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Hellenic Bank restarts lending to foreigners for first time in 4 years.

 

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Date: 25/05/15

The second biggest bank in Cyprus by market share, Hellenic bank, announced today that it would offer mortgages to foreigners for the purchase of properties in Cyprus.

The headline requirements state a minimum contribution of 30% of the purchase price and the current interest rate stands at 5,3%.

The latest development of Hellenic’s offer represents a welcome overture to the return of financial support to overseas buyers, unavailable since 2012. However we expect the application process to be quite strict and thus our recommendation would be to look for 50% rather than 30% of contribution of the property price to avoid disappointment. 

It comes as no surprise that properties with title deeds will have the best chance of obtaining bank finance. While Hellenic bank is the first we would expect Bank of Cyprus to follow suit for the of fear losing market share.

Capital controls are now gone and Cypriot economy is now showing the first growth in 4 years. It’s pretty plain that the market bottom has been reached and that there is no better time to buy your home in Cyprus. Given the favorable exchange rate of euro against sterling and the rapidly recovering Russian rouble don’t miss this unique opportunity to find your bargain Cypriot property.

Cyprus Beaches top EU Blue Flag ranking 10 years running. 

MAY 22ND, 2015

CYPRUS

Agriculture Minister Nicos Kouyialis raises the Blue Flag for clean beaches in Paphos

BEACHES in Cyprus were awarded a total of 57 Blue Flags, ranking the island on the top of the EU for ten consecutive years, according to Agriculture and Environment minister Nicos Kouyialis, adding that the awards will greatly aid the tourist industry.

The Blue Flag is a certification by the Foundation for Environmental Education (FEE) that a beach or marina meets its standards in water quality, safety, environmental education and information, the provision of services and general environmental management criteria.

Speaking at the award ceremony held in Paphos on Thursday, Kouyialis said that keeping beaches to high environmental standard is a top priority for his ministry.

Special Offer to boost Paphos Airport Shuttle Route

MAY 20TH, 2015

NEWS IN BRIEF

To celebrate its one-year anniversary of the commencement of routes to and from Paphos airport, the head of Kapnos Airport Shuttle Pambos Kapnos, on Wednesday announced a series of special offers for families, groups and students.

My Insider Life…with Tonia Buxton

London Cypriot, Tonia Buxton, is a woman of many talents, keeping herself busy as a presenter, historian, writer, gourmet cook and beauty expert. And she balances it all with being a wife and mum to four children! Presenter and producer of The Discovery Channel’s award winning My Greek Kitchen, the series was such a success that she went on to make series two of My Greek Kitchen with the follow up, My Cypriot Kitchen. It has since received global acclaim, shown in 17 different countries and airing again in the UK this October.

Tonia is passionate about Greek food, inspired by her mother’s kitchen from a very young age, and believes Greek food is a big undiscovered secret! Having written on healthy eating and mood foods for years, she wrote her own Greek Cookery book, Tonia’s Greek Kitchen in October 2012.

Mini Heat Wave hits Cyprus as Nicosia sizzles at 38C !

Temperatures topped 38C in the capital today !

Tuesday, 19 May, 2015

A mini heat wave is expected to begin sweeping over Cyprus today with temperatures touching 38C in the Capital of Nicosia.

Residents are braced for the most extreme heat with top temperatures in the high thirties, with coastal areas touching 33C and the mountain districts expected to reach 29C. Temperatures were recorded today in Paphos at 39C in direct sunlight.

Tonight will be mild, with temperatures in Nicosia dropping to 20C and 22C on the west and eastern coasts.

The May sunny conditions are expected to continue until the end of the week, but there is a chance of thunderstorms and showers inland on Friday.

Summer has arrived in Cyprus !

Cyprus Energy pins hopes on Australian Solar Technology

To reform its oil-dependent economy and meet a European Union target

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The solar thermal field in Pentakomo, on the southern coasof Cyprus. [Photo18 May 2015

Australian scientists have designed and installed solar energy technology in Cyprus to help the island nation shift away from fossil fuels and also to tackle its chronic water shortages.

A team from the CSIRO, Australia's national science agency, took five weeks to construct a 'solar thermal field' containing 50 heliostats - large mirrors that reflect the power of the sun. The solar thermal field lies in Pentakomo, on the southern coast of Cyprus and places the country at the frontier of solar energy research in Europe.

Britons give Cyprus tourism a lift

Charlie Charalambous — 15/05/2015

A surge in British tourists helped ensure visitors to Cyprus rose 11.3 percent in April to help the bailed-out economy buffer nearly four years of recession, official data showed Friday.
In April arrivals increased 11.3 percent to 201,495 from 180,998 in the same month of 2014, statistical service figures showed.
Last year tourist arrivals totalled 2.44 million compared to 2.40 million the year before, recording an increase of 1.5 percent.

The island’s main tourist market Britain rose 13.3 percent to 83,361) and there was an 71.8 percent spike from Greece (17,825) helping arrivals stay in positive territory.

But there was a 22.5 percent decline from the key Russian market dipping to 25,149.

For the period January – April tourist arrivals totalled 391,483 compared to 344.435 in the same period of 2014, recording an increase of 13.7%.
In 2014 Britain remained in top spot, followed by Russia, Sweden (106,666) and Greece (100,955) in fourth.
Cyprus is benefitting from more direct flights but industry experts say the falling rouble and the demise of national carrier Cyprus Airways could have an impact in 2015.