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Steady recovery in the Cyprus real estate market is expected in 2018, with demand expected to continue progressively, according to several market experts, as published in a recent news article from InBusinessNews, a leading news portal of Cyprus.

2017 was noted as a very good year, during which the recovery of the economy of Cyprus had a definite impact on the real estate sales volume. The sales volume of the year demonstrated a clear recovery of the real-estate market, and a very similar trend should be expected to take place in the New Year, as the economy expands further.

As InBusinessNews reports, the Vice-Chairman of LBDA (National Land and Building Developers Association), Mr Yiannis Misirlis, commented that a sharp change of prices in 2018 is not expected, nor desirable. “Prices were in decline until a couple of years ago, then stabilised, and 2017 was the first year which saw marginal growth. We should expect further marginal growth for the New Year. Therefore, capital appreciations in the region of 3-4 per cent coupled with rental yields, which are currently at 4-5 per cent for residential units, means that traditional core strategies are starting to see increasing investment yields.”

Commenting on any notable moments in 2017, Mr Misirlis remembered the September meeting of LBDA with Troika (the tripartite committee led by the European Commission with the European Central Bank and the International Monetary Fund, that supervised the Economic Adjustment Programme for Cyprus) during which Troika recognised the healthy recovery of the property sector taking place. As Mr Misirlis said, “the Cyprus real estate sector is entering a stabilization path, away from the dangerous moves and the extreme lending that prevailed in the past.”

In a private discussion, Mr Misirlis also commented on the “vertical growth” of Limassol, as a result of the construction of a number of high-rise buildings. “The lure of building skyscrapers is rising as developers and the Government see the benefits they bring to businesses, citizens, tenants, and the city’s profile. This is putting supertall buildings on the development agenda, propelled by economic expansion, and the desire to maximise land value.”

“We expect these stand-out structures to be increasingly command a rental and valuation premium”, Mr Misirlis adds.

While construction costs of high-rises can be high due to issues such as overcoming wind forces and ensuring energy efficiency, the gain can be worth it. “These ‘vertical communities’ not only generate investment opportunities, but also create value for the surrounding areas, helping lure crowds, drive sales and rental prices”, concludes Mr Misirlis.

This is the right time to invest in Cyprus real estate according to Mr Yiannis Misirlis, Director at Imperio and Vice Chairman of Cyprus Land & Building Developers Association. Mr Misirlis addressed this important issue at a Business Delegation and Forum in Tel Aviv earlier this week, while presenting the opportunities in real estate in Cyprus under his authority as a Board Member of Cyprus Chamber of Commerce and Industry (CCCI).

The forum was put together by the CCCI and the Cyprus Ministry of Energy, Commerce, Industry & Tourism in co-operation with the Cyprus-Israel Business Association and the Israel Chamber of Commerce, in an aim towards the promotion of business relations between the business communities of Cyprus and Israel. The focus sectors of the forum included real estate, the funds industry and professional services.

Following an analysis of the real estate market cycles, Mr Misirlis addressed the forum by discussing the status of the real estate sector in Cyprus as being in the “recovery” period, soon to enter the “expansion” phase. This is supported by an extensive analysis of data on sales transactions over the past ten years, indicating that while annual sales might not reach the figures recorded in 2007 where the real estate market was at its peak, Mr Misirlis expressed optimism that the growth will continue, placing the market into a healthy position.

Recovery of the real estate market was also apparent during the first half of 2017, restoring optimism to industry professionals, as it was revealed that in the first quarter of 2017 an increase in real-estate values of 4% was recorded, reflecting the higher demand and transaction activity.  According to many real estate analysts, this stage is therefore the most appropriate time to invest in real estate, before the market enters the expansion phase, causing prices to increase.

A key point made by Mr Misirlis during the presentation is that a further increase in demand from foreign buyers was recorded during the first half of 2017, with sale contracts filed by foreigners recording a sizeably large increase compared to the first half of 2016. He identified Cyprus as one of the top performers in Europe and attributed this success to the various incentives introduced by the Cyprus Government in recent years, and to the impressive recovery of the Cyprus economy.

A special emphasis was given to the different investment opportunities which can be found in Cyprus for real estate investors, such as ambitious high-rise developments, the recently permitted integrated Casino Resort, Marinas, golf-course developments, and the recent growth in Limassol’s ever-growing skyline.

Yiannis Misirlis, Director at Imperio, was elected as a Member of Board of Directors of the Limassol Chamber of Commerce and Industry (LCCI) at the 56^th Annual General Meeting, which took place on October 23^rd at the Limassol Chamber. The tenure applies for the years 2017-2020.

The Annual General Meeting commenced with a speech by Mr Nicos Kouyialis, the Cyprus Minister of Agriculture, Rural Development and the Environment, representing the Government and spoke about issues related to the positive developments within the Cyprus economy. Mr Costas Galatoriotis was re-elected this year as President of the Board of the LCCI.

The LCCI was established in 1962, and currently represents over 750 companies, with the aim to protect the interests of Limassol’s business community as well as encourage the economic development and sustainable growth in Limassol.

Article can be found here.

According to The Guardian:

Violence, preventable diseases and traffic accidents are to blame for a widening of the youth mortality gap between the developed and developing world, according to a new Guardian analysis of the most recent World Health Organisation (WHO) data.

The most dangerous country in the world to be a young person (defined as aged between 15 and 29) is Sierra Leone, with one youth in every 150 there estimated to have died in 2015. Its youth mortality rate per 100,000 (671) is almost 100 people higher than the next country on the list, war-torn Syria (579).

Cyprus is the safest of the 184 countries analysed, with a death rate of almost one in every 4,762 youths, while Denmark, the fifth safest, halved its number of young deaths between 2000 and 2015. The United Kingdom (one in every 3,030 young people) is ranked just outside the top 10 safest countries, behind Israel.

Source: The Guardian

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The interesting presentation “Limassol, Upcoming Development, pluses and minuses”, organised by the Limassol Architects Association at the Municipal Cultural Centre “Panos Solomonidis”, was completed today, June 2.

The aim of the presentation was to encourage a public debate on the need for an integrated and a sustainable development policy, in view of the rapid growth that transforms our city.

The position of Yiannis Misirlis, Deputy Chairman of the Cyprus Land and Building Developers Association and Director of Imperio Group, is based on the creation of an alternative development model with a long-term vision.

As he said in his presentation, “The right Urban Planning creates an alternative development model capable of responding to the needs of modern citizens. Tall mixed-use buildings create a community and are important in upgrading cities and improving the quality of city life. Tall buildings are necessary for Limassol. Not only do they upgrade the city, the environment and the product, but they also offer a lifestyle that citizens are increasingly looking for”.

In conclusion, “Limassol is changing and offers new challenges and opportunities. With a long-term vision and serious investment in architecture, urban design and development, we can create a wonderful world-class city”.

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交工日期：2018年12月

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