According to preliminary data the budget deficit in 2005, compiled in accordance to E.U guidelines, amounted to CYP 185.6 m in 2005, or 2.4% of GDP.
The deficit was therefore well within the Maastricht criterion of less than 3% of GDP which Cyprus must meet in order to join the Euro 1 January 2008
InvestinCyprus.com
Friday, March 31, 2006
Thursday, March 30, 2006
Cyprus government investment in new Technological University
The Cyprus government has chosen some of the sites for the Technological University due to open in September 2007 and is in the process of selecting others, according to the Minister of Education and Culture Pefkios Georgiades.
The first faculties of the new Technological University in the Limassol district will open in September 2007 with around 1,000 students, rising to 7,000 when the project is completed.
Georgiades said the cost of the project would be undertaken by the state, adding that the first faculties would open in September 2007 and the rest in one or two years after that.
The first faculties of the new Technological University in the Limassol district will open in September 2007 with around 1,000 students, rising to 7,000 when the project is completed.
Georgiades said the cost of the project would be undertaken by the state, adding that the first faculties would open in September 2007 and the rest in one or two years after that.
Saturday, March 25, 2006
Output prices in construction rise by 11.8% in 2005
The Output Prices Index in Construction for the 4th quarter of 2005 recorded an increase of 2.27% over the 3rd quarter 2005. Compared to the same quarter in 2004, the index recorded an increase of 9.85%.
On average, in 2005 the index recorded an increase of 11.8% compared to 2004.For the component indices, in 2005 prices for Building Construction recorded a yearly increase of 12.15% while prices for Civil Engineering rose by 10,8%.
InvestinCyprus.com
On average, in 2005 the index recorded an increase of 11.8% compared to 2004.For the component indices, in 2005 prices for Building Construction recorded a yearly increase of 12.15% while prices for Civil Engineering rose by 10,8%.
InvestinCyprus.com
InvestinCyprus.com Customer Services Open Days 9-10 April 2006
InvestinCyprus.com will be holding two Customer Services Open Days in London, 9 and 10 April 2006.
Customers will have the opportunity to meet face to face with their own personal investment/account manager and will also have the opportunity to speak with our mortgage advisor.
Those customers who are completing in mid 2006 can apply for their mortgages in London as we have flown the banks from Cyprus to negate the need for you to fly there.
Another customer services innovation from InvestinCyprus.com
Customers will also be able to choose furniture packs and discuss rentals and property management.
Customers will have the opportunity to meet face to face with their own personal investment/account manager and will also have the opportunity to speak with our mortgage advisor.
Those customers who are completing in mid 2006 can apply for their mortgages in London as we have flown the banks from Cyprus to negate the need for you to fly there.
Another customer services innovation from InvestinCyprus.com
Customers will also be able to choose furniture packs and discuss rentals and property management.
Friday, March 24, 2006
Cyprus property investment seminar - Mon 10 April 2006 London
InvestinCyprus.com announce that their next Cyprus property investment seminar will be held in central London Monday 10th April 2006 at 7pm
Dominic Farrell, director and author of “The Jet-to-Let Bible: the secrets of overseas property investment” will examine the economic and financial case for property investing in Cyprus and will also look at the latest hotspots for the savvy property investor.
To reserve your place, which are limited, please contact the office at info@investincyprus.com with your name, telephone number and an address where we can send your FREE ticket. Maximum of two tickets per applicant.
This is a ticket only event.
InvestinCyprus.com
Hanover House
Hanover Street
Liverpool
L1 3DZ
Tel: 0151 482 5526
Fax: 0151 482 5501
Dominic Farrell, director and author of “The Jet-to-Let Bible: the secrets of overseas property investment” will examine the economic and financial case for property investing in Cyprus and will also look at the latest hotspots for the savvy property investor.
To reserve your place, which are limited, please contact the office at info@investincyprus.com with your name, telephone number and an address where we can send your FREE ticket. Maximum of two tickets per applicant.
This is a ticket only event.
InvestinCyprus.com
Hanover House
Hanover Street
Liverpool
L1 3DZ
Tel: 0151 482 5526
Fax: 0151 482 5501
Thursday, March 23, 2006
British Airways announces increased flights schedule to Cyprus
British Airways has announced an increase in its summer flights schedule to 19 per week over the summer period.
The schedule covers the period between March 26 and October 28 and will include eight flights a week from Larnaca to Heathrow, seven from Paphos to Gatwick and four flights from Paphos to Manchester .
InvestinCyprus.com
The schedule covers the period between March 26 and October 28 and will include eight flights a week from Larnaca to Heathrow, seven from Paphos to Gatwick and four flights from Paphos to Manchester .
InvestinCyprus.com
Wednesday, March 22, 2006
Cyprus property moves upmarket
Cyprus has entered the upmarket property leagues, with an appearance in the Financial Times House & Home supplement.
The “FT”, which is standard reading for high net worth individuals across Europe , has a regular holiday home supplement for those with plenty of cash to spare.
But although Cyprus has the best weather in Europe and is just a hop away for readers who spend half their life on planes, Cyprus has been conspicuous by its absence.
That is now beginning to change. The Sunday Times also had a big spread a few weeks ago and last weekend, the FT’s “Southern Europe Special” had a full page on someone who splits his time between “a farmhouse in rural France and a two-bedroom cottage in a quiet corner of coastal Cyprus ”.
The “FT”, which is standard reading for high net worth individuals across Europe , has a regular holiday home supplement for those with plenty of cash to spare.
But although Cyprus has the best weather in Europe and is just a hop away for readers who spend half their life on planes, Cyprus has been conspicuous by its absence.
That is now beginning to change. The Sunday Times also had a big spread a few weeks ago and last weekend, the FT’s “Southern Europe Special” had a full page on someone who splits his time between “a farmhouse in rural France and a two-bedroom cottage in a quiet corner of coastal Cyprus ”.
Russian tourist arrivals in Cyprus to rise by up to 15% in 2006
Russian tourism is expected to increase by 10-15%in 2006 to with well over 100,000 arrivals expected, the Cyprus Tourism Organisation (CTO) said yesterday.
The Russian market is the third most important for Cyprus after Germany and the UK . Nearly 98,000 Russians holidayed in Cyprus last year, up 16.5% after a decline over the previous year,
“We saw all of the big Russian tour operators today,” said the CTO spokesman who is in Moscow for the MITT travel fair, which begins today and ends on Saturday. “It seems we will have some good results from Russia this year.”
InvestinCyprus.com
The Russian market is the third most important for Cyprus after Germany and the UK . Nearly 98,000 Russians holidayed in Cyprus last year, up 16.5% after a decline over the previous year,
“We saw all of the big Russian tour operators today,” said the CTO spokesman who is in Moscow for the MITT travel fair, which begins today and ends on Saturday. “It seems we will have some good results from Russia this year.”
InvestinCyprus.com
Thursday, March 16, 2006
Cyprus Pound and Euro dual pricing announced
Businesses will be encouraged to price their goods and services in both Cypriot pounds and euros to prepare the public for adoption of the single currency in January 2008, authorities said yesterday.
The Finance Ministry and Central Bank said businesses would be allowed to use euros and pounds in invoicing immediately. Initially this would be voluntary, but will become compulsory in the months immediately before joining to the euro zone, a Finance Ministry official said.
About 59% of people surveyed in the last Central Bank poll said they thought there would be an inflationary spike from retailers rounding up prices.
InvestinCyprus.com
The Finance Ministry and Central Bank said businesses would be allowed to use euros and pounds in invoicing immediately. Initially this would be voluntary, but will become compulsory in the months immediately before joining to the euro zone, a Finance Ministry official said.
About 59% of people surveyed in the last Central Bank poll said they thought there would be an inflationary spike from retailers rounding up prices.
InvestinCyprus.com
Cyprus Economy: Inflation subdued in February
The harmonised consumer price inflation (HICP) rate, compiled in accordance with EU-wide methodology, showed that inflation was subdued in February.
The index fell by 0.04% on the previous month to 100.18 from 100.22 in January. It was 2.4% higher than in February 2005.
InvestinCyprus.com
The index fell by 0.04% on the previous month to 100.18 from 100.22 in January. It was 2.4% higher than in February 2005.
InvestinCyprus.com
Tuesday, March 14, 2006
Launch of Petounta View, Mazatos, Larnaca - Prices from CYP42,500
InvestinCyprus.com are excited to be launching their new Petounta View, Mazatos, Larnaca development which is ideally placed to benefit from the capital growth which is expected in the South West Larnaca region as a result of the airport enlargement, new golf course and leisure complex and the funds being earmarked to develop Larnaca Town and Marina.
This area is being tipped as one of the key investment areas in the whole of Cyprus.
Petounta View, Mazatos, Larnaca, Cyprus
Summary:
- 72 one and two bedroom apartments in rural hilltop location
- 2km form long sandy beaches
- 15 minute drive from Larnaca international airport
- 10 minute drive to planned 5 star golf course and leisure facility
- Breathtaking sea and hillside views
- Long completion date for maximum investment growth potential (December 2008)
- Low 20% deposit
- Up to 80% mortgage with nothing to pay until completion (subject to status)
- Fantastic prices from CYP 42,500 (£51,000)
For further details please e-mail info@investincyprus.com or call 0151 482 5526
http://www.investincyprus.com/developments/petounta_view.htm
Cyprus Property Investment set to boom
Property investment in Cyprus is becoming increasingly appealing to investors worldwide, with a favourable economy where GDP rose by 3.8% in 2005, low inflation and low unemployment and the prospective adoption of the Euro 1 January 2008 drawing record interest from foreign investors.
Peter Christofi, marketing manager for Antonis Loizou & Associates, a firm of Chartered Surveyors and Valuers, agreed with this sentiment and said that the property market would benefit enormously from the move.
"This is great news for Cyprus . Adoption of the Euro is the final fence in becoming part of a united Europe . Cyprus is now stronger than ever and with the proposed adoption date of January 1st 2008 this can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean ," he said.
Mr Christofi went on to say that property prices within the country are currently rising at a staggering rate of up 20% annually. As such, investors are finding they can make bigger gains on their property in Cyprus than in France or Spain , while growth rates and the re-sale market in Bulgaria can still be unpredictable.
Dominic Farrell, a director of InvestinCyprus.com cites the English based legal and banking systems as a reassuring feature when investing in Cyprus . “Ninety-five per cent of Cypriot law is English law which gives the investor or homebuyer the confidence of a robust, tried and tested legal system which has all the necessary safeguards, particularly when defining ownership and title issues.”
While investing in some countries can be daunting because of basic communication difficulties, English is spoken by a significant proportion of the population in Cyprus , while the land registry system differs only marginally from that within the UK . All of this is crucial in making the task of buying and selling a property or making a jet-to-let investment all the more comfortable.
Jet-to-let investment opportunities in Cyprus are in fact particularly strong, with rental yields of around 8%. It is a figure that is clearly attracting UK investors in hordes as they look for returns competitive with if not better than those in Spain .
Peter Christofi, marketing manager for Antonis Loizou & Associates, a firm of Chartered Surveyors and Valuers, agreed with this sentiment and said that the property market would benefit enormously from the move.
"This is great news for Cyprus . Adoption of the Euro is the final fence in becoming part of a united Europe . Cyprus is now stronger than ever and with the proposed adoption date of January 1st 2008 this can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean ," he said.
Mr Christofi went on to say that property prices within the country are currently rising at a staggering rate of up 20% annually. As such, investors are finding they can make bigger gains on their property in Cyprus than in France or Spain , while growth rates and the re-sale market in Bulgaria can still be unpredictable.
Dominic Farrell, a director of InvestinCyprus.com cites the English based legal and banking systems as a reassuring feature when investing in Cyprus . “Ninety-five per cent of Cypriot law is English law which gives the investor or homebuyer the confidence of a robust, tried and tested legal system which has all the necessary safeguards, particularly when defining ownership and title issues.”
While investing in some countries can be daunting because of basic communication difficulties, English is spoken by a significant proportion of the population in Cyprus , while the land registry system differs only marginally from that within the UK . All of this is crucial in making the task of buying and selling a property or making a jet-to-let investment all the more comfortable.
Jet-to-let investment opportunities in Cyprus are in fact particularly strong, with rental yields of around 8%. It is a figure that is clearly attracting UK investors in hordes as they look for returns competitive with if not better than those in Spain .
Friday, March 10, 2006
Cyprus Economy: GDP growth of 3.8% in 2005
Figures released today show real GDP growth in Cyprus reached 3.8% in 2005
Indicative growth rates for 2005 were:
· building permits, up by 13.3%
· financial intermediation services up 9.3%
· tourists arrivals up 5.2%
· tourist revenue up 2.4%
· total imports up 8.9%
· total exports up 22.6%
· volume of manufacturing down 1.3%
· electricity output up 3.9%
· wholesale turnover value up 4.7%
· vehicle sales by value up 0.3%
· retail sales volume up 4.6%
InvestinCyprus.com
Indicative growth rates for 2005 were:
· building permits, up by 13.3%
· financial intermediation services up 9.3%
· tourists arrivals up 5.2%
· tourist revenue up 2.4%
· total imports up 8.9%
· total exports up 22.6%
· volume of manufacturing down 1.3%
· electricity output up 3.9%
· wholesale turnover value up 4.7%
· vehicle sales by value up 0.3%
· retail sales volume up 4.6%
InvestinCyprus.com
Thursday, March 9, 2006
More Germans to visit Cyprus
The Cyprus Tourism Organisation (CTO) is confident that the number of Germans visiting Cyprus in 2006 will increase, with confidence high after a German tour operator confirmed they will send at least 25,000 more tourists to the island.
InvestinCyprus.com
InvestinCyprus.com
Wednesday, March 8, 2006
Cyprus Economy: Unemployment remains low at 4.3%
The unemployment rate in February 2006 remained low at 4.3% of the labour force, unchanged compared to January 2006.
In absolute terms, the average number of unemployed people for February 2006 reached 15,294, 56 more than the number registered in January 2006.
InvestinCyprus.com
In absolute terms, the average number of unemployed people for February 2006 reached 15,294, 56 more than the number registered in January 2006.
InvestinCyprus.com
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