote visits to these areas and ensure their protection by making people aware of their significance.
Completion 2013
Larnaca Cultural Walk: Larnaca will offer tourists three new walks that take in the town’s various attractions, all with comprehensive signage.
Completion 2011
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