May
Fitzgerald Estates Paphos Digest
Fitzgerald Estates (Cyprus) www.fitzgeraldcyprus.com
Fitzgerald Estates Solomos Court 74 Apostolos Pavlou Ave Kato Paphos Cyprus 8046 Tel: +357 26 930345 Fax: + 357 26930929 e: contact@fitzgeraldcyprus.com web: www.fitzgeraldcyprus.com ©2011 Fitzgerald Estates
Why Fitzgerald's?
We aim to bring you the BEST VALUE properties in Paphos and now they are even better value... * A Safe Investment * No VAT charge to pay * Fully equipped * You can move in NOW Most of our properties either have the Title Deed issued, available or are in the final stages of Land Registry approval. Fitzgerald Estates only list properties that are safe to buy and have a full record of any encumbrances on each property.
Featured Property
This masterly designed villa represents everything you love in an ideal home: superior setting, flair of design, ideal lifestyle ambiance, tranquillity and comfort. To find out more just quote the reference number 1226 (See Page 6) We continue to advertise our world class website on the famous British property website ‘Rightmove’, the Cyprus Mail, Essential Paphos magazine and the Russian magazine ‘My Island’ (Moi Ostrov) attracting sellers as well as buyers. We are seeing consolidation of prices at current realistic levels. As more people wake up to the fact that this is a wonderful opportunity to buy villas, prices will increase however prices for apartments will continue to be soft because there is a big oversupply of these types of properties.
Is There Good News On the Horizon In Title Deed Saga? The local press is abuzz with the pros and cons of the proposed “amnesty” to solve the Title Deed saga. It is reported that there are over 130,000 outstanding title deeds and the long debated ‘town planning amnesty’ legislation proposed a whole host of measures. The need to give better protection to buyer’s rights and to end the negative impact that the Title Deeds issue has on property sales in Cyprus, the amnesty covers the town-planning and building irregularities. Some of those are developer related but some are owner generated, if for example, the owner made extensions, etc, without getting relevant permits. Measures include the new Immovable Property Sales (Specific Performance) Law which gives land contracts power over any mortgages owed to the banks by the seller. So slowly but surely, news on property matters is becoming increasingly positive. More and more information is being given by the Authorities and the Land Registry has become a beacon of free and friendly information. There is much demand for properties with Title Deeds already issued and Fitzgerald’s market only those properties that either have the Title Deed or where the title deeds are ‘imminent’. What does imminent mean? This means that the developer has submitted the application for the issuance of a
separate title deed for the property at the local land registry office. After accepting the application, the Land Registry will give an AX File Number to the developer. This means that the Land Registry Surveyor will prepare the final drawings for the plan for the Title Deeds and in cooperation with the developer, the separate property Title Deed will be issued and the title transferred to the name of the purchaser. The whole process usually takes 1-2 years, provided the developer has carried out all building works according to the approved plans and has secured all necessary permits regarding the property from the authorities. Fitzgerald’s panel of lawyers who do the conveyancing for our clients will find out about the status of the issuance of the separate title deed for the relevant property and will give an indication on when the processing will be finalized – often in only 2-6 months.
Fathoming the Market There is an old saying on the lines of “You shouldn’t believe everything you read in newspapers”! Well, two items in the local newspapers caught our eye this month. The first stated that “Property Sales Slump Further”. Figures from the Land Registry Department show that March 2011 had the largest decrease in sales for nearly 18 months across the Island. Larnaca and Famagusta were the worst affected, with Paphos coming out best. The second newspaper article stated “House Prices Down Across The Board”, with a sub heading that apartments were 10.8% down and houses 7.4% down, year on year. Both statements are painfully true. Today the demand has slowed down substantially and buyers want more value for money, are far choosier and they are a lot more informed. For the sellers the most important factor is the recognition that the property heady ‘hay days’ are well and truly over and that they have to cope with the limitations of the ‘buyer’s market’. Buyers know it, and if they did not, a visit to any ‘popular’ seaside village or suburb with ever increasing numbers of ‘for sale’ boards will soon convince them that property sales are sluggish at best. However, this is a very painful reality check for the sellers, especially those who bought their properties between 20032007. In that period the developer property price hikes seemed unstoppable, partly fueled by increased demand and partially attributed to less than accurate market information given to the buyer. For the seller adjusting the price to reflect the present market conditions is anything but pleasant. For those who bought before 2003, it means that their profit on selling will be less, but should still be a profit. For those who bought property after 2003 and are trying to sell now, they may find that they receive less than they originally paid. The one saving grace for many people is that those who convert their Euros to Sterling get much more for their money than they did 3 years ago. The Cyprus Property Price Index report covering 2010 shows that there are ‘signs of price stabilization’ for holiday and permanent homes and Cypriots as well as foreigners are slowly returning to the market taking advantage of lower prices. Bucking the trend? How can we explain that Fitzgerald’s have had the best first 3 months of a year since we opened 8 years ago? Quite simply put, it is the intimate knowledge of the local market, keeping a keen eye on the local and global market trends and appreciating changing consumer behavior. Customers are important in any market environment, however in the buyer’s
market customer expectations and demands are far more pronounced as the buyer has the luxury of many choices. From the marketing perspective, Fitzgerald’s position their range of properties to make them ‘stand–out’ in the crowded market place. Daryl says “We offer a whole bundle of benefits to the global client: fabulous range of properties, realistic market prices, superior photography and presentation, Google mapping, daily reporting and real-time communications. Add to this package a continual investment in advertising, promotion, web support and constant research”, he adds. “With our knowledge and experience we have built a reputation for being honest, fair, reliable, hard-working and efficient. All of which together adds up to the value added customer service that clients appreciate and value giving us the opportunity to succeed”, says Daryl. In fact Fitzgerald’s actively advertise for more properties as with our record number of sales, we need to replenish our “stock”. If you are serious in selling your property Fitzgerald’s is your next stop.
The Fitzgerald Office Being a family business we have one office centrally situated in Kato paphos close to and in walking distance of both the Harbour and the Tomb of the kings Road. The office hours are from 9am to 5.30pm 6 days a week with no break for lunch. So if you are working and only have your lunch break to come and see us, you are welcome! If you have a property of any kind to sell in the Paphos area with Title Deeds in your name please come and see us, we are always looking for new properties to market.
Featured Property
This masterly designed villa represents everything you love in an ideal home: superior setting, flair of design, ideal lifestyle ambiance, tranquillity and comfort. The villa is almost hidden behind the colourful shrubs and trees spanning the extra generous frontage, assuring you of utmost privacy. Here you enter into a secluded world that’s full of colour and tranquillity, a ‘heavenly’ Mediterranean garden enriched with a myriad of colours, shady retreats, and relaxing alcoves which surround the villa. The villa facade features graceful arches which extend the open plan living room outwards to a beautiful garden setting with views to the pool area and the sea. The setting of the pool area is picture perfect too. Bathed in all day sunshine and enjoying the backdrop of the vibrant bottom garden with a good stretch of lawn, towering pine and palm trees, it’s a wonderfully private leisure and entertainment area. To the back of your home, is a restful outdoor lounge area, cooled by westerly breezes and shaded during the long hot summer afternoons. If you are planning a dinner party for a large group of friends you’ll head to the east side of your home where you have a purpose-built outdoor dining terrace. Surrounded by trees and colourful shrubs it’s a well-screened picturesque setting where you can entertain in perfect privacy.
The villa interior is no less impressive. The L shaped open-plan interior is light and airy and designed for those who love to entertain. Cool crisp architectural lines embrace the Mediterranean flavour of the indoor/outdoor living environment with every window enjoying a garden vista. The vast living room flows seamlessly to the front garden terrace through two sets of wide patio doors. At the far end, is a customdesigned gourmet kitchen with granite inlaid work areas, an elevated breakfast bar, generous storage and the convenience of a nearby utility/pantry room. To the right of the kitchen, an idyllic formal dining room is surrounded by a gallery of bay windows and patio doors leading to the garden terrace. The setting is breathtaking! On the first floor there are three very generous bedrooms with graceful pitched ceilings and lots of wardrobe space. All bedrooms open to a stunning large balcony where you’ll be dazzled by the views to the sea and the expansive views of the countryside. The Master bedroom enjoys the privacy of a stylish private en-suite, whilst bedrooms 2 &3 share a generous family bathroom. It is hard to imagine a more idyllic setting – the elevated location, beautiful gardens, tranquil surroundings and a supremely comfortable interior await the new owner. First person to inspect will claim it!
St Michael's Hospice Charity
Barrie Rowe Big Band Corncert Come Listen & Dance, in the Style of Glenn Miller & Count Basie At the Avanti Hotel on the 21st may 2011, 6:30 for 7pm Concert & Buffet Dinner €25 Tickets Available from Fitzgerald Estates or call 99900565 or 96515465
Stage One theatre, Emba. 'Single Spies' AnEnglish man Abroad and A Question of Attribution By: Alan Bennett, Directed by: Peter Sandwith and Liz Pearce Cast: Sue Crawshaw, Geoff Greavey, Paul Minvalla, Christian Jacobson, Mike Crawshaw, Denis Worth, Penny Meakins, Terry Jones, Nigel Payne, Craig Carrington-Porter Once again Fitzgerald Marketing are proud to be the sponsors for the next production by the Stage One Theatre in Emba. Following on from the success of the Sound of Music their next production ventures into the murky world of spies and spying with a double bill. In An Englishman Abroad, actress Coral Browne travels to Moscow, and meets a mysterious Englishman. Turns out he's the infamous British diplomat who spied for the Russians in the 1950, Guy Burgess. In A Question of Attribution, Sir Anthony Blunt, who was a Soviet agent for 25 years, is routinely questioned and gives no answers, but presents his interrogator with a puzzle in the shape of a doubtful Titian painting. He also does art restoration work in Buckingham Palace, where he gets into an interesting conversation with HMQ 10th - 14th May 2011, Curtain Up 7.30pm at Emba Theatre. Telephone Box Office: Monday to Friday 10.00am to 1.00pm, Tel: 99-967737. Theatre Box Office Opens: Mondays 2nd/9th and Fridays 5th/13th May, 10am to 12 noon or email: boxoffice@stageonetheatre.com to reserve your seats. Cautious Optimism for Cyprus Tourism The Cyprus Tourism Organisation (CTO) has said that there are positive indications for the Cyprus tourist industry in 2011. April has been a good month so far due to the Easter holiday coinciding with Christian Orthodox and Catholic Religions this year. Hotels were kept particularly busy over the Easter long weekend. There have been increases in visitors from the German, Russian and Scandinavian markets making a good start to the summer season. Although fewer Britons visited the island in March compared to the same month last year, things are looking better for the summer months with UK bookings up 3% from last year.
Cyprus Orchids Cyprus has approximately 1,800 species and subspecies of flowering plants. Being an island, it has all the attributes to make it a paradise for botanists. Cyprus is sufficiently isolated to allow the evolution of a strong endemic flowering element. One of the endemic plants of the island is the Orchid. There are approximately 50 examples of Orchid in Cyprus, 5 of which grow nowhere else in the World. Cyprus orchids are found in low ground, in the mountains, open countryside villages, gardens and even by the sea. It is an interesting point that orchids grow with fungus round their roots, so find the fungus and an orchid may well be on its way! The flowering season is March to April for the lower ground orchid and May to June for orchids on higher ground and mountains. Rare orchids of Cyprus are;
Orchis Papilonacea (Pink Butterfly) which was thought to have been extinct in Cyprus
Ophrys Kotchyi (The Bee Orchid) which is protected under the Bern Convention on the Conservation of European Wildlife and Natural Habitats 1979
There is even an orchid called Orchis Troodi – the Troodos Orchid.
Cypriot Cuisine This month with the weather warming up we thought we would take a look at something refreshing. Everyone who comes to Cyprus will eventually come accross the famous Cyprus cocktail "The Brandy Sour" A drink designed to cool and relax you after the heat of the sun dies down. The island of Cyprus produces a lot of alchoholic drinks, but none has the esteem of the good old Brandy Sour and yet how it is made remains a mystery to large numbers of people. So now the secret is revealed. Enjoy! Brandy Sour Ingredients: 2 measures of Brandy (typically KEO, VSOP or Haggipavlu Anglias brands) 1 measure lemon cordial, (or to taste) 2 - 4 Drops of bitters (Angostura or Cypriot Cock Drops brands) Lemonade or Soda Water Ice Directions Add the angostura bitters to a tall glass, and then pour in the brandy followed by the lemon cordial. (2 measures of brandy to 1 measure of lemon cordial is the ratio.). Stir well before topping up with lemonade (for a classic, slightly sweeter drink) or soda water (for less sweetness and a more pronounced brandy flavour) and add plenty of ice. Some barmen will stir again afterwards others will serve it straight, the choice is yours. If you prefer a sweeter taste there are those that use Grenadine instead of the bitters, well worth a try if you find them too strong a flavour. It is best served chilled as the sun goes down on a balmy summers night.