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2 posts from February 2007

February 22, 2007


Cyprus announces discovery of off-shore oil ....

  Cyprus Launches Oil Exploration Bids 
  Dow Jones Newswires      Thursday, February 15, 2007 

NICOSIA Feb.15, 2007 (AP)
Cyprus' government opened a bidding process Thursday to license offshore
oil and gas exploration, despite strong objections by Turkey.

The venture has threatened to revive tension in the region, where
contested sea boundaries also exist between neighbors Greece and Turkey.

The first round of licensing involves 11 offshore areas totaling around
60,000 square kilometers in the south, southeast and southwest of the
island, the government said.

"So far, many companies from many different countries have shown
interest," Trade and Industry Minister Antonis Michaelides said. They
include major companies involved in oil exploration and drilling, he
said, but didn't give other details.
Norwegian company PGS Geophysical AS already has completed a
two-dimensional seismic survey of the area - covering some 70,000 square
kilometers to the south, southwest and southeast of Cyprus.

Turkey had warned Cyprus not to search for oil and gas in the area,
where it said it also has legal rights and interests. Ankara insists
Turkish Cypriots should have a say in the island's oil and gas rights.

Turkey does not recognize the Greek Cypriot government on the divided
island, and backs a breakaway Turkish Cypriot state in the north, where
it maintains 35,000 troops.

Cyprus signed a deal with Lebanon last month to mark out sea boundaries
and facilitate future oil and gas exploration. It has a similar deal
with Egypt. Turkey has warned both countries not to proceed with the

But Egyptian Petroleum Minister Amin Sameh Samir Fahmy, who attended
Thursday's ceremony, promised close cooperation with Cyprus.

"I assure you that the Egyptian Ministry of Petroleum is fully committed
to work very close with the Cypriot side, offering all necessary support
and experience, to help Cyprus achieve its oil and gas future plans and
objectives," Fahmy said.

French petroleum consultant Beicip-Franlab, which analyzed the seismic
survey data, said it was encouraged by the results.

"We are pretty sure that there are active petroleum systems presently in
existence in the area," Beicip-Franlab's Lucien Montadert said.

The bidding process ends July 16. 

Nick says .... the discovery of oil reserves is likely to fuel any
country's economy, which will have a knock on and positive impact on
property prices.  Cyprus is already a tax haven for high net worth
individuals, and the advent of oil and gas industries will only bring
more highly skilled workers to the island to staff new oil-related
businesses.  This should create more demand for rental properties on a
local level, and, as these people are high income earners, their money
will also fuel house prices in the up-market end of the sector. Cyprus
is a country rich in history and culture, and now it will enjoy riches
of a more material kind with the discovery of "black gold".

For any other information on investing in Cyprus, please drop me a line  nicktadd@mac.com 

February 07, 2007

Don`t wait any longer to invest in Larnaca, Cyprus.

...and the reasons to invest in Larnaca Cyprus keep coming...

I found yet another blog to add fuel to the reasons to invest in Cyprus.

"PROPERTY investment in Cyprus is becoming increasingly appealing to investors worldwide, with economic conditions now improving at an impressive rate and the prospective adoption of the euro drawing huge interest from foreign investors.Cyprus adopts the euro in January 2008.Peter Christofi, an overseas marketing manager for Antonis Loizou and Associates, says the property market would benefit enormously from the move.

“This is great news for Cyprus. Adoption of the euro is the final fence in becoming part of a united Europe. Cyprus is now stronger than ever and with the proposed adoption date of January 1, 2008 this can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean,” he was quoted as saying by newskys.co.uk.Christofi said property prices within the country were currently rising at a staggering rate of up to 20 per cent annually.
As such, investors are finding they can make bigger gains on their property in Cyprus than in France or Spain.Cyprus has long been a favourite among UK tourists and investors and it also has an enviable reputation for attracting repeat visitors. A growing number of UK residents are looking to the island for a holiday home, many more decide to retire here and thousands are taking advantage of good investment conditions.According to Christophi, this special affinity is down to the fact that the basic infrastructure in Cyprus is not dissimilar to that of the UK.While investing in some countries can be daunting because of basic communication difficulties, English is spoken by a significant proportion of the population in Cyprus, while the land registry system differs only marginally from that within the UK.
All of this is crucial in making the task of buying and selling a property or making a buy-to-let investment all the more comfortable. The President of the Cyprus Council of Real Estate Agents said that despite prices rising rapidly over the past few years, there was no chance of a slump. Dinos Sotiriou told the Cyprus Mail that, “Cyprus is only a small country and everybody here wants to invest in their own properties. Prices on the island are lower than in many other European countries, while the quality of homes is very high.”But he disagreed with the figures given by Christofi, saying house prices had recently started to stabilise after three to four years of growth at a rate of 10 to 15 per cent a year.
Economist Costas Apostolides, chairman of Economic Management Limited, agreed.“The economy has now steadied and is recovering from slow growth. The property market is competitive within the framework of the mature economy,” he said. “It’s not an issue of a bargain but of good value.”He added that, “there has never been a property slump resulting from a recession in Cyprus. There have been blips, but these have been due to other factors. This is not the UK where it can all come crashing down after years of growth.”

Nick Says...

these type of blogs are appearing nearly every day. All they will do is drive prices up. If you are considering investing in Cyprus then you must get on with it NOW.

It all very well seeing the growth pattern and the economic drivers that are apparent. However, knowing this is one thing acting on it is another.

If you wish to book a sensible trip to see this in person then go to Jewel of Cyprus and book a viewing trip. You`ll be there for about 3 days. You get to see all the developments to be able to make a choice of who your market is going to be by knowing where to buy. Go and see the Lawyers and the Banks (if you contact me at nicktadd@mac.com I can give you a PDF of questions to ask them, so you get peace of mind). And you can do all this for £150!!!...now thats got to be worth going on.

If you have any more questions please contact me on nicktadd@mac.com and I will be more than happy to answer them.