A valuation report prepared either by a Land Registry valuations’ officer or by a valuer to determine the fair rent of a property situated in a rent control area should consider the assumptions set out in the Rent Control Law, taking into account the market rent and the average rents of the proximity area, as well as all the circumstances, other than the personal ones, such as the age, character, size, location, condition of the premises and where the building is listed whether the landlord executed any works, the costs and services provided.

The interpretation of the term ‘proximity area’ is also important and is found in case-law to mean a neighbourhood, a building block, the neighbouring or opposite properties in the same street. The valuation should be based on the comparison of the property with other rented properties situated in the proximity area and should define their advantages and disadvantages. Also, the market rent is assessed, which is the estimated amount for which a property should be rented on the date of valuation between a willing landlord and a willing tenant on appropriate lease terms.

After the average rent in the proximity area is calculated, the fair rent is set at 90 per cent of that, unless the tenant is a refugee or a sufferer, so the rate is 80 per cent. Despite the existence of the order of the Council of Ministers providing for a zero-rent increase until 21.4.2019, where the rent payable is estimated to be less than 90 per cent of the average the landlord may apply to court for an increase. Likewise, if the rent is higher than 90 per cent of the average, the tenant is entitled to apply to the court for a reduction.

An issue arose regarding the valuation report prepared by a Land Registry valuations’ officer in an application for deduction of the rent, whereby the Rent Control Court accepted his findings instead of those of the valuer appointed by the landlord, reducing the rent by half. The landlord filed an appeal before the Supreme Court, which set aside the judgment of the court of first instance, finding errors in the officer’s valuation and ordered the case be re-tried.

The Supreme Court stated the essential error committed by the officer was that he did not accurately determine the advantages and disadvantages of the three building complexes compared and the shops therein. Moreover, he did not make any quality or time adjustments in his comparison between the shop under valuation and the other shops to take into consideration the advantages of the said shop. Therefore, the Supreme Court held that the valuation of the officer was vulnerable and the court of first instance shouldn’t have relied on it. Since the shops compared for valuation purposes were not of the same age or condition, nor the services provided to them were the same, the officer should have made the relevant adjustments.

Furthermore, the Supreme Court held that the Rent Control Court was also mistaken since it hadn’t considered the average rents in the proximity area. It had only taken into account the market rent when determining the fair rent, while it had completely disregarded the average of the rents and the other circumstances such as age, condition and the services provided to the shop in comparison to the other shops.

At the same time, the Supreme Court held that the valuation prepared by the landlord’s valuer was unfounded, since he narrowly defined the proximity area and ignored similar neighbouring premises which had to be compared after making the necessary adjustments. It concluded that under the circumstances, there was no acceptable evidence to determine the fair rent for the shop under valuation and ordered re-trial.

Source: Cyprusmail

Limassol will get its first bitcoin embassy in early 2018, fintech company Hello Group announced on Friday.

The announcement followed the launch of the first bitcoin ATM in Limassol in November.

“The venue will serve as an open community center where people can talk about the cryptocurrency, participate in free discussions and attend regular meet-ups with industry experts,” Hello Group announced.

According to the company, Cyprus is an ideal location for cryptocurrency to take hold as it serves as a regional financial offshore center for many companies from Europe, Russia, and the Middle East.

They believe individuals on the island are more prone than others to see the benefits of a currency only they hold the keys to, as they experienced the bail-in crisis in 2013. Evidence of this is the University of Nicosia, which was the first academic institution in the world to offer an MSc in Digital Currency.

It has not yet been announced where in Limassol the bitcoin embassy will be located.

The ATM is set up in the Pitta & More café-restaurant under Hello Group’s Limassol office.

“The cryptocurrency and blockchain world is still relatively new to Cyprus, so the introduction of a Bitcoin ATM is sure to raise awareness of this fast-growing industry,” the company said at the time of the launch.

The introduction of the Hello Group BATM coincides with bitcoin’s recent rise above $10,000.

The currency, which was at about $1,000 at the year’s start, has had “wild swings”, as Reuters put it.
On Friday it tumbled briefly below $14,000 on the Bitstamp exchange, down roughly 30 per cent from its record top near $20,000 set at the start of the week.

“Keep in mind that bitcoin has gone up a lot this year, so a correction is always likely,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney.

Bitcoin’s success brought cryptocurrencies to the forefront and has also boosted the profile of its rivals, which offer alternatives to bitcoin.

“Trading in bitcoin is akin to gambling, so its movements don’t follow logical patterns,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo.

“Unlike equities and bonds, it is not possible to calculate expected returns on bitcoin, so buying it becomes a gamble rather than an investment.”

Source: CyprusMail

The state-owned Cyprus Cooperative Bank is increasing its efforts to reduce its delinquent loan portfolio and so maximise the potential inflow from the capital increase scheduled next year as investors maintain a wait-and-see stance, two sources said.

“Our official goal is to raise €200m but we will aim for €300m,” a co-op source familiar with the matter said in a telephone interview on Thursday.

The bank, over 99 per cent of it government owned and recapitalised in 2014 and 2015 with almost €1.7bn, is working on a listing on the Cyprus Stock Exchange to prepare for an initial public offer (IPO) next summer. In order to attract both institutional and strategic investors, the second largest Cypriot lender appointed in September Citigroup as global coordinator of the capital increase.

On Thursday, Politis reported that the bank, which struggles with a €6.7bn non-performing loans mountain accounting for 58.8 per cent of its portfolio, has attracted investor interest from outside Europe, including China. A senior co-op official said on Tuesday that the bank is expecting to reduce its non-performing loans to €6.5bn by the end of the year.

The bank, which exhausted all margins of tapping state aid, has an obligation to ultimately reduce the government’s stake to below 25 per cent.

Because of their high non-performing loans ratio, South-European banks are traded on the secondary market already at a discount, the source said.

“Investors do not expect that they will be able to collect all those loans classified as non-performing loans,” he added. “Hence we need to increase the ratio of market value to equity by reducing non-performing loans which will help increase the capital inflow”.

A second source also familiar with the matter said that after an initial meeting held in London early this month attended by several investment funds, investors indicated that they would wait to see who will win next year’s presidential elections before deciding whether they will bid and if yes, at which price.

Communist Akel, which is backing Stavros Malas and opposes privatisations in general, is also rejecting the notion of privatising the Cyprus Cooperative Bank. This would in turn effectively prevent the bank from receiving fresh capital in the medium-term even from the government as European legislation provides for a seven-year cool-down period before a government can provide state aid to a company.

Diko president Nicholas Papadopoulos is campaigning based on a promise to write down debt and relieve guarantors. The government under President Nicos Anastasiades which proposed earlier this year to hand over up to 25 per cent of the bank’s equity to private investors, had to shelve its plans after the Central Bank of Cyprus intervened.

Source: Cyprusmail

Cyprus has transferred more than €2.5bn to the European Union and received €1.4bn in grants since it became a member in 2004, the Treasury of the Republic said on Wednesday.

The above figures “do not include other grants paid by the EU directly to public corporations”, including the Cyprus Agricultural Payments Organisation (Capo), a body tasked with paying subsidies to farmers, Stelios Anastasiou, an accountant at the Treasury said in an emailed statement.

Since May 2004, Capo has received a total of €803m, Anastasiou said.

In the same period, the government transferred to the EU €1.6bn in its own resources based on gross national income (GNI) and €519.6m in the form of the EU’s share in value added tax (VAT) revenue, the Treasury said. In addition, the government transferred to the EU budget €405.3m in “traditional own resources”, which include custom duties and sugar levies.

The GNI is a country’s gross domestic claimed by its residents plus wages earned by foreign residents minus wages earned by non-residents at home. The share of the EU’s VAT revenue is 0.3 per cent on the harmonised VAT tax base of every country.

In the first ten months of 2016, the island transferred to the EU a total of €163.3m and received €60.3m back in the form of grants to the government, resulting in net transfers of €103m the Treasury said. In 2016, net transfers were €122.8m after grants fell to €37.5m, the lowest since 2007, against a total of €160.3m in total transfers.

The highest amount of transfers to the EU was in 2008 when the government contributed €310.2m in transfers to the EU followed by 2015 with €236.1m. In 2008, total transfers exceeded grants by €252.7m, the highest difference ever after that of 2015 when it was €143.7m, according to the Treasury.

In 2004, 2005 and 2006, the Cypriot government received €6.7m, €16.6m and €7.3m more than it paid to the EU budget, the Treasury data show.

Source:Cyprusmail

Close to three-quarters of respondents are for the euro (74%, +1 percentage point since spring 2017) in the euro area, according to the first results of the autumn Standard Eurobarometer, published today in Brussels.

Support for the Euro increased in Cyprus  to 67%( +7), and a positive image for the EU is gaining ground (Cyprus 35%, +7), but at the same time Cypriots still tend not to trust the EU (by 57%).

According to the Eurobarometer, this is the highest score since spring 2004. Conversely, just over one in five respondents are against it (21%, -1). Overall in the European Union, more than six in ten Europeans are for a European economic and monetary union with one single currency, the euro (61%, +1 percentage point). After a third consecutive increase (from 55% in spring 2016 up to 61%), support for the euro has reached its highest level since spring 2009. Conversely, a third of Europeans are “against” a European economic and monetary union with one single currency, the euro (33%, -1).

Meanwhile a, a majority of respondents are for “a European economic and monetary union with one single currency, the euro” in 21 Member States (down from 22 in spring 2017), led by Slovenia (85%), Ireland and Estonia (both 84%). At least eight in ten respondents also support the euro in Spain (82%), Germany (81%), Belgium (81%) and Slovakia (80%). Support, though still predominant, is less widespread in Romania and Hungary (both 57%) and Italy (59%). In seven countries, all located outside the euro area, a majority of respondents say they are against the euro: the Czech Republic (73% “against”), Sweden (71%), Denmark (63%), the United Kingdom (62%), Poland (57%), Croatia (52%) and Bulgaria (50%).

Since spring 2017, support for the euro has increased in 16 Member States, and in particular in the United Kingdom (30%, +7 percentage points), Cyprus (67%, +7) and Spain (82%, +7). It has decreased in eight countries, most strikingly in Luxembourg (77%, -8) and Croatia (43%, -8), and remains unchanged in four. As a consequence, in Croatia a majority of the population are now against the euro whereas the contrary was true in spring 2017.

Seven in ten Europeans feel that they are citizens of the EU (70%, +2 percentage points since spring 2017). This is the first time since spring 2010 that this indicator has reached the 70% threshold. As in spring 2017, a majority of respondents feel they are citizens of the EU in 27 Member States, with the highest scores in Luxembourg (90%), Spain (88%) and Malta (85%). Scores are also over 80% in Germany (82%), Portugal, Finland and Ireland (81% in all three countries).

Though this opinion is still held by a majority, this feeling is less widespread in Italy (54%), the United Kingdom (55%), the Czech Republic (56%) and Bulgaria (56%). As in spring 2017, Greece is the only country where a majority of respondents feel that they are not citizens of the EU (52% “no”, vs. 48% “yes”). Since spring 2017, the feeling of EU citizenship has increased in 14 Member States, and most spectacularly in Spain (88%, +13 percentage points). It remains unchanged in six countries, and has decreased in eight, but by no more than three percentage points.

According to the Eurobarometer, a majority of respondents have a positive image of the EU in 14 countries (down from 15 in spring 2017), led by Ireland (59%), Bulgaria and Luxembourg (both 57%). As in spring 2017, equal proportions of the population see the EU in a positive and a neutral light in Malta (45% total ‘positive’ and 45% “neutral”). This is also the case in Lithuania (46% total ‘positive’ and 46% “neutral”) and the Netherlands (39% total ‘positive’ and 39% “neutral”). In ten Member States (unchanged since spring 2017), a majority of the population have primarily a neutral image of the EU, with the highest scores in Latvia (52%), Croatia (50%) and Estonia (49%).

Greece remains the only country where a majority of respondents have a predominantly negative image of the EU (43%). The proportion of respondents with a positive image of the EU has gained ground in 12 EU countries since spring 2017, most strikingly in Hungary (43%, +7 percentage points) and Cyprus (35%, +7).

Conversely, it has decreased in 11 countries, in particular in Lithuania (46%, -5) and Croatia (31%, -5), and remains unchanged in five Member States (Luxembourg, Poland, Germany, Malta and Estonia).

A majority of the population is optimistic for the future of the European Union in all but two Member States (up from 24 in spring 2017); Greece (60% “pessimistic” vs. 37% “optimistic”) and the United Kingdom (48% vs. 44%) are the only exceptions. Optimism for the future of the EU is most pronounced in Ireland (80%), Luxembourg (72%) and Malta (70%). At the other end of the scale, optimism is less widespread in France (49%) and Italy (50%).

Compared with spring 2017, optimism for the future of the EU has gained ground in 18 Member States, most strikingly in Cyprus (53%, +10 percentage points), Hungary (58%, +9) and Greece (37%, +8). Conversely, it has decreased in ten countries, and in particular in France (49%, -6, following a +14 between autumn 2016 and spring 2017) and in Croatia (56%, -5).

The number of Member States where a majority of respondents trust the EU has increased (18, up from 15 in spring 2017) despite the slight decrease in trust at EU level since spring 2017. Trust in the EU is highest in Lithuania (64%), Bulgaria (57%) and Luxembourg (56%).

Conversely, a majority of respondents tend not to trust the EU in ten countries, most strikingly in Greece (74%), the United Kingdom (59%) as well as France, the Czech Republic and Cyprus (all 56%).

Since spring 2017, trust in the EU has gained ground in ten countries, most strikingly in Belgium (53%, +7 percentage points), Slovakia (48%, +5) and the Czech Republic (35%, +5). Conversely, it has lost ground in 17 Member States, led by France (33%, -8, following a 15-point increase between autumn 2016 and spring 2017) and Croatia (39%, -8), and remains unchanged in Germany (47%). Because of these evolutions, trust is now the majority opinion in Belgium, Slovakia, Hungary and Poland. Conversely, in Croatia, a majority of the population now distrust the European Union while the opposite was true in spring 2017.

As in spring 2017, 40% of Europeans have a positive image of the EU; 37% have a neutral image, while the proportion of Europeans who have a negative image of the EU also remains unchanged at 21%.

Source:Stockwatch

Hellenic Bank, the third largest in Cyprus, is considering making changes to its salary framework, a source familiar with the matter said on Monday.

“There are thoughts to do so but they are in a very early stage and there is nothing concrete to tell,” the source said.

A spokesman of the bank declined to comment. If the bank does go ahead and propose changing its pay scheme to bank workers’ union Etyk, it will be the second to do so after Bank of Cyprus. The largest Cypriot bank has already tabled such a proposal.

An official at Etyk said that the bank may propose its position in the negotiations for the renewal of the collective agreement just as the union has the right to counter propose, as provided by the industrial relations code.

Last week, Etyk said that Bank of Cyprus had proposed to compensate bank workers’ provident funds for losses suffered in the 2013 bail-in on condition that the union accepted changes in the remuneration scheme which would reduce its payroll by one fifth.

The union criticised the bank’s proposal as it would “pin down” the vast majority of Bank of Cyprus workers in terms of earnings and deprive them of further promotion.

In a statement on its website dated December 11, the union said that it wants to safeguard the principles of “objectivity, meritocracy (and) transparency) when it comes to performance evaluation and promotion and maintain ‘safety valves’”.

Otherwise, the union continued, “there will be distortions and gaps, and based on the bank’s rationale, we will be in a vicious circle where every new administration (of the bank) will have to change the remuneration system” of its predecessors.

Source: CyprusMail

Christmas is here! Well…almost here…there’s still time to decorate the tree and to find some cool gifts for the loved ones. We’re really excited about all of that but especially about the Christmas tree. It’s not just the ornaments that make the tree a center of attention. In fact, the symbolism is the most important element. The whole act of decorating the Christmas tree is exciting. It’s not just about making the tree look beautiful and arranging the ornaments in a particular manner but also about having fun while doing it. It should be an activity shared with friends and family.

There are tons of great Christmas decorating ideas we’d like to share with you before it’s too late and we’ll start by suggesting an approach that focuses on simple and modest ornaments, like monochromatic decorations and pinecones. Actually, what we love most about this tree featured on lovegrowswild is the large woven basket which holds it.

The Christmas tree featured on inspiredbycharm is quite the opposite. It has ornaments in rainbow colors, arranged in a beautiful gradient starting with gold at the top and finishing with red and pink at the bottom which are also the colors of the circular area rug which frames the tree.

Rustic Christmas trees tend to be the most charming. You can, of course, customize them to suit your own style. You could do that with a chic garland or some awesome decorations like these Marquee light-up monograms that we found on craftaholicsanonymous.

The thing that I find most annoying about the whole Christmas tree decorating event is finding a suitable support so the tree can stand up straight and look good at the same time. We like the idea of putting the tree in a wooden box. Somehow it makes sense, especially if you want to decorate the tree in a more traditional or classical manner.

It’s often the lights that make a Christmas tree stand out. It’s really fun to turn off the lights at night and to let the Christmas tree be the center of attention. That, however, shouldn’t mean you can ignore all the other decorations. Try to find a balance so the tree can look awesome both during the day and the night

All the ideas we mentioned so far will hopefully inspire you and give you a clear idea of how you’d like your Christmas tree to look like this year. Keep in mind that everything can be personalized so try to find ways to make this project your own.

What is the most unusual home you have ever lived in? Many of us only know what it is like to live in stucco or brick buildings, with everyday walls, windows, and doors. But there are houses all over the planet that are far different from the traditional, offering a unique way of life, and a place to live that is just as much art as it is a home.

Here are 11 of the most amazing and unusual homes found all over the world.

1. Glass House In Tokyo 

Called the “House NA,” this glass house was designed by Sou Fujimoto Architects to let in a whole new level of natural light. Located on a populated street in Tokyo, Japan, the only thing this house is missing is some privacy. The 914 square foot home was built to be like a tree house with layers of living spaces built in throughout.

2.Waterfall Home 

There was not enough land to build a full home on this parcel, and so the architect designed a house built into the active waterfall on site. Located on Bear Run in Pennsylvania, this home is truly remarkable.

3. The Most Narrow House In The world, The Keret House

This home made the best it could out of a very small space. Squeezed between two buildings, the Keret house ranges between 92 and 152 CENTIMETERS in width!

Do you see it? It’s the small structure crammed between 2 much larger structures.

4. Boeing 727 Hotel In Costa Rica 

At one point in time this airplane flew people from South Africa to Columbia, but at the end of its career it ended up at the San Jose airport. Here it was purchased for $2,000 and recycled into a home located in Costa Rica.

The 2-bedroom domain has epic views of the ocean and surrounding gardens thanks to the long hallway adorned with endless windows–provided by the plane. It cost $4,000 to transport the plane to Costa Rica, at which point an additional $24,000 was spent in renovations to make the airplane feel like home.

5. The Hobbit House in Wales 

This house sure makes for some delightful photographs! Making it less of a surprise that a photographer is responsible for creating this house. With some help from his father-in-law, he was able to build this house using all natural materials and only $5,200. His goal was to create a living space that resembled the Lord of the Rings for he and his family to live, within 4-short months the dream was a reality.

6. Brooklyn Clock Tower Home 

This is one unique, and pricey apartment located In Brooklyn’s Clock Tower building. The lavish 7,000 square foot pent house overlooks Manhattan, Brooklyn, and Queens offering up some of the most amazing views in all of New York City. Interested? The price tag reads $18 million dollars.

7. Flintstones House

Located in Malibu, California, this house is YABBA-DABBA-SWEEETT!!!

8. Slide House In Japan 

It may look like an ordinary, modern 3-story home with just over 1,700 square feet, but inside this house in Japan has a conventional staircase on one side of the home, and a not-so conventional slide you can alternatively use on the other side of the home.

9. Crocodile House- Ivory Coast 

10. Dumpster Home

One man’s trash is another man’s treasure–the old saying just went to a whole new level after you see this dumpster home. Gregory Kloehn is designer from California that turned an old dumpster into his Brooklyn home. It might be a ‘dump’ but he’s added all of the necessary ammentities to a good apartment, he’s got a microwave, mini-stove, some storage space, and even a tiny little toilette!

The best part according to Kloehn? “If you don’t like your neighbors, you can push it a block over.”

11. Home On The Rock 

Who needs a whole island when you can build a house right atop a rock?! This unique home is located in Serbia.

A little bit of creativity can go a long way and can inspire a lot of ingenious solutions to difficult problems. Take this apartment for example. It didn’t even exist until a storage space in the attic of a residential building was transformed into a home by Ashari Architects. It’s a recent project that was completed in 2017. Before it became an apartment, the space measured only 30 square meters across. It was small but, more than important than that, it was not a space suit for someone to live into.

The architects took the challenge head on and did their best to maximize the space. They even went as far as to expand the space toward the southern edge of the building, creating an additional 15 square meters of space. As a result, this became a 45 sqm apartment ready to become a modern and inviting home. You can see here the section of the apartment that was extended. Its roof is 1 meter above the elevation of the other section and this offers more space for furniture and more natural that comes through the large window.

Speaking of windows, the architects gave this unique apartment an all glass section which opens using a pulley and a steering wheel. When this happens, the boundaries between interior and exterior are completely eliminated and the internal spaces are exposed to the views and fresh air. Further more, by extending the apartment, the architects also made room for a terrace/balcony. This section is framed by metal mesh and vines which control the amount of light that enters and offer privacy while doing so.

Source:Homedit

An overall very positive picture of the Cypriot economy, notwithstanding specific challenges, was drawn by the speakers of an Economist event held in London’s Stock Exchange on Thursday. 

The ‘Cyprus: Regaining Momentum – Targeting Investment and Growth’ conference looked into the current situation and the prospects of the Cypriot economy. 

As the Consultant Editor of the Economist John Andrews stated at the start of the conference, “things look rather healthy for Cyprus, but there remains the problem of the high percentage of non-performing loans.” 

The rest of the speakers’ presentations sent the same message, with Peter Bofinger, the German Economics Professor and member of the German Council of Economic Experts noting that Cyprus’s recovery was faster in comparison to other economies in SE Europe because the Cypriot economy is more open. 

Anthony De Lannoy, IMF Executive Director for Cyprus presented the stand-out factors of the country’s recovery: the GDP growth, the achieved fiscal balance, the regained capital markets access, the credit ratings improvement and the restructuring of the banking sector. 

As far as the main challenges are concerned, he pointed to the high private debt and the non-performing loans (NPLs). 

Servaas Deroose, of the European Commission spoke of a “remarkable turnaround” and a “vibrant momentum”, but he added in the mix of challenges the need for enhanced productivity. 

The Bank of Cyprus CEO Nick Fahy presented the work that his bank has done following the crisis and said that there is more time needed to deal with the high NPLs. He also stressed the high compliance standards of the Cypriot banking sector. 

Speaking on behalf of Moody’s, Colin Ellis, the rating agency’s chief credit officer for EMEA, said that we have a seen a very strong turnaround in Cyprus and he expressed the view that the country faces no risk of default. 

The last part of the conference examined the competitive advantages of Cyprus as an investment destination. Among the speakers were Natasa Pilides, Director General of CIPA and Evgenios Evgeniou, CEO of PwC Cyprus. 

The EBRD Deputy Director Bojan Markovic said that the bank has already invested 270m euros in Cyprus over the last two years. He also mentioned that there are initiatives being prepared in order to assist European countries in dealing with NPLs. 

At the beginning of the conference, James Ker-Lindsay, Senior Visiting Fellow at the LSE and a close observer of the Cyprus issue, spoke about the latest developments in the pursuit of a viable settlement. Cyprus has been divided since the 1974 Turkish invasion. 

He commented that the sense that the talks could resume quickly after the presidential election is not justified in his view. He also expressed concern at the fact that the Cyprus issue dynamics cannot be understood any more under the calculation that Turkey is following a European path. As he said, that country is now going towards a very dangerous direction. 

He also described President Erdogan’s recent visit to Athens as “an unmitigated disaster”.

Source: Stockwatch