The House Price Index rose 3.1 per cent in the second quarter of the year compared to the first one, to 102.74, the highest since Q1 2015, the statistical service said.

Compared to the second quarter of 2016, house prices rose 3.6 per cent, Cystat said in a statement on its website on Wednesday.
In the first quarter, home prices rose an annual 2.4 per cent and dropped a quarterly 3 per cent.

The Cystat index relies on data obtained by the Department of Lands and Surveys. The Central Bank of Cyprus, which said in August that home prices rose in a quarterly 0.3 per cent in Q1, and 0.2 per cent year-on-year.

The Cyprus division of the Royal Institute of Chartered Surveyors (RICS) said that in August that house and flat prices rose a quarterly 2.3 per cent and 1.3 per cent in January to March.

In Q1, houses and apartments became 4.9 per cent and 3.3 per cent less affordable compared to the respective period last year, according to RICS.

The central bank and RICS apply a different methodology.

Source: CyprusMail

Limassol ranks as a top destination for visitors, and cruise lines see DP World Limassol as an attractive call on their itineraries, Charles Meaby, General Manager of DP World Limassol, said on Wednesday.

In an announcement, DP World said that passenger cruise vessels “Mein Schiff 1” and “MS Braemar” have called at Limassol, allowing passengers to explore the sites and attractions.
Century-class cruise ship “Mein Schiff 1” berthed overnight Limassol. It is owned and operated by TUI Cruises and it has a gross tonnage of 76,522 tonnes, a length of 259 metres, capacity for over 2,600 passengers with a crew of 909. The 195-metre long “MS Braemer” is currently operating with Fred. Olsen Cruise Lines and berthed for the day.
Meaby said “Limassol consistently ranks as a top destination for visitors, and cruise lines see DP World Limassol as an attractive call on their itineraries,” adding that “this year Cyprus has seen a 10 per cent growth in tourists compared with 2016.”

“Port-call vessels typically have a wide-ranging impact on the local economy, as passengers, who are often international, have the opportunity to explore everything the city and the surrounding region has to offer,” he noted.

Source: CyprusMail

How many times have you dreamed of redecorating your small apartment? You might want to do it even more after you see this beautiful small studio apartment.

Fimera Design gave us some pretty nice ideas how to decorate a small apartment with this studio apartment located in Sofia, a capital of Bulgaria. (you can see more of their small apartment design knowledge here!)

Studio apartment design

Feel free to drop your plans about buying the penthouse! This suburban apartment is perfect example that even the smallest living spaces can become incredibly comfortable, beautiful and even luxury looking. Even though there’s no physical barriers which would separate different rooms, designers from Fimera studio managed to separate different living spaces with minimalist furniture which took the focus of off itself. Small modern living room is pushed back while space that connects it with the kitchen is used as a dining room.

Decorating a studio apartment

Beautiful contrast in decoration is achieved with bright ceilings and floors, while walls are painted in dark brown. Wooden details on modern and minimalist furniture fulfills the atmosphere. To “kill” the monotony and sterile feeling, designers placed colorful focal points in almost every “room”. A simple red couch pillow in the living area, red chandelier in dining area and wooden cabinets in the kitchen. Master bedroom, which is probably the largest room in whole apartment joins in with black bed sheets and night stands. I specially love two modern lamps hanging from the ceiling. It really gives beautiful minimalist touch.

On the question how to decorate a small apartment, designers from Fimera studio responded with minimalism, simplicity and bright colors. What do you think of this design? Let me know in the comment section below! Or continue looking for inspiration on apartment decorating with Alexandra Fedorova and SVOYA!

Source: Architecturebeas

While Jacqueline Bouvier's family only lived in unit 6/7A at 740 Park Avenue for six years in the 1930s, it's still known as the "Bouvier apartment," according to Curbed.

After a few price chops, city records show that hedge funder David Ganek sold the apartment for $25.25 million on July 13 to Jacob M. Safra, an heir to the Safra banking fortune. The former first lady's grandfather, James T. Lee, developed the building, which is known as one of the most desirable addresses in the city.

Below, take a look at the 12-room duplex, which presumably looks quite different from the way it did in Jackie's childhood (the current version was designed by Joe Nahem of Fox-Nahem). It includes "original architectural details [that] have been painstakingly restored to museum quality," a "baronial" living room, and a master suite with two bathrooms and dressing rooms.

The Front Hall

The Living Room

The Master Bedroom

One of the Master Bathrooms

The Den

The Dining Room

The Kitchen

A Bedroom

Source: Town&Coutry

The last of the “Island Villas” in the Limassol Marina are now complete,  and the majority of the luxury residences are already inhabited with only 20 left for sale. Emerging from the crystal-blue waters, villas with private berths, benefit from the comforts offered by the safe environment of Marina, but also from the excellent services and facilities provided. Fully embodying the idea of living “on the sea”, the villas are just a few meters away from the city centre and a few steps away from the beach, restaurants, shops,the gym, cultural events and recreational activities of the Limassol Marina.

The first marina in Cyprus with superyacht mooring and the unique marina of the island, awarded with the Blue Flag quality award and the 5 Gold Anchor managed to offer a unique residential product, attracting buyers beyond 30 nationalities without any difficulties.

The unique development that adorns the coastline of Cyprus and hosts luxury residences and special design is unique in its kind. This attractive piece of work includes homes that have private sea areas and berths for vessels up to 60 meters in length. Andreas Christodoulides, Managing Director of Limassol Marina, emphasizes their scarcity, explaining that “those who know the Mediterranean marinas will immediately realize that this is an opportunity for life. With the reputation of Limassol Marina growing constantly as one of the most exciting destinations in the Mediterranean that everyone has to visit, we are convinced that the local, international and global interest in the villas will remain unchanged. ”

Source: CyprusBeat

President of the Republic Nicos Anastasiades announced on Thursday a number of new projects for the Nicosia District worth 420 million euro. 

The President was speaking at an event, during which he presented the progress of the projects the government had planned in 2015 and announced new projects for Cyprus’ capital and the Nicosia district. 

President Anastasiades was accompanied by members of his Cabinet and the event was attended, inter alia, by mayors and other local administration officials, as well as Members of the Parliament. After the President’s speech, a discussion took place. 

In his speech, the President said that the total expenditure for the Nicosia district, including funding for research and development (56 million) and grants for the University of Cyprus from 2015 onwards (147.2), amounts to € 840.6 million. 
The total cost of new projects reaches 420 million euro, the total projects cost announced in 2015 and have been finalized or are under development amount to 173.9 million and projects launched from 2015 onwards and are either completed or in the process of being implemented reach € 43.5 million. 

He also said that it would not have been possible to implement those projects if the government had not followed a prudent and responsible fiscal policy, which, without the increase of taxes has lead not only to the exit from the economic programme, but also to the creation of healthy growth rates, which surpasses 3.5%. 

Moreover, he recalled that the government has decided to undertake the repayment of the guaranteed loans of the Local Authorities, totaling 178 million euros. 

The President called upon the House of Representatives to speed up the approval of the relevant bill regarding the reform of the local administration. 

New projects announced by the President for Nicosia - which have been included in the state budget for 2018 - are among others, the construction of a new building of the Parliament worth 71.4 million euro, funds worth 15 million euro for the research centre RISE (co-funded with the EU, total cost 50 million), the renovation and upgrading of the former Supreme Court’s building, with a cost of 5.6 million and the construction of the first phase of the new peripheral motorway of Nicosia worth 51.2 million. 

In his speech, the President said that in 2015 he had announced a project that would solve the long-term water problem of Nicosia with the transfer of water from the Vasilikos desalination plant. 

The project, he said, is underway and to date 12 million euro have been spent, while another 43 million have been included in the Medium-Term Financial Framework 2018-2020. 

"This is the largest water work in Cyprus, which will cover the water supply needs of the city of Nicosia and of 28 communities," he concluded. 

Source: Stockwatch

If you've ever checked out of a luxury hotel and thought "I wish I could just livehere," well, you're in luck. Four Seasons has announced its first-ever standalone branded "residences," set to debut next year in London's Mayfair neighborhood.

In order to get your hands on one, prepare to shell out. The three-, four- and five-bedroom residences will start at £17.5M (that's roughly $23.7M) and will go up to £35M (around $47.3M). Real estate agency Knight Frank will oversee sales.

It's a pretty big deal for the Toronto-based hotel company. While Four Seasons has been in the branded residential business for three decades, Twenty Grosvenor Square represents the company's first residential project that is not attached to a hotel.

Though we don't yet know when they'll become available, here's what we do know: These apartments are going to be seriously luxurious. Take a look inside below.

Much like hotel guests, owners will have access to Four Seasons amenities.

They include: in-residence dining, a concierge, housekeeping, event planning, childcare, a cinema, wine cellar and private landscaped gardens.

The 37-unit development will be located at Twenty Grosvenor Square in the heart of Mayfair.

Twenty Grosvenor Square has a rich history.

It once served as a home base for U.S. Naval Forces — including General Dwight Eisenhower — during WWII. 

The development will have three-, four-, and five-bedroom apartments for sale.

Features will include high ceilings, separate staff entrances, media rooms and classical drawing rooms.

There will also be an on-site salon and spa with an 82-foot pool, a steam room and sauna, and fitness center with state-of-the-art equipment.

And there's more. Owners will reportedly have a chauffeured Bentley available, as well as a Sotheby's art expert to help oversee their art collections.

Interiors were conceived by the London-based design and development firm Finchatton.

From: Town & Country

The Ministry of Foreign Affairs announced that according to official information from the British Government, Monarch Group, which includes Monarch Airlines and Monarch Holidays, has stop its operations on 02 October 2017. 

According to a statement issued by the Foreign Ministry, the travelers who are already abroad with a scheduled flight within 14 days and who have not yet been notified should refer to the official website of the British Civil Aviation https : //monarch.caa.co.uk for details on their new flight or contact them at 0300 303 2800 if they are in the UK or at +44 1753 330330 if they are in another country. 

In addition, for passengers currently in the UK, British Civil Aviation informs that there are several available seats to choose alternative flights back to their original destination. Passengers will need to repeat the booking process with another airline. Depending on their travel insurance coverage and the payment of their trip with credit card, affected passengers may claim a refund. 

For more information, interested parties can visit https://monarch.caa.co.uk. 

Source: Stockwatch

The Cyprus Institute of Neurology and Genetics (CING) and the European Investment Bank (EIB) on Monday signed a €26m loan agreement to go towards research infrastructure, the finance minister said.

Finance minister Harris Georgiades said that the government, which is guaranteeing the loan, also pledged to increase the annual grant to the Nicosia-based CING so that the institute can meet is obligations to the EIB.

“I can’t think of a better way of investing public funds than investing in such an internationally acclaimed research, medical and education centre,” Georgiades was cited as saying in an emailed statement. “Let me remind you that two years ago, we decided to invest €216m in the research infrastructure of the University of Cyprus and secured €162m in financing from EIB”.

The chairman of the Luxembourg-based bank, Werner Hoyer, considered a likely successor of Wolfgang Schaeuble at the helm of the German ministry of finance, said that the loan agreement will ultimately help improve the quality of medical services offered by the institute.

Hoyer, who signed the agreement on behalf of EIB, said that the bank which extended €1.4bn in credit to Cyprus, pumped a total of €240m, or 1.4 per cent of the island’s economic output, in 2016 alone.

“We do recognise the tremendous efforts of the Cypriot people and the Cypriot Government in the survival of the Cyprus economy, which is indeed showing a remarkable progress,” he said according to the emailed transcript of his speech.

Georgiades thanked the EIB for its support and said that it offered a “crucial helping hand” in Cyprus’s efforts for an economic turnaround.

Source: CyprusMail

Troika representatives (IMF, European Commission, ECB), in the framework of the third post monitoring mission in Cyprus, met on Thursday with the Cyprus Land and Building Developers Association (LBDA).

LBDA Head Pantelis Leptos told CNA that on the agenda of the discussion were issues related to the issuance of planning permission and building permit as well as the issue of title deeds.

Leptos told CNA that the Troika mission wanted to know the trends in the property market in Cyprus and if there is purchasing influence. They also discussed issues related to the development of the Cyprus economy and the real estate sector.

Leptos said that in every meeting with the Troika, they discussed the problems the sector is faced with such as the long period needed to secure a building permit. This, he said, creates distortions in liquidity and ways must be found to speed up the process.

As regards the property titles, Leptos told CNA that the delay is not in the interest of the buyers, the sellers or the lenders, pointing out that “we need to find ways to tackle the problems.”

He said that the Land Registry must speed up the process of issuing title deeds, even though he acknowledged that improvement has been made to this end.

Today the Troika is set to meet with the Directors of the Directorates and Units of the Ministry of Finance, with whom they will discuss the findings of their mission.

Their contacts since last Monday focused on financial and structural reforms as well as the non-performing loans.

CNA

Source: CyprusMail