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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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Tourists arrival RECORD in Cyprus- 2016

Foinikoudes beach

For the period of January – September 2016 arrivals of tourists totaled 2.617.218 compared to 2.203.599 in the corresponding period of 2015, recording an increase of 18,8% and out numbering the total arrivals ever recorded in Cyprus during the first nine months of the year.

On the basis of the results of the Passengers Survey, arrivals of tourists reached 421.201 in September 2016 compared to 360.899 in September 2015, recording an increase of 16,7%. September 2016 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.

Arrivals from Russia increase significantly

Tourist arrivals from the United Kingdom increased by 3,0% in September 2016 compared to September 2015 while an increase of 51,8% was recorded for tourists from Russia. Increases were also recorded from other important tourist markets, such as Sweden (22,1%), Israel (20,5%), Greece (24,7%) and Germany (1,4%). Contrary to that, a decrease of 1,7% in tourist arrivals from Norway was recorded.

Main countries

The United Kingdom and Russia constitute the main sources of tourism for Cyprus, with proportions of 35,5% and 27,2% respectively, while arrivals from Sweden comprise 4,6% and from Israel 4,2% of total arrivals.

Source: CyprusReporter

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Kuwait- Cyprus Business Forum

Kuwait by night

KUWAIT- CYPRUS BUSINESS FORUM

WE INVITE YOU TO JOIN US!

Cyprus Chamber of Commerce and Industry  in cooperation with Kuwait Chamber of Commerce and Industry are organising a business forum in order to further promote the excellent relations which exist not only between the two countries but also between companies and businessmen.

Marinakis Developers is a privately owned Property Investment Organisation in Cyprus and has been operating in developing residential, commercial and tourism related projects for the past 31 years.

Everyone can attend the forum upon appointment.

Come and meet us to learn more about:

Cyprus- EU Citizenship Scheme

Permanent Residency Scheme

Secure Investment Opportunities

Become an Associate

DATE: 28 of September 2016

PLACE: Kuwait Chamber of Commerce and Industry building

FEE: Free Attendance

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Mortgage rates are at their lowest

Mortgage interest rate deduced

Mortgage rates dropped in June of 2016 to the lowest level since 2007, figures released by the Central Bank of Cyprus showed on Tuesday (02/08/2016).

The figures showed that the interest rate on household deposits with an agreed maturity of up to one year remained unchanged at 1.49 per cent, compared with the previous month.

The corresponding interest rate on deposits from non-financial corporations recorded an increase to 1.45 per cent, compared with 1.34 per cent in the previous month.

The interest rate on consumer credit decreased marginally to 4.47 per cent, from 4.49 per cent in the previous month.

The interest rate on mortgage also fell to 2.99 per cent, from 3.09 per cent in the previous month.

The interest rate on loans to non-financial corporations for amounts up to 1 million euros increased to 4.23 per cent, from 4.12 per cent in May.

In contrast, the interest rate on loans to non-financial corporations for amounts over 1 million euros dropped to 3.76 per cent, compared to 3.84 per cent in the previous month.

Source: CNA

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Reduced property transfer fees

reduced property transfer feesOn 29 of July the Finance Ministry of Cyprus announced  that it has lifted the temporary arrangement to reduce Property Transfer Fees by 50 per cent, which was valid until 31st December 2016.

The 50 per cent reduction is now permanent; the law implementing the change, ‘Land and Surveys Department (Fees and Rights) (Amendment) (No. 2) Law’, was passed on 14th July 2016 at a plenary session of the Cyprus parliament.

 

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News

Important Links

Important Links

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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