An elegant luxurious property developer in Cyprus....

Activity in 2007
Economic activity in Cyprus remained strong in the first half of 2007, recording a growth rate of 3¾%. GDP is projected to have grown at comparable rates over the second half of the year. Economic activity has being mainly driven by robust domestic demand. In particular, private consumption has benefited from historically low interest rates and favourable credit conditions, continued employment and wage growth and the car-tax reform. Gross fixed capital formation has remained strong. Buoyant private activity in construction investment has sustained growth in the sector at a level close to the strong rate of 2006. Overall, domestic demand is projected to have accounted for almost the whole of GDP growth, while the contribution of net exports has been marginal. After a disappointing 2006, exports of goods have rebounded and grown by about 3%, in line with imports, on the back of accelerating exports of domestically manufactured goods. In parallel, while tourism arrivals declined slightly in the first seven months, revenue from tourism actually increased in real terms in tandem with buoyant activity in exportoriented business and financial services. Total exports are expected to have risen by about 3¾%. This is just below the rate estimated for total imports, which should have increased in line with strong private consumption and investment activity.

Numerous economic factors have fuelled high levels of growth in the Republic of Cyprus’ property market over the last few years, including entry into the EU in May 2004, sustained investment in the infrastructure and the growing awareness and popularity of the Republic as a year round holiday destination. This has resulted in one of the fastest growing property markets in Europe, with annual price increases of 15-20%.

Couple these factors with Cyprus’ adoption of the Euro in January 2008, relatively low property prices compared to other Western European destinations, whilst a more sophisticated infrastructure than Eastern Europe and a strong local market, and the future of the Island’s property market looks extremely sound. Whilst prices will inevitably stabilise in the future, space limitations on the Island will sustain demand and ensure that property prices continue in an upward direction.

Cyprus and the Euro: Cyprus has received the go-ahead from the European Union leaders to join the Euro currency zone on 1 January 2008.

 For more information about the Cyprus and the Euro, go to  :

http://ec.europa.eu/economy_finance/euro/our_currency_en.htm

http://www.euro.cy/euro/euro.nsf/dmlindex_en/dmlindex_en?opendocument

Foreign and Common Office (UK) A must information for purchasing property in Cyprus

Before purchasing property anywhere in Cyprus you are strongly advised to seek qualified legal advice from a source that is independent from the seller.

Property issues are closely linked to the political situation. There are a number of potential practical, financial and legal implications, particularly for those considering buying property in the north. These relate to the non-recognition of the "Turkish Republic of Northern Cyprus", the suspension of EU law in northern Cyprus, the possible consequences for property of a future settlement, and the many thousands of claims to ownership from people displaced in 1974. There is also a risk that purchasers would face legal proceedings in the courts of the Republic of Cyprus, as well as attempts to enforce judgements from the courts of the Republic of Cyprus elsewhere in the EU, including the UK.

Separately, potential purchasers should also ensure that they are fully aware of the specific rules imposed by the administration on foreigners purchasing property in the north including the requirement to obtain consent to the transfer of property.

Time share/property salespersons tout for business in Cyprus, especially in the Paphos area. You should read the fine print very carefully and seek legal advice before signing any kind of contract. Under Cyprus law, you are entitled to a 15-day “cooling off” period during which, if you change your mind, you should receive a full refund of any money paid.

 The whole article you can find here.

St Chara Developers Ltd. announces the Mykonos and Santorini Luxurious 4/5 Bedroom Villas in Larnaka, Cyprus.

Please follow the link to our latest press release.

http://www.pr.com/press-release/41247

The Hottest property markets on the globe...

What's the point of an Index that tells you where you should have invested last year? The Where on Earth - Hot Property Index highlights what is 'Hot' now, what is becoming Hotter and which countries to avoid.

At Where on Earth we have created a monthly Hot Property Index using a wide range of variables that we consider essential in the comparison of Property markets, especially from the investors point of view.

Unlike most Property market reports, ours is created using original sources of information that are gathered monthly to enable us to forecast into the future, and predict up-coming markets and growth trends.

As this project matures, we intend to track the movements of countries within our index, enabling us to report on the biggest climbers and other noticeable changes to a countries ranking.

At Where on Earth we are using variables like Volume of Google searches, National newspapers articles, Insider publications, Macro-economic data, and a range of other factors to create this in-depth market analysis.

Hot Property Index
December top 15

click here for the full version of the index table

www.whereonearth.biz

 

Cyprus and the EU Economic Forecast Spring 2007:

More information about the positive economic development in Cyprus can be found in Chapter 12 of the "Economic Forecast Spring 2007" of the European Union. 

http://ec.europa.eu/economy_finance/publications/european_economy/2007/ee207en.pdf 

» March 19, 2007:

Cyprus' Parliament and the Euro:

On 15 March 2007 Cyprus' parliament approved the legislation to adopt the euro. The legislation was passed in the assmbly by 36-15 votes.