CYPRUS PROPERTY WORLD
NOVEMBER NEWSLETTER
As the clocks go back and winter draws in, temperatures in November are pleasantly mild in Cyprus except in the Troodos mountains where snow falls at heights above about 1,000m and can stay there for several months, which is great news for skiers.
In our December newsletter, we’ll bring full details of how, where and when you can find the best skiing in Cyprus.
Our property of the month is conveniently just a short drive from one of the best restaurants on the island – Manola’s Tavern. More of that later. Our property choice for November is a huge apartment with beautiful views just outside Yermasoyia village, near Limassol. Take a look and see what you can get for your money.
Just a short drive from this apartment is Manola’s Tavern in Kellaki village, our restaurant choice for November. With a roaring fire, fresh, homegrown vegetables, succulent meats and that famous Cypriot welcome, you can relax and immerse yourself in the fabulous food at atmosphere for a few hours of bliss.
For those of you who are feeling energetic, the Cyprus International 4-day Challenge Marathon takes place at the end of November. It takes in some of the most breathtaking scenery on the island, so why not get out your running shoes?
Finally, with the economic climate getting as chilly as the weather, we have news of how the Cyprus economy and its property market are holding up in the face of the global economic downturn. Click on the links below to find out more:
• Property of the Month
• Restaurant of the Month
• Cyprus International 4-day Challenge Marathon
• Cyprus Property Market and the global economic crisis
Huge apartment at an unbelievable price!
We just had to tell you about this spacious 3-bedroom apartment in a beautiful elevated spot above Yermasoyia village, close to Limassol.
Situated in a in a quiet cul-de-sac, the apartment has glorious views of surrounding hills and the sea - and is just 10 minutes drive from a Blue Flag beach. Take a look at the wonderful terrace where you can enjoy the views or cook up a treat in the fabulous modern, fitted kitchen. Other features include:
• Communal pool
• 2 bathrooms, 1 en-suite
• Full central heating and air conditioning
• Parking and storage space
• Local shops in the village and large supermarket nearby
• Fixtures and fittings included
• 165m2 Living Space
The amazing asking price for this property is just €289,000, which is negotiable for a quick sale!
Now if you happen to be viewing the wonderful apartment we’ve just featured, you will also be just minutes away from our featured restaurant of the month. So why not go and give it a try? We can promise you won’t regret it. Make sure you book in advance if it’s a weekend.
If you’re already in Yermasoyia, it’s just a 15-minute drive up to Kellaki village and Manola’s Tavern, a family-run traditional Cypriot restaurant which has been there for 22 years. When you sample the food, you will understand why. If you go in the summer you sit out on the terrace under the shade of the grapevine, if you go in the winter you can sit by a blazing log fire. But the best thing about Manola’s is that all the vegetables and herbs are from his own gardens and the meat is from another village close by and cut to the highest standard.
The things you absolutely must try at Manola’s are the souvla (lamb or chicken on a skewer and grilled on charcoal), kleftiko (slow-roasted, juicy lamb) and the lamb chops, which according to one diner, were “as large as porterhouse steaks, tender and crackling with savoury, herb-enhanced juices.”
A mouthwatering treat in anyone’s language.
How to find Manola’s Tavern:
Take the A1 towards Pyrgos and then the exit for Prygos, Parekklisia and Kellaki. Follow the road, passing the villages of Prygos and Parekklisia, continuing up to Kellaki. There are wonderful views across the valley. Just before you enter the village, there is a right turn (sign-posted to Manola’s Tavern).
Tel. 25 622107
Price: Meal for two, with wine €30–40
Reservations necessary at weekends
If you’ve enjoyed a meal at Manola’s Tavern, then you may feel you need a little exercise. The Cyprus International 4-day Challenge Marathon is rather more serious than a ‘little run’ but if you’re a regular runner, it’s worth doing because it takes in some wonderful scenery. It’s a staged running event which is a bit longer than a marathon in terms of distance and combines mountain running, trail running, cross country running, a trail half marathon and a 10k City Run over four days, making it the ultimate adventure running event.
The event takes place around Paphos, and for the most part, participants have the opportunity to compete in the Akamas Nature Reserve Park, in some of Cyprus’ most scenic routes, where there is another amazing view at every turn. So get training and take part.
Event details:
27th to 30th November
More information from Arena Sports (www.arena-sports.com), Tel. (00357) 26 880 430
Many of you may be wondering how the global economic crisis is affecting the economy of the island and most importantly, the Cyprus property market.
Cyprus’ economy remains stable and is expected to grow by around 3.6% in both 2008 and 2009, although inflation is currently high due to price rises of key imported goods. According to the Central Bank, the banking system is robust and safe and local banks are not exposed to high-risk products. The Central Bank closely monitors international developments with respect to possible consequences on the Cypriot banking system and the economy in general.
So while much of the world is in economic crisis, Cyprus is relatively stable. The property market has undoubtedly been affected by the UK’s economic crisis. Traditionally, the majority of those who bought property in Cyprus were from the UK, but with sterling weak and those in the UK anxious to preserve their hard-earned savings that is beginning to change. Now Cyprus is seeing more buyers from Russia and the oil-rich economies, such as the United Arab Emirates.
In a geographically small market like Cyprus, it is amazing how much the market in each area reacts in a different way. Nicosia, for example, has never been a popular destination among foreign buyers, whether retired, holiday home buyers or investors. Its market has always relied on the locals and so the market in Nicosia remains relatively active and stable.
Limassol traditionally has on clients from three markets - the locals and British and Russian buyers. The market here has been affected by the recession in the UK, but most of the loss has been covered by a relative increase in sales to Russians. Local demand has also showed a marginal reduction but the overall picture remains positive.
Larnaca has been discovered by UK buyers during the last decade or so. Although it is home to the major airport on the island, prices have always been lower than in other coastal areas. The drop in the demand from the UK has affected Larnaca and the same applies on the nearby Famagusta area.
Paphos has been affected more than the rest of the island. Traditionally relying on British second home buyers and retirees, the market in Paphos is now slower than before.
So that is a realistic picture from our real estate experts in Cyprus, who have been in the property market for more than 25 years and have seen many changes over that period. If you’re interested in buying a property in Cyprus, why not contact us, without obligation, and tell us what kind of property you’re interested in. Cyprus is a currently buyer’s market in some areas and some sellers are reducing the price of their properties and some prices quoted are negotiable, although of course this very much depends on the seller’s circumstances.
Contact us now on info@cypruspropertyworld.com and see what we can do for you.
We hope you have enjoyed our November newsletter.
Next month, we’ll tell you about Christmas in Cyprus and how to find the best skiing. If there is any information you’d like to see in our regular newsletters, please let us know and we’ll do our best to include it.