Philippou Properties

We are a highly respected and dynamic property developer of prestige properties in Cyprus. We have over 30 years experience in real estate development, construction and sales, with offices in London, Cyprus and Moscow.

We are currently launching a number of new projects across the island with over 350 luxury off-plan properties that we will be marketing worldwide. Prices range from €135,000 for a one bedroom apartment to €3,500,000 for luxury beach front villas.

We are committed to quality and customer service and this is evident by our ISO9001 Quality Management accreditation and our membership of the Association of International Property Professionals (AIPP) which is the governing body that regulates the overseas property market.

GCC our construction partner is an extremely high profile construction company with over 60 years experience in delivering high quality, stunning villas & apartments on time and within budget.

Prestige

We focus our product to the discerning client who is looking for something special. All our developments are low density on large plots, providing spacious and luxurious living with additional features such as gated 24hr Security, Gym, Sauna and Spa facilities.

Customer Services

We work with our clients to provide them with professional assistance throughout the buying process. Our dedicated customer services team will provide access to specialists for advice on financial, legal, foreign exchange and any other aspect of financial planning for property purchasing.

Our website has details of all our developments on it, so please check it out. www.pp-cyprus.com

Lifestyle buyers set to keep moving to Cyprus

Retirees who wish to move abroad are set to keep heading for Cyprus, property analysts have predicted.

Experts at ShelterOffshore.com said the country offers relatively affordable property values, as average prices are about half of those in France.

In addition, it revealed that foreign nationals may find its tax system an appealing inducement, as there is no inheritance tax in Cyprus.

Furthermore, retirees are charged just five per cent on their pension earnings.

The website stated that this could make Cyprus a logical choice for those who want to enable their pension fund to go further.

ShelterOffshore.com said: "Cyprus will remain a popular choice with people seeking a move overseas to enjoy the perfect blend of sunshine and financial savings."

This comes shortly after Home Move described the rate of house price inflation in Cyprus in the last few years as "impressive".

Cyprus ''is better than Spain''

A foreign property owner from the UK has told a newspaper that Cyprus could be a better investment market than Spain.

According to Martin Cooper, the Mediterranean island is experiencing growth as a result of infrastructure upgrades and the recent currency changeover.

Speaking to the Sunday Mail, he said demand for rental accommodation among workers and tourists means that it also offers a strong buy-to-let sector.

Therefore, he believes that the country could potentially offer more lucrative investment opportunities than other Mediterranean countries including Spain.

Mr Cooper has just bought two apartments in Limassol in order to take advantage of these favourable market conditions and generate healthy returns.

He commented: "I didn''t want to miss the boat and I think property in Cyprus is a great bet just now."

This comes after Home Move said that predictions of a boom in the Cypriot housing market this year have been proved correct.

The website attributed this to the island''s entry into the single European currency back in January.

Cyprus planning more tourist attractions

The Cypriot tourism industry could soon benefit from a greater range of major attractions, according to a local trade group.

Akis Kelepeshis, president of the Association of Cyprus Travel Agents, told a meeting of his organisation''s members that he was happy with the progress the industry had made this year, reports the Cyprus Mail.

He predicted that 2008 would be an important year for tourism in Cyprus because cooperation between trade associations and government bodies is starting to produce results.

One area this is apparent is the progress made in increasing visitor numbers during the winter months - a fact that could help owners of investment property in Cyprus achieve improved occupancy rates and higher rental income.

However, Mr Kelepeshis said there is still plenty of work for the industry to do, notably completing attractions such as golf courses, marinas and a casino.

"We must enrich the tourist product and complete the big tourist infrastructure projects," he added.

A recent report by lastminute.com revealed the number of Britons booking breaks in Cyprus this summer is 32 per cent higher than in the corresponding season in 2007.

Investors pointed towards Cyprus

Cyprus has been flagged up as a good option for overseas property buyers who are seeking returns on their investment.

The Mediterranean island was recommended by Homes Overseas magazine on the strength of its growing housing market.

According to the publication, house prices in Cyprus have risen by more than 18 per cent in the last year.

This suggest that buyers who enter the island''s property market could benefit from further capital appreciation.

As a result, they could find themselves in line to collect a considerable profit should they choose to sell up at a later date.

Homes Overseas magazine added that demand for property has been buoyed by growth in the island''s tourism sector.

Figures from the publication show that visitor numbers have gone up by 4.4 per cent in the last 12 months.

This comes after the Home Move website described the rate of house price inflation in Cyprus in the last few years as "impressive".

A survey has revealed the top ten countries most popular with investors in foreign property in 2008.

Following a survey of 1000 new subscribers, property investment magazine, Jet-to-Let has shown that investor interest is continuing to shift away from the UK buy-to-let market and towards foreign investment opportunities.

Over 50 per cent of investors said they aim to invest in foreign property in the next 24 months, with 35.8 per cent keen to invest in the next 12 months. The number one country for investors was found to be Cyprus, which is unchanged from 2007, with France and Spain ranked second and third. There were three new entrants this year – Italy, ranked at seven, the United Arab Emirates at eight and Brazil, which came in at tenth place.

Dominic Farrell, editor of Jet-to-Let magazine and author of property investment book, The Jet to Let Bible, says he’s not surprised that Cyprus scored the top slot in the survey. “The adoption of the Euro on 1st January 2008, the interest rate cut, oil and gas finds offshore and low taxes continue to make Cyprus very attractive for investors and homebuyers alike,” he says.

Overall, the survey highlights the fact that interest in foreign investment opportunities is still going strong, helped in part by the inflated housing market in the UK and the small returns on offer here, compared to good returns in other countries.
Summing up the current choices of property investors, Dominic says, “We have seen a significant increase in investing in overseas property since the beginning of 2008, which reflects an ongoing ‘substitution’ away from UK, Irish and US property, as well as equities and other financial products. A well-selected, cashflow-positive property in a country with a sound legal framework and economy will always beat alternative investments hands down.”

EU Funding In Cyprus

The property market in Cyprus is in a period of sustainable growth due to EU funding and the redevelopment of infrastructure and tourist attractions, especially in Larnaca on the South East coast of the island. The potential growth that is in predicted makes Larnaca a strong pull for UK citizens interested in overseas investment.
The underlying factors behind the predicted growth are a good indication that over the next 5 years the property market in Larnaca will provide today's investors with excellent returns.

When Cyprus joined the EU, they were granted a loan of 6bn Euros to develop better infrastructure in the country and grow its tourism levels (the country's biggest source of income) from 3m visitors to 10m visitors over the next 10 years.
The majority of the funding, just over 3.5bn Euros, is being invested directly into the region of Larnaca and will include the development of a luxury, PGA managed golf course, a 750 berth marina with 120 retail units, which will take the place of the old oil refinery and a brand new airport terminal that will see the introduction of cheaper flights from Easyjet, Monarch and Ryan Air.
With all this development in the region being completed over the next 5 years and Cyprus having one of the lowest average house prices across the whole of the EU, banks are predicting, and more importantly are reporting double digit house price growth each year with a 15-20% increase being seen already in 2008.

What makes Larnaca even more attractive to UK investors is that there are strict planning restrictions in place to make sure that market saturation does not take occur like we have seen in Spain over the last few years, and also the fact that the land is freehold and subject to similar land registry regulations as we see in the UK.

Financial Times Article

Interest In Southern Cyprus

Interest in southern Cyprus is mounting among investors looking to take advantage of the potential gains offered by up-and-coming property hotspots around the globe. And while traditional favourites such as France and Spain continue to be popular among British investors, it seems another destination is successfully competing for attention.

Southern Cyprus, home to popular holiday destinations Paphos and Larnarca, is coming to the fore as more and more Britons choose to buy property there either with retirement, a vacation or pure investment in mind.

The sunny climate and the fact that English is widely spoken is particularly appealing to those who want to combine a taste of the exotic with home comforts.

Indeed, Paul Tomlin, the sales director of property firm Buy Abroad, commented that southern Turkey offers property investors a great mix of appealing factors. He said investors are drawn to a "combination of everything".

He said: "It has good climate, everybody feels comfy there because everyone speaks English, and they drive on the same side [of the road] as they do in the UK." These are particularly important for people planning to relocate to the country or spend extended periods of time on the Mediterranean island.

But what about investors? Southern Cyprus has an ideal environment for dealing with the administrative issues concerning buying a property, according to Mr Tomlin. He said with the country's legislation for buying land, the majority of contracts are in English so those investing are at ease with the legal system governing the transaction.

Interest in the country's property market is expected to be fuelled by June's EU announcement that Cyprus will adopt the single European currency at the start of 2008. From January 1st next year, Cyprus and Malta will join the eurozone, with currency specialist HiFX predicting a boom in inward investment as a result.

The firm said Britons are attracted to the strong economy and local culture offered by the country, while many have a "soft spot" for the sunny island. HiFX marketing director Mark Bodega said "a number of reasons" are expected to boost the local property market.

"British purchasers like the legal system in Cyprus as it is easy to understand - being based on the English one," he said, adding that government policy also has an appealing environmentalist slant. "Properties cannot exceed a certain height, density is monitored and green areas are planted within developments," he commented.

Information website All Cyprus Properties also suggests that Britons feel right at home on the former British colony. In addition, it states that property prices in the country have shown healthy growth over the last few years and that while it concedes "past performance is no guide to future prices", it suggests that "now is the perfect time to buy".

Southern Cyprus Is An Excellent Investment

Investors in foreign property have been advised to consider making a purchase in southern Cyprus.

Property writer Mark Dale said the region offered "excellent" opportunities for overseas investors for a variety of reasons, such as good climate for 12 months of the year.

In addition, he stated that the island had adopted many English common laws, making the property buying system very similar to that in the UK.

Furthermore, he highlighted the large number of English speakers in Cyprus, as it had become their adopted second language and highly popular with Britons as a result.

Mr Dale continued: "There is still a strong influx of second home-buyers and investors, but the low taxes are a great incentive for permanent living and investment."

He added that southern Cyprus was especially popular among those choosing to retire to another country.

According to the People newspaper, the region offers a "perfect mix" of activities for children, families, young people and retirees.

Larnaca airport project

Improved travel links to Cyprus could mean a boost to local property as the country is set to become more accessible.
Larnaca and Paphos airports are part of the way through upgrades totalling 650 million euros (about £443 million) that the contractor said will make Larnaca very competitive.

Hermes Airports chief executive, Bob Manning, told Cyprus’ Financial Mirror that the works will turn Larnaca into “a world-class airport”.
The firm is to build new passenger terminals and extend the runways at both airports under a 25-year concession.
Paphos and its new facilities will ready by the end of 2008 and Larnaca by the end of 2009.

Yasou Travel reported that a review of the island’s tourism and marketing plan had been discussed at a meeting between the airport operators, airline representatives and officials from the Cyprus Tourism Organisation.

Mr Manning told the travel news website that the successful delivery of new projects instilled confidence.
Phase 1 of Larnaca’s new three-level 98,000 sq m passenger terminal, inspired by the city’s medieval aqueduct, will have a capacity for 7.5 million passengers a year.
Phase 2 increases its capacity to 9 million and the runway from 2,700 m to 3,500 m by 2013. 

Planning for six marina's

Six marinas are planned at different parts of the island:

• The Paphos Marina will be constructed at “Potima” area in Kissonerga and will have a capacity of 1,000 vessels.

• The Limassol Marina will be built to the west of the old port and will also have a capacity of 1,000 vessels. Contracts for the Limassol Marina were signed in February.

• The Ayios Raphael Marina in Limassol will continue to operate with a capacity of 250 vessels.

• In Larnaca, the existing Marina will be extended so that its current capacity of 450 vessels will expand to 1,000 vessels.

• The Ayia Napa Marina will be constructed at “Loumata” area and will have a capacity of 600 vessels.

• The Paralimni Marina will be built near the fishing shelter and will have a capacity of 250 vessels.

The Ministry of Commerce, Industry and Tourism has said that the marinas will help enhance maritime tourism, which will serve strategic goals for enriching the island’s tourist product and improving seasonality.
The marinas of Cyprus are expected to have a comparative advantage over those of Greece, Turkey and Israel, due to the island’s geographic position.

Cyprus house prices hit another record

Cyprus Property Prices Increase by over 20%

BULLET POINTS FOR INVESTING IN CYPRUS

• Golf

A few kilometres outside of Larnaca, a spectacular golf course will be developed. Its a 18 hole signature golf course designed and backed by the European Golf Federation. By offering a resort catering for high quality hospitality services to foreign and Cypriot citizens, this new course is aimed at increasing the Cyprus tourism market and to make a positive contribution to the Cypriot economy.
The resort will feature a hotel, club house with multiple restaurants and bars, a state of the art business centre, equestrian facilities, a retail village complex, entertainment area and spa. All lying in a scenic valley with beautiful natural rock formations and grand trees adding maturity to a relatively new course.
 Research today shows that golf properties will significantly increase in value during the build program of 2-3 years. If compared with current prices of similar golf apartments on the three existing courses in Cyprus, it can be seen that there is a potential for a minimum capital growth of between 40% - 60% within the next two to three years.

• Marina

Ayia Napa is aiming to build a recreational marina in a bid to promote tourism in the area and bring a different range of visitors to the village.
The marina is to be built in the Louma area close to the Ayia Thekla church. The marina is set to hold a capacity of 600 yachts of which 360 will be on the water and 240 will be docked on the pier. Officials are planning to extend the area and also construct buildings for various administrations such as police, customs, fire services as well as a warehouse for boats and a large parking space for cars.
Speaking about the impact the new marina would have on tourism in the area, he added, “The consortium’s aim for the new marina is a vision that is shared by the Municipality and it is a great chance for us to bring different ranges of tourism to the area for all seasons.”

• Airport

The new Larnaca terminal will be next to a new control tower, with new aprons and jet ways. Most passengers will be able to move directly from terminal-to-plane and vice versa using covered walkways. In Phase 1, there will be 76 check-in desks; eight security screening positions; 16 passenger boarding bridges; eight remote gates; five baggage claim carousels; and 2,200 car spaces. It will be able to handle 7.5 million passengers a year. (The current terminal, originally designed to handle 2.5 million passengers a year, sees about 6 million per year). Phase 2 (expected to start in 2013) will raise its capacity to 9 million, and the runway will extend from 2,700m to 3,500m.
The new Paphos terminal, scheduled for opening in November 2008, will be able to handle 2.7 million passengers a year and the airport runway will be extended to 3,100 metres. Phase 2 (expected to commence in 2019) will extend the runway to 3,100 metres with a new south parallel taxiway.

Of the two airports, Paphos is the most seasonal, handling a high volume of charter flights in summer but little traffic in winter.

Euro
As briefly discussed Cyprus' accession into the Euro on 1st January 2008 provides a positive environment for property investment for a variety of reasons: