Russians prefer to buy in Cyprus-room apartments and villas

Companies "Pafiliya Developerz Property Ltd has 30 years experience in the market and is the largest private construction company in Cyprus. During its existence the company has built more than 70 different properties, but in recent years actively developed, including through the expansion of its business outside the island. Today the firm has 18 offices in Cyprus, and also has offices in the UK, Scotland, Ireland, Sweden, the Netherlands, Greece, Russia and Ukraine.

Peculiarities of the construction business in Cyprus, the preferences of foreign citizens who invest their money in located on the island of residential property, prices of apartments, townhouses and villas, new projects of the company in an interview with RIA Novosti said the director of Moscow Representative Office Andreas Huludis.

Mr Huludis that represents the current portfolio of projects your company? In what areas of Cyprus is working "Pafiliya"?

Today Pafiliya "parallel implementing 15 projects in Cyprus, and two projects in Athens, which are at various stages of construction. In March of this year we are embarking on two more projects in Crete. The company has serious intentions for the development of construction business and in other countries, but to disclose specific plans still early.

One of the projects - «Elysia Park» is being realized in the town of Paphos, one of the most popular tourist areas of Cyprus, and will be located just fifteen minutes away and the beach, and the city center. The complex will include 320 apartments and townhouses, and commercial infrastructure: the sports hall area of 250 square meters, SPA-center, with five shops, a restaurant, cafeteria, bakery, hairdresser, dry cleaning, indoor heated pool and two outdoor waterfall effect, banking and post offices, business center, two playgrounds.

Naturally the complex will be guarded round the clock. All properties will be turnkey and include the technical possibilities for connecting to the Internet via ADSL and WIFI, and also connect to the satellite antenna TV.

With the purchase of apartments or townhouses client can choose from three options of modern decoration, which is deemed most suitable for yourself. This project is ideal for investment, including for subsequent lease.

In March of this year, "Pafiliya launches two new major projects. The first - draft golf complex «Minthis Hills», which will be located in an area of 485 hectares and is situated at an altitude of 500 meters above sea level on the hills of Tsada area, located 10 kilometers from the town of Paphos. On golf courses can already play, and the hills around them in the near future will be built about 600 houses, of which a beautiful view of the sea and the mountains. The structure of this complex will also include a restaurant, fitness and spa center, recreation area and bar. In addition, among the vineyards will be built full football field and tennis court. The owners of villas will have even a chance to acquire ownership of a vineyard and produce their wine.

The design of this exclusive project developed by the world's leading design - office and is arranged in such a way that people from inside the house, feels the inextricable link the interior of his home with the outside world. In creating the interior will be used mostly natural materials such as stone and wood.

The second project will be launched in late 2008 in Limassol, near the main park of the city. This project is unique to the Cyprus property market. This is the ultramodern building height of 22 floors, the design is being developed jointly with the largest engineering and technology bureau of Great Britain. This project does not yet have names, but we expect that it will be one of the most famous in the Mediterranean.

The project concept is that the luxury apartments in this high-rise building will be combined with a high level of service comparable to the hotel. Visitors will not leave indifferent restaurants, cafes, shops, luxury clothes, jewelry and services, organized at the highest level. I'm not saying that the complex will be built just 50 meters from the sea in the heart of Limassol. This new segment of the real estate market of Cyprus is already interested investors from around the world, because the uniqueness of the complex and its location ensures security of investment in it. Near the complex this year, construction will start and yachts - marina.

Geography of our development in Cyprus is very wide, but primarily we are trying to build in places where housing in greatest demand, including, among foreigners: in Paphos, Limassol and Polis. It is worth noting that the Paphos and Limassol are popular among tourists not only in summer but in winter, so that the rental market residential properties in these places most cost-effective.

What are the characteristics of housing in Cyprus? What kind of housing - apartments, villas, apartments - most in demand on the island?

There are some basic features in construction technology does not exist, though we try hard and for centuries, and in view of seismic hazard. According to our construction standards framework of a reinforced concrete reinforcement to withstand the 9-magnitude earthquake.

When facing the buildings are often used hollow bricks produced locally. Due to the warm climate insulation in the construction of houses is not widely applied, and in its role as advocates special plaster, which contains silicon, which by its nature is a good heat insulator. However, on request, during construction can be applied to any technology, including insulation.

What's the difference of the local demand for housing, the Cypriot population, and foreigners?

Local residents used to living in one or two storey houses, but in recent years, due to strong growth in the cost of housing and land, are increasingly being forced to move into apartments.

Foreigners also usually buy apartments or townhouses. But, of course, each nation has its own preferences. For example, the British are most fond of townhouses, and the Russians, interested primarily apartments, at the same time, gladly bought and townhouses, and villas.

Still, most Russians are buying two-bedroom apartments, including, for resale or for seasonal rental.

What are the dynamics of prices for new homes in Cyprus? What now stands square meter of housing on the island?

Price per square meter in Cyprus depends on many factors, including how far from the sea facility is located.

Among other factors affecting the value, the presence or absence in the property pool, proximity to the various infrastructures.

On average, depending on these factors, prices for the Cyprus residential property vary from 1500 euros to 8500 euros per square meter. Compared with 2006 last year, home prices on the island have grown on average by 18-19%, and some of the most successful sites such as, for example, our range of Royal Gardens in Limassol, jumped more than 20% at the stage construction.

Is Cyprus the development of secondary housing market? How big is its volume, compared with the primary housing market? How to price differences between primary and secondary housing market?

The secondary market, of course, there it is quite extensive, but demand in the first place the category of people who need to buy an apartment or cottage as soon as possible. In general, private investors will prefer new buildings, as the rate of rise in price of such properties above, and investment, therefore, profitable. In addition, the new home of modernity, as the technological and from an architectural point of view.

Therefore, if at the beginning of the construction cycle prices for second homes and construction sites are almost equal, then at the end of construction per square meter in the new project will cost more because the demand for new buildings above.

How big, in your opinion, the interest of Russians to acquire housing in Cyprus? Which housing prefer to buy your Russian clients?

It is an already an open secret that the demand for foreign real estate with the Russians is growing every year, and Cyprus in that regard is no exception. Moreover, Cyprus is becoming for them increasingly a favorite direction, aided by many factors, including the security of the acquisition of real estate, which is guaranteed by the state, return on invested capital, the availability of mortgage credit, excellent climate and ecological conditions and, of course, very friendly attitude of local residents.

According to our estimates in the past year, Russians bought property on the island at about 2.5 times more than in 2006.

How strongly feel Cypriot construction companies compete with foreign construction firms?

Foreign companies are very much interested in the Cyprus property market and trying to find different ways to penetrate this market. This is not an easy task, but one must admit that often it succeeds. Suffice it to say is that buyouts of two major construction companies in Cyprus have been sold to foreigners.

What are the benefits of your company ahead of competitors working on the Cyprus market?

The main objective of "Pafilii" - to make sure that built the house meets all the aesthetic and domestic customer requirements. Therefore, to every potential buyer, we attach a personal consultant who will land in the most beautiful parts of the island and finished homes built by our company, so that the client was able to get an idea of what kind of property we can build for him.

"Pafiliya helps the client and obtaining bank loans at the most favorable terms. In Cyprus, the loan amount, usually between 60-80% of total property value, maturity date is extended by 15-30 years and interest rate, depending on the currency lending, ranging from 4% to 7,5% per annum.

As real estate in Cyprus today, often acquired at zero during the construction phase, our company provides the necessary bank guarantees for a buyer credit, and financial consultant firm can help with choosing the best payment option purchase.

In addition, we can provide the client with experienced architects, who consider all ideas and proposals of the customer and sells them in the preparation of the project.

Topic: "Pafiliya"