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Invest In Cyprus

10 Reasons to invest in Cyprus – Larnaca City

Invest in Cyprus – Marinakis Developers provides ten reasons as to why property investors should think about Cyprus and the City of Larnaca when considering Where to buy their next holiday home.

Invest in cyprus larnaca

Cyprus is the holiday hotspot for 2018. With growing holiday makers from across the globe heading to its golden beaches many property investors are considering real estate on the island for their next purchase.

Let’s look at what makes real estate investment in Cyprus so special and why tourists are drawn to the island year after year.

  1. Destination

The untouched beauty of the Mediterranean, from its flourishing green mountains to the sandy beaches, provide people with a chance to escape from the City Life and be surrounded by nature’s best.

2. Lifestyle

The Cyprus lifestyle is one that draws people back time and time again. Many honeymooners, Families and friends become intoxicated by the relaxing, worry free atmosphere that surrounds the island, and return year after year to become immersed in the Calming way of life.

Chinese, Russian and European Cultures combined, make Cyprus What we see today. With so much diversity in food, music and clothing is what helps to attract tourists and investors back to the island.

Invest in cyprus relaxing
man with laptop relaxing on the beach sitting on deck chair

3. Business hub

Cyprus has been a foreign investment magnet for decades, transforming itself to the No1 European country in foreign investment. Cyprus tax incentives, combined with a number of competitive advantages, make it a very attractive destination for international business. That’s what Chris Koufaris the general secretary of Cyprus International Business Association (Ciba) told the press.

4. Cyprus Passport

With 2 European schemes up and running a lot of  Russian and Chinese investors invest in Cyprus for the passport. Although in the beginning this is their primary objective, during the process they find out  that investing in Cyprus property is very profitable.

Cyprus passport

5. Weather

On top of everything else that Cyprus has to offer, the weather is the Cherry on top of the Cake. When the weather is good is very good. Hot days and cool nights in the summer and mild winters make Cyprus the perfect destination to head all year round.

6. Low tax Benefits

Those looking to invest in Cyprus property can benefit from low tax purchases. With one of the lowest tax rates in European Union Cyprus is the place to invest. Check out reasons to do business in Cyprus

Having looked at why investors are attracted to Cyprus, lets look at the benefits of investing in property in Larnaca.

7. A growing property market

Unlike other areas around Cyprus, Larnaca will grow faster than all other Cities due to 2 major changes that will take place in the next few years. The Larnaca marina and  the removal of the fuel tanks.

invest in property cyprus

8. The Larnaca Marina

Larnaca’s future yachting Marina, the largest in Cyprus, with luxurious facilities, will set Larnaca as a Prime Mediterranean Tourist Destination, expecting significant benefits.

9. The removal of the Fuel tanks

On Thursday 3rd of May 2018 the president, Nicos Anastasiades, gave a helping hand in the demolition of the first fuel tank. The result of the removal of the fuel tanks to Vasiliko area will be to restore  the beach front of more than 15 kilometers.

10. Renting prospects

As Cyprus becomes more popular, so too has the interest in buy to let holiday property investments. Due to this increasing demand, more airlines are scheduling direct flights to Cyprus, meaning that even more holidaymakers are heading out to the island.

This – on top of the fact that Cyprus is getting very popular as a vacation destination, offers financial advantages for property investors looking to buy to rent out to holidaymakers.

 

property for sale in larnaca

 

 

 

 

 

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Larnaca Developers With ISO Certification

Marinakis Developers has been a proud owner of the ISO Certification since October 2017, demonstrating the company’s ability to consistently provide products and services that meet consumer and regulatory requirements. ISO 9001:2015 standard is based on several quality management principles including a strong customer focus, the motivation and implication of top management, the process approach and continual improvement.

During a private ceremony at Marinakis offices, the Management expressed their gratitude and thanked everyone for their major efforts generating a wonderful result.

Addressing Marinakis Team, Mr. George Marinou, emphasized that through their diligence and hard work, Marinakis Property Developers is now one of the few developers in Larnaca  who have acquired the ISO Certification.

 

Larnaca developers iso certificate

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Apartments in Larnaca City center

Marinakis Property Developers have being developing properties in Larnaca since 1985.

Pearl House Larnaca City Center.

Apartments in Larnaca city centre

The Pearl House 3 project consists of eight luxurious apartments and invites comfort and modern elegance.

Why Larnaca City Center

Over the past decade, Larnaca city centre has undergone a huge transformation that has driven significant growth and investment into the city.

Living in the city centre has never been more appealing as its shopping, food and nightlife continue to grow and diversify.

If you are looking to buy an apartment in Larnaca City centre then this is the guide for you.

Choose your area wisely

Larnaca city centre has many affluent and emerging areas including the Chrysopolitissa area.

But as with any upcoming area, property prices are rising fast.

The Chrysopolitissa area has undergone significant improvement over the past decade and is in the making of historic buildings being transformed into plush apartments, modern business and trendy restaurants and stylish bars.

Will your property hold its value?

The key to this, is location. In the city centre, there has always been a shortage of larger properties and it’s only over the last decade that developers have started to build bigger.

George Marinou adds: “Properties which include a special, alternative feature – such as a balcony, exposed brick walls and a higher than average ceiling, are always sought-after.

We found that even during the recession in 2008, properties sold quickly if they had something a little different. And this is always the key when the market is slowing and buyers have more choice.”

Should I buy off plan?

It can feel like a risk to buy a property off-plan as you often cannot view the property before the development is complete. George’s advice is to visit projects that have recently been completed by the same developer to judge their finish and finesse.

If you are interested in buying an apartment in Larnaca city centre please contact us for more details.

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Marinakis Developers in Lebanon

Marinakis Developers’ launch event in Lebanon a great success!

Marinakis developers lebanon

‘Aiming to move forward’ Marinakis Developers were delighted to host a successful launching event for elected guests in Beirut, to mark the company’s business expansion in Lebanon.

Marinakis Developers Lebanon presented its mission and objectives on 13th December at Le Gray Hotel, Beirut to promote the Company and its projects to potential associates, customers and high net worth investors.

The event featured major discussion themes around the investment opportunities offered by Cyprus, the considerable growth of the island’s economy, thriving real estate industry and attractive tax environment maintained by Cyprus as a member of the European Union.

During the event, Marinakis Developers presented the new collection of properties along with investment incentives such as acquisition of the Cyprus passport and the possibility of obtaining a permanent residence permit.

Mr. Elpidoforos Elia, the Commercial Attaché of the Cyprus Embassy in Lebanon along with other dignitaries in the business sector participated in the ceremony. In his opening statement Mr. Elia referred to major investments in Larnaca over recent years and the town’s ongoing development.

Mr. George Marinou, CEO of Marinakis Group stated that, Cyprus and Lebanon share a long history of friendship and excellent bilateral relations and the decision for this expansion had been much influenced by the cordial relations developed with the organisation’s Lebanese customers.

During his speech, Mr. Antonis Marinou, Marketing and Business Development Manager at Marinakis Developers revealed that the company carefully planned and set strong foundations to successfully launch and drive business growth focussing on delivering customer satisfaction.

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For over 30 years, the company is renowned for its impeccable building techniques, developing properties of high quality standards. Boasting a successful track record from the very beginning, the Company is now offering an exclusive full line of residential products provides unique solutions for holiday or permanent residences and investment properties in Cyprus.

team marinakis developers Lebanon

For further details check out our Lebanese website Marinakis Developers Lebanon.

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Quality houses for sale in Cyprus

Buying a quality house is a tricky business . Buying a quality house in Cyprus is an even more tricky business due to the extreme weather conditions.

The quality of the house must be outstanding in order to tolerate Cyprus’ extreme Summer heat.

Here at Marinakis Developers we have been building and selling quality houses in Cyprus since 1985.

With hundreds of projects in the Marinakis portfolio we posses the know-how and the experience of building a quality houses in Cyprus.

16 Reasons why we build high quality houses

We have developed and standardised a procedure to achieve superb quality of the house;  that is why with every sale comes a content client. See our clients’ testimonials.

  • The construction steel used is clear of foreign matters and tied to all crossings.
  • Under the construction steel and on the sides of the pillars special plastics are placed overlapping the iron so air cannot penetrate and cause corrosion.
  • At each stage of the skeleton, cubes are taken for checks to a specialised laboratory for the strength and cleanliness of the concrete.
  • Proper drainage and mechanical design studies are carried out to prevent odours and improve ventilation performance.
  • Metal lintels are never used in the brickwork. Lintels are made of bricks or concrete for larger dimensions.
  • Under the flooring and before the under layer is placed, 1cm thick polysterene is applied for contraction and expansion reasons.
  • The terraces are insulated with cementitious material along with a special plastic mesh.
  • There is always a big chance of leakage and expansion of indoor moisture when fixing the bath and shower. This job is carried through to completion with great care and the bath and shower are masked well to prevent leakage.
  • In all cases, a hatchway to the bath sigma is provided for any future repair.
  • Before paint is applied, it is necessary for stabiliser to be used.
  • Cleanliness and order is maintained throughout the construction process.
  • The architectural plans are studied very carefully so that it will not be necessary to make late changes in the construction and thus delay the certificate of approval and the ownership title.
  • If the area is unknown, a geological study is made.
  • The substrate must be suitable and well compressed to be compatible with the test specifications.
  • If there are indications of humidity in the area, then a concrete admixture is used in the base and the columns of the construction.
  • The base of the building is always extended outwards, at least 30cm, to keep away the moisture on the outer part of the building.

Our latest project

Our latest project consists of 20 high quality houses and villas. Presently there are just 6 houses available for sale. See all details of the Pyla project.

quality houses for sale in Cyprus
High quality houses for sale in Cyprus by Marinakis Developers.

Are you interested in buying a house in Cyprus?

Do not hesitate to contact us and one of our sales reps will contact you within 48 hours.

Marinakis Developers

High quality houses for sale in Cyprus

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Cyprus to increase V.A.T on property sales

Cyprus has been avoiding increase on V.A.T on property sales for some time now.

Although “Audit control body” of Cyprus Goverment has pointed out this in their reports the past few years nothing has been done yet.

In order to avoid the penalty from the European Union Cyprus Goverment has to pass the law to increase the V.A.T on property sales  in the next few months.

Where all that leads

So it is time to buy a house in Cyprus.

For more info pls Contuct us

 

 

 

 

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Cyprus has issued 15569 resident permits to non EU citizens in 2015

Cypriot-passport

Cyprus has issued 15569 resident permits to non EU citizens in 2015, 18.4 for every 1000 permanent residents, of whom 2580 for family reasons (16,6%), 2226 for education purposes (14.3%), 7337 for employment reasons (47.1%) and 3426 (22.0%) for “other reasons”, according to Eurostat.

Cyprus (47.1%) was among only six Member States, where the main reason for issuing residence permits was employment, together with Poland (69.3% of all residence permits issued in the Member State), Lithuania (53.9%) and Slovenia (47.5%). Compared with the population of each Member State, the highest rates of first resident permits issued in 2015 were recorded in Malta (23.1 first residence permits issued per thousand population), Cyprus (18.4), Poland (14.3) Sweden (11.3) and the United Kingdom (9.7). In 2015, 5.1 first residence permits were issued per thousand population in the EU.

Out of the 15569 permits, 2069 were issued to Russians (13.3%), 1911 Syrians (12.3%) and 1565 to Phillipinos (10.1%).

According to Eurostat In 2015, 2.6 million first residence permits were issued in the European Union (EU) to non-EU citizens, a record number since the data collection began (2008) and up by 12.1% compared with 2014. This increase was mainly due to the higher number of first permits issued for employment reasons (+23.5%, from slightly less than 0.6 million in 2014 to more than 0.7 million last year). Accounting for 28.9% of all first residence permits issued in the EU in 2015, family remained the main reason of deliverance, followed by employment (27.2%), other reasons (23.8%) and education (20.2%).

Source: Eurostat

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Fitch Upgrades Cypriot Economy

fitch-ratingFitch Ratings has upgraded Cyprus’s Long-term foreign and local currency Issue Default Ratings (IDRs) by one notch to ‘BB-‘ from ‘B+’. The issue ratings on Cyprus’s senior unsecured foreign and local-currency bonds have also been upgraded to ‘BB-‘ from ‘B+’. The Outlooks on the long-term IDRs are Positive. The Country Ceiling has been upgraded to ‘BBB-‘ from ‘BB+’ and the short-term foreign and local currency IDRs have been affirmed at ‘B’.

According to Fitch press release, Cyprus is continuing to make strong progress in its adjustment following the 2013 banking crisis. Its exit from the EU and IMF programme in March took place in a context of outperformance of fiscal and economic programme targets, success at lifting capital controls, and steps taken to restructure the banking sector.

The economic recovery, now into its second year, is supporting employment, bank asset quality adjustment, and public finances. Fitch is projecting GDP growth of 2.9% in 2016 (from 1.9% projected a year earlier). A strong 1H16 outturn was supported by private consumption and investment, and reflected broad based growth across industries, most notably in tourism. Unemployment reached 12.1% in 2Q16, from 14.9% in 2015. For 2017-2018, GDP growth of around 2.5% will benefit from an expected increase in foreign direct investment. Downside risks to the outlook stem from banking sector deleveraging and the weak external environment.

The banking sector is gradually strengthening, evident in the pick-up in deposits and stable capitalisation. Deleveraging is ongoing, with overall sector assets down to 3.7x GDP in June 2016 from almost 6x in 2009. The Bank of Cyprus (placed into resolution in 2013 and recapitalised partly through a bail-in of depositors) has reduced its reliance on emergency liquidity assistance, to EUR1.5bn by August 2016 from over EUR11bn in April 2013. The property sector remains illiquid but prices seem to be stabilising at around 30% below their 2008 peak.

Strengthened supervision, management and regulations are helping to slowly reduce the exceptionally large stock of non-performing exposures (NPEs) at 48% of total loans. The new foreclosure framework is in the initial phases of implementation. The stock of NPEs has declined slightly to EUR25bn as of August 2016 from EUR28.4bn a year earlier. The volume of new restructurings is also increasing, albeit from a low level. In April 2016, Fitch upgraded the IDRs of Bank of Cyprus (48% share of gross lending) to ‘B-‘ from ‘CCC’ and Hellenic Bank to ‘B’ from ‘B-‘, with stable outlooks for the two banks.

A strong track record of fiscal policy management provides confidence that authorities will remain committed to government debt reduction in line with fiscal targets. The budget is close to balance, although the 2017 budget includes tax relief measures that will widen the deficit, based on government projections, to 0.6% of GDP in 2017 from 0.3% in 2016 (vs. modest surpluses previously projected). Fitch projects government debt to decline to just over 100% of GDP by 2018 (still more than twice the projected ‘BB’ peer median) from a peak of 108.9% in 2015.

The financing position and outlook are favourable. Debt financing operations have contributed to the government’s cash position, expected by authorities at end 2016 to exceed financing needs until 2017. Cyprus’s first post-programme market issuance in July (representing the fourth issuance since entering the bailout programme in 2013) was priced at the lowest coupon rate achieved by Cyprus for a euro benchmark bond. The seven-year 3.75% EUR1bn bond was realised without support from the European Central Bank’s bond-buying scheme.

Fitch that Cyprus’ ‘BB-‘ IDRs also reflect the following key rating drivers:

Banks remain fundamentally weak and pose an ongoing risk to economic stability. Despite a fall in the stock of NPEs, the ratio of NPEs to total loans stood at 48% in August 2016, still the highest of all Fitch-rated sovereigns and up from 45% at end-2015. Excluding overseas branches and subsidiaries, the ratio is even higher, at 57%. With provisioning coverage of NPEs at 38.5%, unreserved problem loans, represented by gross NPEs minus system-wide reserves, stood at EUR15.4bn (87% of GDP) from EUR16.8bn (97% of GDP) at end 2015.

Net external debt (NXD) is exceptionally high at 139% of GDP at end-2015 compared with the ‘BB’ range median of 16%, reflecting a highly indebted private as well as public sector. The NXD figure has been revised up by over 70 percentage points of GDP following the shift of external statistics compilation to the BPM6 framework in June 2014, owing to the inclusion of capital-intensive ship-owners as Cypriot economic units irrespective of the location of their activities.

Cyprus is still running a sizeable current account deficit, which implies that further economic rebalancing may be required over the medium term. It was 3.7% of GDP in 2015, albeit down from over 15% in 2008. Fitch has revised up its current account deficit projections to around 4.3% of GDP for the period of 2016-2018, reflecting an increase in consumption led imports registered in 1H16 and expected to continue in the forecast period.

Negotiations for a deal between Greek and Turkish Cypriots to reunify the island are underway. The likelihood of success and the terms of a potential deal remain uncertain. A deal would benefit both sides in the long term by boosting the economy, but would entail short-term costs and uncertainties.

Focus on reaching an agreement could divert political capital away from structural reform implementation, where progress to-date has been mixed. The improved economy and exit from bailout programme could reduce the urgency for reform. Additionally, municipal elections in December, and presidential elections in 2018, could further delay progress in politically sensitive areas, including public administration reform and the telecom company privatisation.

Fitch judges the impact of Brexit on Cyprus, which is most directly exposed to the UK through tourism (39% share of arrivals), to be moderated by positive developments in the sector including diversification into other markets and the extension of the tourism season. Advance bookings from the UK suggest no slowdown for 2017.

Cyprus’s rating is supported by a high level of GDP per capita, strong governance indicators and a favourable business climate relative to BB range peers.

Source: FitchRatings

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Cyprus Real Estate Market Report

kpmg2031

 

According to the latest Cyprus Real Estate Market Report, published by KPMG, Cyprus economy  will expand by about 2.7% this year, surpassing the March 2016 forecast, with annual growth at about 2.5% in real terms in 2017-2019.  Due to the fact that the Real Estate Market is considered as a big part of the backbone of the Cypriot economy, whatever developments taking place in the market play a significant role in the country’s overall economic achievements.

Cyprus Real Estate Market Report indicates improvements.  In particular, during the first quarter of 2016 the total property deeds of sale increased by 28% in comparison to the same period of 2015, whereas the interest of foreign investors in the real estate market keeps growing, since over one quarter of these transactions involve overseas residents. This is primarily due to the initiative the Cypriot Government took regarding the Cypriot Citizenship Programme. The incentives offered to investors in the property market, such as the 50% reduction in transfer fees for all sales and the 100% exemption from future capital gains tax for profits on properties, have stimulated the market. Moreover, the legislation that was adopted in the Autumn of 2015 dealing with the long-standing problem of the inability to issue title deeds in the name of purchasers who have paid the amount due in full to the land developer, has enhanced the credibility of the Cypriot real estate market. Furthermore, according to a law implemented by the majority of the Cyprus Parliament and published in the Official Gazette, the immovable property tax has been reduced to ¼ of the total tax arising using the current rates, whilst the tax will be fully abolished in 2017.

To view the full Cyprus Real Estate Market Report, please click here

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GET THE CYPRUS PASSPORT TODAY!

Cyprus Passport is a complete EU Passport.Cyprus (EU) Citizenship

Favorable improvement of Cyprus Citizenship scheme creates a huge interest for properties.

Cyprus Government has approved a revised scheme for granting Cypriot citizenship to all non- European citizens.

Click here to get full information of the benefit.

For more information contact us on: info@marinakisproperty.com

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Important Links

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Benefits and Opportunities which arise for NON-EU CITIZENS who prefer and are ready to invest in Cyprus.

Important information about the significance of Energy Efficiency as regards our home.

Only relevant information about properties and projects.

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