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INDUSTRY MARKET NEWS www.opp.org.uk
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FEBRUARY 2010
We know a thing
CYPRUS
or two about building...
Y
Govt fi gures confi rm
Cyprus meltdown
INDUSTR
The scale of the recession’s damage the country in recent months.
to Cyprus’s overseas property market Some question whether prices have
has been revealed by offi cial fi gures fallen in line with buyers’ expectations
showing an 84% drop in sales to non- and, with no offi cial price index
Cypriots since peak. released since Q1 2009, the nationwide
Fewer than 1,800 properties were situation is diffi cult to judge.
sold to non-Cypriot buyers during David Pollard, CEO of agent Fine &
2009 compared to over 11,200 in 2007, Country Cyprus, argues that market Steep decline
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Fewer than 1,800 homes were sold to non-Cypriot citizens in 2009
PEOPLE
according to data from the Department decline has been “exacerbated by the
of Lands and Surveys. high cost of land in Cyprus, which kept bank lending and a realization that unlikely for developers to spend cash in
pushing up retail prices and further prices need to be lowered.” order to receive it back without profi t.”
Price debate fuelled by a healthy dose of greed Developer Aristo has been off ering Andreas Ioannou, managing director
Very few countries produce offi cial data amongst some developers”. discounts of up to 30% on completed of developer Alpha Panareti, argued
on the number of foreign purchases, so stock, but doesn’t think cutting prices that large discounts have already
a comparison with similar markets is Discount consequences further is a realistic solution. “It is damaged the market by creating fears
diffi cult. However, Cyprus’s reliance on Pollard said: “Cyprus is already unlikely for new projects to be launched of negative equity.
TION
British buyers – who have been hit by overstocked with completed properties if there is not suffi cient demand,” said But even he admitted that “potential
the weak pound – is commonly cited and there are hundreds more due for Savvas Georgiades, Aristo’s fi nance and clients who have the money to invest
as a major sales obstacle. The ongoing completion this year. Although the operations director. are now taking much longer to make
controversy over un-issued title deeds fundamentals are in place the market “Construction costs and land prices decisions, often in the hope of forcing
DESTINA has also generated negative press for can only recover with sympathetic do not show signifi cant drops and it is prices down”.
TURKEY
House sales in Turkey
shoot up 24% in 2009
BUSINESS
Housing sales in Turkey rose 24% year- with a total value of TRY6 billion.
on-year for the fi rst nine months of 2009 The eff ects of the recession on
and moderate growth is predicted for construction are likely to hamper
2010, according to new research. recovery over the coming year, said High end backlog
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Istanbul had around 80,000 unsold luxury homes last year
The country’s Real Estate Investing GYODER’s chairman, Turgay Tanes, at a
Partners Association (GYODER) reported press conference. “The contraction in economy, said Tanes, adding that could help stimulate prices. Tanes also
that a cut in title deed fees and value- 2009 is expected to leave in its place 2009 was “a lost year”. The number of predicted a “slight increase” in foreign
added tax (KDV), as well as promotions limited growth in 2010,” he said. municipal building permits issued for investment into the country next year,
OPER
by developers, helped to sell 416,000 the year is also likely to fall to 420,000 rising to a total of $10-12 billion.
Golden Park, Egypt. Timeless Living.
VEL
units between January and September. Building contraction from an average of 580,000 for the years “The real revival in the sector will take
The number of mortgages also The construction sector contracted by 2005-2007. place in 2012,” he said. “With increasing
DE Within one of the fastest-growing tourist regions of the world, lies a stunning
increased in the third quarter of the year, 19.5% in 2009, around two-and-a-half However, GYODER’s report said population and advancing urbanization,
rising 65% year-on-year to 96,808 loans times the contraction of the overall low interest rates and rising demand the need for housing will rise.”
new 5 star award-winning retreat.

The new Golden Park Resort, created by world renowned developer The Kimidar Group,
will feature high-specification apartment and villa properties, complemented by chic
CZECH INVESTMENT DOWN MALAYSIAN TAX U-TURN US RESALES SHOOT UP
lifestyle facilities. The resort effortlessly combines luxury living with the option
Property investment in the Czech Republic fell below Malaysia is to limit the reintroduction of capital gains Sales of existing homes in the US rose 44.1% year-
of 0% finance* over 2 years and a guaranteed 7% per annum return* over 5 years.

TING
2003 levels in the last 12 months, continuing the tax on real estate after opposition from the business on-year in November, according to the National
This prospect comes complete with top commissions, full marketing support and an
dramatic decline seen in 2008. New research from community. The government amended its original Association of Realtors (NAR). Transaction levels
industry-leading online sales tool to make agents’ work easier.
ARKE
CB Richard Ellis showed that investment turnover in plans so only properties sold less than fi ve years after increased 7.4% on the previous month to reach an
M
2009 fell to €400 million, 64% lower than the previous their purchase would be taxed instead of all real annual rate of 6.54 million units, the highest number
Golden Park will open in 2011, with investors already being invited to discover its
year’s amount. estate assets. since February 2007 when the rate hit 6.55 million.
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* Subject to terms
FEB10_OPP_MAG.indd 6 28/01/2010 15:19
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