Recently released figures from the Cyprus Statistical Service

CYSTAT show that real estate expanded by 19.4% in real terms (ie, adjusted for inflation) in 2003. Gross output at constant 2000 prices rose to CYP 280.1 mln in 2003, from CYP 234.5 mln in 2002. In current prices (not adjusted for inflation), gross output rose in nominal terms by 26.7%, to CYP 317.2 mln in 2003, from CYP 250.4 mln in 2002. Measured on a value-added basis, which shows a sector’s contribution to GDP growth, real estate rose in real terms by 18.6%, in a year in which overall real GDP growth was just 1.8%. Its share in GDP rose therefore from 2.6% in 2002 to 3.1% in 2003.

Source: Financial Mirror

World execs to reveal secrets of success in Cyprus

Ten of the leading chief executives of some of the best-known brands worldwide, such as Swatch, Nestle, Porsche and the St. Moritz Tourist Board will be the main speakers at the “Shaping the Future” international business conference to be held in Limassol on April 26-27. The conference is being organized by TotalServe Management Ltd., the internationally networked business consultancy with offices in the U.K., Greece, Romania, Russia, Poland and Spain. The event is being sponsored by Bank of Cyprus.

Source: Financial Mirror

Cyprus warns foreign companies to refrain from land deals in northern Cyprus.

Interior Minister Neo?lis Silikiotis said that companies which engage in illegal sale or purchase of Greek Cypriot properties in the Turkish occupied north of Cyprus will not be allowed to operate in the Republic of Cyprus.Regarding the activity of foreign real estate companies in Cyprus, Mr Silikiotis said that “A relevant legislation has been tabled in the House of Representatives which provides for the amendment of the provisions of the existing law”.So far, he added, permits to work as realtors are given on a personal level, but after the relevant law is amended, companies will be able to operate, provided they comply with certain provisions such as employing people who are registered in the Realtors Registration List and that at least one person in the company speaks Greek.Mr Silikiotis also stated that it is evident that “companies which engage in the illegal sale or purchase of Greek Cypriot properties in the occupied areas cannot be allowed to operate in the Republic of Cyprus”.

Source: Financial Mirror (Cyprus)

EU inflation stable at 2.1%

According to Eurostat, the Statistical Office of the European communities, annual EU inflation remained unchanged from January’s figure of 2.1%. The current rate of inflation is close to the European Central Banks desired level of 2%. The current inflation rate for the euro zone is at 1.8%, which is in line with the ECB’s inflation target. The stability of the current inflation rate since the beginning of 2007 has come as a surprise; strong economic growth and the increase of German VAT in January had caused many to predict an increase away from the desired level of inflation.

Source: Eurostat

Investors advised to target Cyprus

According to property portal Rightmove, Cyprus is one of the best places for the jet-to-let industry, and this looks set to continue. Rightmove consider several factors to be important in the increased popularity of the island. Advantages of investing in the Cypriot property market include the low cost of living and high standard of living as well as the booming property market, which is offering existing investors strong rental returns. Combining these favourable investment conditions with a Mediterranean climate, it is easy to see why Cyprus will prove to be a hotspot in 2007.

Source: Rightmove

Cyprus rated as 'best place in the world to invest'

According to A Place in the Sun Magazine , Cyprus has been rated as the best place anywhere in the world to invest in property. When considering twelve different factors used to assess the viability of a country, Cyprus came out on top. This was due to its high level of Foreign Direct Investment (FDI), as well as its strong Gross Domestic Product (GDP), as well as its political and economic stability. ther factors that make Cyprus and ideal investment included the number of new developments that are currently available, as well as the PGA golf course and two the state of the art marinas that are all in development. The fact that Cyprus is on target to adopt the Euro in 2008 is also enticing investors to the Island. A Place in the Sun Magazine also cited the number of internet hits' and media attention that Cyprus receives as other reasons why Cyprus remains a hotspot for investors.

Cyprus to apply for euro adoption

The Council of Ministers decided on Wednesday to authorise the Minister of Finance and the Central Bank of Cyprus Governor to submit an application to the European Commission and the European Central Bank for the preparation of an extraordinary convergence report concerning the adoption of the Euro on 1 January 2008.The Cabinet convened under President of the Republic Tassos Papadopoulos.

Source: Financial Times