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Standard and Poors lifts Cyprus Ratings

FITCH Ratings revised its outlook and Standard & Poor’s Ratings Services lifted its rating on Cyprus economy.

Standard and Poors lifts Cyprus Ratings both agencies cited the country’s progress under the reform program supported by the European Union and International Monetary Fund, as well as better-than-expected economic performance. Fitch revised its outlook on the country to stable from negative.

The ratings agency said Cyprus’ adherence to the EU-IMF program has helped lower both public and private-sector wages. With concurrent price decreases, this contrasts from earlier episodes of recession.

The agency also said the country exceeded fiscal targets by “a significant margin,” and that the economy “has proved more resilient than previously expected,” according the report. S&P said it raised its rating on Cyprus one notch to B from B-, which is still considered a so-called speculative rating within junk territory.

The ratings agency noted that Cyprus’ “resilient” tourism and business sectors, and the relative buoyancy of private-sector consumer spending helped the country achieve better-than-expected financial performance.

S&P did warn that an escalation of EU sanctions against Russia coupled with a decline in the rouble would hurt Cyprus’ tourism industry.

This could be a good time to start looking at Cyprus again. Remember it is a small island with a finite amount of land and properties, this news coupled with the gas exploration and recent findings could bring prosperity to Cyprus in the very near future, dont miss the boat act now and contact us to assist you and provide further information. No OBligation, No charges.

Wall Street Journal

Courtesy Cyprus Property News

 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 Propertyshowrooms.com News Desk (http://www.propertyshowrooms.com/news/)

cypriot property market cyprus economy

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