September building permits up 15 per cent

Alan Lawton
-
0
September building permits up 15 per cent

Cyprus building permits: September 2016THE NUMBER of building permits authorised in September 2016 stood at 467 compared with the 407 authorised in September 2015; an increase of 14.7 per cent according to official figures released by the Cyprus Statistical Service.

Compared with September 2015, the total value of these permits rose 26.6% to €99.4 million, while their total area rose 25.3% to 86.9 thousand square metres.

During August, building permits were issued for:

  • Residential buildings – 300 permits
  • Community buildings – 1 permit
  • Non-residential buildings – 88 permits
  • Civil engineering projects – 19 permits
  • Division of plots of land – 43 permits
  • Road construction – 66 permits

Building permits for new homes

The 300 residential building permits approved in September provided for the construction of 289 new homes comprising 147 single houses and 142 multiple housing units (such as apartments, semis, townhouses and other residential complexes).

This is a fall of 8.0% compared with September 2015 when building permits were issued for the construction of 314 new homes.

Building Permits Issued for the Construction of
New Homes (Number of Dwellings)

Month 2015
(Dwellings)		 2016
(Dwellings)		 Increase/
Decrease		 %age
Change
January 204 243 39 19.1%
February 384 312 -72 3.0%
March 297 306 9 3.0%
April 147 201 54 36.7%
May 276 278 2 0.7%
June 239 287 48 20.1%
July 337 382 45 13.4%
August 199 229 30 15.1%
September 314 289 -25 -8.0%
Total 2,397 2,527 130 5.4%

Year to date

During the first nine months of 2016 the number of building permits authorised for both residential and non-residential projects has increased by 5.6% to 3,901 compared with the 3,693 authorised in the same period last year.

Although total area of these permits has risen by 6.6% to 702.2 thousand square metres, their total value has fallen by 3.8% to €735.3 million. The number of housing units has increased by 5.4%.

According to the Cyprus Statistical Service, building permits constitute a leading indicator of future activity in the construction sector.

Debt release orders secured

Staff Reporter
-
0
Debt release orders secured

debt relief ordersTHE INSOLVENCY Service has managed to secure fifty six debt release orders (DRO) for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis.

So far 1,019 applications have been submitted from citizens who request a debt write-off, head of the Insolvency Service Costas Karotsakis has told the CNA.

“Consequently, fifty six families without income or important assets that could be used to repay their debt, have been rid of unsecured debts of up to twenty five thousand Euro, both them and their guarantors” Karotsakis noted.

As a result of the efforts, he said, the World Bank in its ‘Doing Business’ report currently ranks Cyprus 16th in resolving insolvencies; Cyprus ranks 9th among EU member states.

He also said that several cases are pending before the district courts and as a result it is expected that the number of the rulings will increase.

However, according to Karotsakis the number of companies making use of the debt restructuring tool is low and as a result only three cases have been led before the courts and one of them has been withdrawn.

In addition, he said that the Insolvency Service has received thirty eight applications for personal insolvency arrangements, noting that “restructuring a debt through a personal insolvency arrangement can secure the repayment of the creditors and maintain, where that is possible, the primary residence”.

According to Karotsakis more than 8,600 persons have been removed from the bankruptcy record with the aim of re-integrating them into economic activity.

€40m residential project in Limassol

Nigel Howarth
-
4
€40m residential project in Limassol
Yelena Baturinam plans €40m residential project in Limassol
Businesswoman and philanthropist Yelena Baturinam

BUSINESSWOMAN and philanthropist Yelena Baturinam, described as Russia’s richest woman, has announced the launching of a new €40 million construction and development project in Europe according to a report by Adrian Bishop in OPP.Today.

In November, a land plot on the coastline in a prime area of Limassol was acquired for constructing high-end residential properties.

The next stage of the as yet unnamed development will be holding a tender for the architectural design of the future development.

Earlier this year another of Yelena Baturina’s development projects was launched in New York.

Her US company acquired 1500 square metres of commercial buildings in central Brooklyn, next to the Barclay’s Centre. The initial investment amounted to US$10 million.

The company is considering applying for permission to transfer the land to a category suitable for residential construction so that a large-scale development project can be built.

Yelena Baturina moved her business headquarters to Europe in 2011, after selling her main Russian asset, the construction company Inteco.

Since that time, she has been involved in various successful commercial endeavours. At present her assets include a network of hotels (Ireland, Austria, the Czech Republic and Russia), a membrane construction enterprise (Germany), a renewable energy project (Greece and Italy), and investments in number of real estate investment funds focused on residential and commercial construction and development in the UK and US.

November property sales up 46 per cent

Nigel Howarth
-
2
November property sales up 46 per cent

Cyprus property salesTHE DEPARTMENT of Lands and Surveys reported a 46 per cent increase in property sales during November compared with November 2015.

During November a total of 651 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island compared with the  446 deposited in November last year.

November’s increase follows a 37% increase in October, a 50% increase in September, and a 50% increase in August.

Of those 651 contracts, 463 (71%) were deposited by domestic (Cypriot) purchasers, while 29% (188) were deposited by overseas (non-Cypriot) purchasers.

With the exception of Famagusta, where sales fell 42%, sales rose in all district compared with November 2015. In percentage terms Limassol led the way with sales up 82%, followed by Famagusta, where dales rose by 74%. Meanwhile, sales in Nicosia and Larnaca rose by 43% and 3% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 46 45 83 88 86 61 60 37 65 64 60 54
2016 54
 79
 82
 79 82 98 102 64 81 80 86
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22
 35 33
 35
 24 34
 27 41  32  47 19
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78
 108 121
 127
 103 120
 123 81  121  111 114
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92
 179 197
 166
 145 222
 220 129  195  270 249
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81
 100 106
 107
 120 183
 153 136 127  126 183
Totals
 2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
 501 539
 514
 474 657
 625 451  556  634 651

Year to date performance

During the first 11 months of 2016 property sales have risen 34% to reach 5,929 compared with 4,439 during the first 11 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 48% and by 28% in Famagusta, Nicosia and Paphos. Meanwhile, sales in Larnaca have risen by 24%.

Domestic property sales

Property sales to the domestic (Cypriot) market in November rose 50% compared to November 2015, with sales reaching 463 compared with 308 in the same month last year.

While domestic sales in Famagusta and Larnaca fell by 63% and 9% respectively compared to November last year, they rose in the remaining three districts.

Sales in Limassol rose 139%, sales in Paphos were up 56% and sales in Nicosia rose 46%.

Domestic Property Sale Transactions – 2015/2016 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 39 36 71 74 74 58 56 36 55 60 50 44
2016 43
 70
 10
 69 68 92 94 58 75 70 73
Famagusta 2015 9 2 16 16 9 30 28 14 25 24 24 41
2016 20 31 21
 33
 24 7 19 32  22  37 9
Larnaca 2015 77 49 91 40 45 82 60 62 53 59 81 81
2016 68 96 85
 91
 93 75 91 67  90  81 74
Limassol 2015 71 77 147 90 86 100 123 65 81 127 82 123
2016 68 158 145
 122
 126 162 156 101  142  202 196
Paphos 2015 39 38 86 64 34 63 83 64 47 92 71 89
2016 61 72 59
 65
 105 126 74 88  98  83 111
Totals
 2015 235 202 411 284 248 333 350 241 261 352 308 378
2016 260 427 382
 380
 416
 462
 434 346  427  473 463

Year to date performance

Domestic sales during the first eleven months of 2016 are up 39% compared with the first eleven months of 2015 with sales reaching 4,470 compared with 3,225 during the corresponding period last year.

Sales have risen in all districts. Sales in Limassol have risen by 50%, while sales in Paphos have risen by 40%. Sales in Larnaca have risen 30% while sales in both Nicosia and Famagusta are up 29%.

Overseas property sales

Property sales to the overseas (non-Cypriot) market during November rose 31% compared with November 2015 with 188 properties sold compared with 138 in the same month last year.

With the exception of Famagusta, where sales fell 42% compared with November last year, they rose in all other districts.

Sales in Limassol rose 82%, while those in Paphos, Nicosia and Larnaca rose by 74%, 43% and 3% respectively compared with November 2015.

Overseas Property Sale Transactions – 2015/2016 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 7 9 12 14 12 3 4 1 10 4 10 10
2016 11
 9
 10
 10 14 6 8 6 6 10 13
Famagusta 2015 7 25 1 1 12 3 17 0 5 5 9 1
2016 2 4 12
 2
 0
 27
 8 9  10  10  10
Larnaca 2015 13 22 7 27 23 29 35 13 32 28 30 33
2016 10 12 36
 36
 10
 45
 32 14  31  30  40
Limassol 2015 24 20 13 25 49 35 33 22 33 39 55 46
2016 24 21 52
 44
 19
 60
 64 28  53  68  53
Paphos 2015 35 47 8 30 61 61 57 24 44 35 34 45
2016 20 28 47
 42
 15
 57 79 48  29  43  72
Totals
 2015 86 123 41 97 157 131 146 60 124 111 138 135
2016 67 74 157
 134
 58
 195
 191 105  129  161  188

Year to date performance

During the first eleven months of 2016 sales to the overseas (non-Cypriot) market are up 20% compared with the first eleven months of 2015 with sales reaching 1,459 compared with 1,214 during the corresponding period last year.

Cyprus Property Sale Transactions 2000 – 2016

Year Overseas Sales Domestic Sales Percentage
Overseas Sales		 Total
Sales
2000 450 12,214 3.6% 12,664
2001 1,207 12,849 8.6% 14,056
2002 2,548 14,111 15.3% 16,659
2003 3,981 15,294 20.7% 19,275
2004 5,384 11,947 31.1% 17,331
2005 6,485 10,106 39.1% 16,591
2006 8,355 8,598 49.3% 16,953
2007 11,281 9,964 53.1% 21,245
2008 6,636 8,031 45.2% 14,667
2009 1,761 6,409 21.6% 8,170
2010 2,030 6,568 23.6% 8,598
2011 1,652 5,366 23.5% 7,018
2012 1,476 4,793 23.5% 6,269
2013 1,017 2,750 27.0% 3,767
2014 1,193 3,334 26.4% 4,527
2015 1,349 3,603 27.2% 4,952
2016 (Nov) 1,459 4,470 24.6% 5,929
Totals
 58,264 140,407 29.3% 198,671

Unlicensed pool owners in hot water

Staff Reporter
-
6
Unlicensed pool owners in hot water

Swimming pool safety in Cyprus holiday homesAUDITOR General Odysseas Michaelides has sounded the alarm over unlicensed swimming pools and petrol stations around Cyprus, calling on the police to intervene.

According to his annual report, 241 of the 297 swimming pools in Paralimni, for example, are being used without a licence. On an island-wide level, that figure rises to 780 out of 1,166 swimming pools. Also included in this group are 141 of the 219 swimming pools in Paphos, 99 of the 207 in Ayia Napa, 140 of the 161 swimming pools in Yermasogeia, 64 of the 90 in Peyia and 11 of the 23 under Limassol Municipality’s jurisdiction.

Michaelides’ report also noted that 31 swimming pools used by the public as opposed to just home owners and their guests were operating under an irregular licensing procedure as they did not fulfil all the relevant criteria as laid out by the law.

Due to the serious safety concerns arising from the issue, Michaelides called on the police to intervene and bring the owners to justice.

When it comes to petrol stations, 66 of the 201 situated within municipal limits are also operating without a relevant license, Michaelides also noted in his report.

He said another 11 of the 201 were operating under an irregular licensing procedure as they too did not fulfil the relevant requirements of the law.

Copyright © 2016 Phileleftheros Public Company Ltd

Cyprus justice subverted by corruption

George Psyllides
-
8
Cyprus justice subverted by corruption
Cyprus justice subverted by corruption
Paphos District Court

CORRUPTION has crept into the island’s justice system, negatively affecting the level of court decisions, a former top judge has charged, casting more doubt over certain decisions, even those issued at the highest echelons of the justice system.

“The decline of Cypriot justice is also due to the decline in values and principles and proper dispensation of justice, which have been bent in recent years and have been displaced by corruption, part of which seems to have already touched the judicial family,” former ECHR judge Loukis Loukaides told a conference on the problems of Cypriot justice.

Loukaides said it was widely accepted that applied judicial justice was going through a crisis in the past decade and that its performance was largely inadequate.

He said the judiciary was lacking knowledge, impartiality, and self-awareness.

“These problems stem from the fact that judges are appointed without strict tests of their knowledge, experience, and personality,” he said.

Most of the legal minds in Cyprus were trained in Greece, whose system may be exceptional, but unrelated to what is in force in Cyprus, where English Common Law covers a substantive part.

“The unavoidable outcome is a drop in the quality of court decisions,” he said. “The lack of criticism and in general the lack of judge accountability certainly has an adverse effect on the quality of the judicial mission.”

Attorney Achilleas Emilianides spoke about the delays in the dispensation of justice by Cypriot courts where civil cases take on average five years to finish.

This, he said, encourages the operation of an extrajudicial system, where people resort to in a bid to collect what is owed to them.

“This is the reality,” he said. “When people come and you explain to them that it would take six years for a trial, they tell you, ‘It will take two minutes to get 60 per cent or 70 per cent and settle’.”

“There is no doubt this system encourages extrajudicial rings, it encourages corruption, it encourages a system that we cannot be proud of, and it all starts by the fact that there is no effective justice due to delays,” Emilianides said.

One high-profile case, which caused a stir, was that of former health minister Ntina Akkelidou.

Akkelidou was found guilty of interfering with the course of justice in 2004, but was later acquitted by a majority decision of the Supreme Court, prompting the resignation of then attorney-general Solon Nikitas.

Akkelidou had sent a letter to a district judge in connection with a drugs case the judge was trying at the time. She was fined £1,000 and resigned her post.

In April 2005, The Supreme Court overturned the decision by 9 to 3, with Nikitas, arguably one of the best attorney-generals this island has seen, saying there was no meaning in continuing.

“I have never commented on a Supreme Court decision. However, this case cannot go unnoticed. It is closely linked with the administration of justice, the principles of the rule of law and the democratic principle of separation of power. It also has to do with the existence, the maintenance, and the quality of institutions in a free and democratic society,” he had said in a written statement.

1...312313314...696Page 313 of 696