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Press Release: June 2009

Cyprus boasts 30% rise in cash deposits in the first quarter of 2009

Statistics from the Central Bank of Cyprus show investors trusting in the credibility of the banking system in recent months. The Cyprus Finance Minister, Charliaos Stavrakis says, “Cash deposits by Russian and other investors in Cypriot banks rose by 30% in the 1st quarter of 2009 as compared to the first quarter of 2008. This means that investors have confidence in our economy and they are directing funds to Cyprus”

For several years the traditional investor in property funds, were the British, Russians and Scandinavians. In the past six months the Cypriot Government has announced investors from Qatar, Iran and Dubai.

The International Monetary Fund has just released its latest forecasts for the global economy and there was only one country named in the developed world which is expected to enjoy growth through 2009 and that was Cyprus.

The IMF states that the island nation of around 850,000 people will see economic growth of 0.3% in 2009 and 2.1% in 2010.  “This may not seem a terrific growth but nevertheless it put Cyprus at the top of the list”, says Serge Cowan, MD at Unique Living a company specialising in high end homes around the world. Continued Serge, “The Cyprus High Commission has highlighted its financial links to the Middle East, its strong tourism industry and the balanced way it runs its banks without exposure to sub prime mortgages”.

Mortgages can be secured for less than 6% through major banks in Cyprus and there is a flexible tax regime with pensions at 5% and profits at 10%.

Added Serge, “Cyprus has obviously been affected by the world downturn and sales are in effect down by 30% (Between Sept 2007 and Spring 2009). However, this has happened in specific pockets such as Paphos and Larnaca where they are virtually 100% British ex pats, often retirees, with low incomes who came to Cyprus and bought fairly cheap property.

With a beneficial tax regime, frequent and often very cheap flights, wonderful climate and friendly people Cyprus is still the desirable place it always was. “

Currently available through Unique Living is a wide selection of beautiful properties including–

Sea Caves, Paphos, Cyprus
5 bedroom, four bathroom villa with private pool.
An extraordinary custom designed renovation and modernisation of an existing 10 year old villa. The home is situated in the exclusive upper Sea Caves area of Peyia district. 1,380 sq m plot with commanding sea views. This exceptional home offers fully landscaped and irrigated gardens with a magnificent swimming pool with two sided vanishing edge plus contemporary outdoor bar and  bbq area. Great attention has been given to detail with a clever mix of stone, wood, glass and steel. Located just  5 mins from Coral Bay. 1,400,000 euros.

Unique Living - International Real Estate
0845 430 0185
www.uniqueliving.com

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