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New basis for Immovable Property Tax has been announced

20 Jun, 2010
Neoclis Sylikiotis, Minister of Interior of Cyprus, has announced the revision of the Immovable Property Tax calculations has been approved by the Council of Ministers.The draft bill is based on the 1980 property values, same as before, however, the rates have been adjusted as follows:Continue to be IPT exempt properties with value up to €170,860Properties from €170,860 to €427,150 (per 1980 valuation) will be taxed at 0.3% instead of 0.25% current rateProperties between €427,150 and €

New energy efficiency legislation approved by European Parliament

26 May, 2010
New energy efficiency legislation which in 10 years will reduce European energy consumption by 20%, passed last week.According to the European Parliament, each member state will have to adjust its building regulations to make sure that every new property built from the end 2020 complies with new energy-saving standards. Buildings constructed prior to the end 2020 will have to be upgraded where possible.New building regulations are created in order to reduce C02 emission. In Europe buildings are

Second RICS Cyprus Property Price Index has just been released

19 May, 2010
The second quarterly Cyprus Property Price Index (CPPI) has just been published by RICS. This RICS CPPI was first introduced in February 2010 and it tracks property prices and rents accross the island. It monitors fluctuations in apartments, houses, offices, retail and warehouses prices as well as rents.New average price for an apartment in Paphos is €151.000, for a house €460.000. Apartment in Limassol costs averagely €175.000, in Nicosia €170,000, €180.000 in Larnaca and €131.000 i

Qatar to invest millions in a tourism complex venture deal in Cyprus

24 Apr, 2010
On Wednesday was signed an important agreement between Cyprus and Qatar about building of a multimillion dollar project, which will include a luxury hotel, offices and residential properties, in Nicosia, commercial center of Cyprus.This agreement, signed by Qatar's Emir Sheik Hamad bin Khalifa Al-Thani and by Cyprus President Dimitris Christofias, represents a joint venture where each side will hold 50% share. Cyprus contributes the land and Quatar will pay in cash the equivalent of the property

New Chief Executive is appointed by The Association of International Property Professionals (AIPP)

22 Apr, 2010
G&V Hadjidemosthenous Ltd, being member of The Association of International Property Professionals, welcome Mark Sharp from Key Housing affordable home developers (UK) who has replaced Paul Owen as the new Chief Executive of AIPP.Mark Sharp's research interests are in Built Asset Management, Process Modelling and Innovative MMC. He also sits on various sector boards and has international board membership of the CIB, whilst also associated with various professional institutions culminating in

Published first quarterly Cyprus Property Price Index

09 Feb, 2010
The very first quarterly Cyprus Property Price Index (PPI) has been finally published. According to it, the average property price in Cyprus has reached €2,000 per square metre for a house and €1,865 per square metre for an apartment.Highest valued prices for the houses and commercial properties are recorded in Nicosia and Limassol. Average house in Nicosia at the beginning of 2010 costs €523,438, same house in Limassol costs €496,250 and €460,417 in Paphos. The highest prices for the

Apostolides vs Orams: Greek Cypriot wins the case

19 Jan, 2010
Judgment has been handed down in case of Greek Cypriot Meletis Apostolides against British Coulpe David and Linda Orams in favour of the Greek Cypriot, according to the statement of his lawyer. This final appeal is absolute and Orams will not be able to apply to the Supreme Court of UK anymore.According to the verdict the Cyprus judgments are to be registered and enforced in the UK.There were a number of orders made by the Cyprus Court against David and Linda Orams about the land in Lapithos, wh

American Academy presented the first environmentally friendly school in Paphos

17 Jan, 2010
Highly anticipated presentation of the Private American School in Paphos took place on the 18th of December 2009 at Elysium Hotel. Members of Paphos municipality, public councillors and various financial and banking institutions representatives as well as over 500 other people (parents and friends of the school students and everyone who asteems the School's project) attended this important event.Conference, which was organised with support of Savvas Vergas, the mayor of Paphos, sent a message ab

Lidl Supermarket to open in Paphos in 2011

30 Dec, 2009
Hadjidemosthjenous Developers started construction of a store for Lidl, a German discount supermarket chain that operates about 8,000 stores worldwide.The Lidl store of approximately 1500 sq. m will be located at the Tombs of the Kings Road, near Venus Hotel. This position is very accessible for locals as well as for holiday makers. It will be extremely convenient not only for Paphos residents but also for large villages nearby, such as Chlorakas, Kissonerga and Peyia.Works have already commence

Hadjidemosthenous offices Christmas Schedule

22 Dec, 2009
We would like to take this opportunity and wish our Clients and Associates a Merry Christmas and Happy New New Year.We also would like to inform you that during the festive period our offices will be closed on the following dates:24, 25, 26, 27, 31 of December 2009 and 1, 2, 3, 6 of January 2010With any urgent inquiries during these days please contact us by email: info@pafosproperty.com
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