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Where real estate prices have risen and fallen

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Where real estate prices have risen and fallen

By Socrates Joachim [email protected]

According to the property price index of the company WiRE FS, the selling prices of apartments on a Cypriot basis increased by 0.9% in the third quarter of 2021, compared to the second, residential prices decreased by 1.1%, of commercial real estate by 1.4%, warehouses by 1.5% and office space by 1.5%. During the same period, the selling prices of holiday apartments increased by 0.3%, while the prices of holiday homes decreased by 1.7%.

READ ALSO: New hospitals in Cyprus under construction

At the provincial level, the increase in housing prices in Nicosia stands out, which continued to increase by about 1.1% on a quarterly basis, for the fourth consecutive quarter. On an annual, pan-Cypriot basis, the selling prices of apartments increased by 0.7%, of houses by 0.1% and of holiday apartments by 0.5%, while the prices of commercial real estate decreased by 4.1%, 3, 8% of warehouses, 2.0% of office space and 4.3% of holiday homes.

WiRE FS data show that demand for residential real estate is high, driven by lower interest rates, lower deposit rates and a lack of investment options. As a result, locals have made significant investments in residential real estate. However, we are still a long way from seeing a return to stability, as the economy is heavily dependent on the tourism sector and the full impact on the banking sector has not yet unfolded.

Cypriots prefer e-gambling

A very large increase was recorded in betting revenues in the second quarter of 2021, according to the results announced by the National Betting Authority. According to the data, the gross revenues of the recipients of Class A (land betting) and B (online betting) amounted to € 190,560,298, recording an increase of 114%, compared to the corresponding period of 2020. From the total revenues of of Class A and B recipients, € 46,333,305 are for Class A recipients and € 144,226,993 are for Class B recipients, confirming the players' propensity for online betting. The financial results of the second quarter of 2021 confirm that the market is returning to conditions of normalcy and rapid recovery.

According to the President of the National Betting Authority, Ioanna Fiakkou, the resumption of national championships around the world, as well as the holding of top sporting events such as the EURO2020 and the Olympic Games, played a decisive role for these results. It is worth noting that at the national level the percentage of revenues from betting activity in 2016 amounted to 0.99% of GDP, in 2019 recorded a significant increase of 3.44% and in 2020, despite the contraction of GDP due to the global health crisis by 6.5% , the percentage of betting revenues on GDP amounted to 2.98%. The bet, however, that must be won is, in parallel with the increase in revenue, to protect the players, the vulnerable teams and the wider population. So measure excellent in gambling as well. Bet on the game, from your surplus and not from your backlog and remember that few became rich from the bet.

In history the “Beau Rivage”

The demolition works of the former hotel unit “Beau Rivage” in Pyla have officially started, which are expected to be completed in 2-3 months. do not burden the neighboring tourist units and businesses with nuisance. With the completion of the demolition work, the way is paved for NCH Capital Inc for the construction of a mixed tourism development, which will include a hotel unit and a number of apartments under the name and management of a global tourism chain. The goal is for the construction works to start within the first two months of 2022. Remember that the investment interest of the investment organization NCH CAPITAL INC, is not limited to the borders of the community of Pyla, but also concerns the creation of a hotel next to the church of Agios Lazaros . The hotel will be estimated at a capacity of about 60 rooms. As Mr. Andreas Santis, Head of Balkans, Greece and Cyprus of NCH CAPITAL INC had already mentioned to his colleague Pampos Vassilas, an application for an urban planning permit has been submitted and if all goes well, the construction work will begin in this case as well. of 2022.

The regeneration of the old GSP begins

The contracts for the project of “renovation of the old GSP” were signed last Wednesday, with a budget of 19,720,000 euros, plus VAT, which includes the construction of the project and 10 years of maintenance. The contracts were signed by the Mayor of Nicosia, Konstantinos Giorkatzis, and the representatives of the Cyfield Construction – Cyfield Development JV Consortium. The construction works, which will start on November 10, are expected to last 24 months. This is a very important project in the heart of Nicosia, which will greatly enhance the effort to develop and upgrade the historic center of the capital. The renovation of the space of the old GSP aims at the creation of an urban square, green spaces and recreation areas, as well as the construction of an underground parking space with a capacity of about 570 vehicles.

The project will be co-financed by the EU Cohesion Fund, the state budget and the Municipality of Nicosia, within the programming period 2021-2027. Nicosia Mayor Konstantinos Giorkatzis may have been criticized in the past for delays in the implementation of projects, e.g. Eleftherias Square, however, we can say today that Nicosia, with the works that have been done or are planned to be done in the next period, is changing its face for the better.

“Lifting” in the Statistical Service

The operation of the new web portal, from tomorrow, November 1, was announced by the Statistical Service. The new Portal will be accessible from the existing website address (www.cystat.gov.cy) and is designed to offer an enhanced user experience in a friendly and modern environment.

Among other things, it will enable users to create data tables and graphs, through the online database of the Service, while it will provide users with access to predefined data tables, publications, survey questionnaires and quality / metadata reports, with the ability to use filters and to communicate for requests, suggestions and complaints through the Portal. We will look forward to seeing the new gateway tomorrow, to see if it really puts the service into the new digital age. Oopsometha!

Replacement of electrical appliances

In order to deal with the increase in electricity prices, the Ministry of Energy announced that it is in the process of preparing a “Sponsorship Plan for the replacement of electrical appliances in the homes of vulnerable electricity consumers”. appliances in the homes of vulnerable electricity consumers. Beneficiaries will be vulnerable electricity consumers, while the budget has been set at € 5 million. Eligible appliances include refrigerators / freezers (up to 1 per applicant) and / or washing machines (up to 1 per applicant) and / or air conditioners (up to 3 per applicant). Purchases that will be made after the date of the announcement of the Plan will be eligible. Purchases made before the announcement date will not be eligible for a grant.

Nikos Siakolas wrote a book

Walking to the 94 years of his life, the well-known businessman Nikos K. Siakolas summarizes in an elegant book of 225 pages all his experiences and presents useful lessons for young entrepreneurs and not only. He considers that these are not memoirs, nor autobiographies, but lessons and lessons with timeless value. First-person narratives about the experiences, adventures, experiences of a businessman who has a lot to say. The book essentially chronicles the experiences of the Cypriot business giant, in a fascinating journey of life of nine decades, which continues. For all those who are interested in reading the book, let us tell you that it is available free of charge from the offices of Mr. Siakolas Group. Personally, however, I look forward to reading it.

Source: www.philenews.com

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