Hey - how are you doing? For the last week I've been in Cape Vincent - New York. My mother had a show over the weekend where she sells her SouperSpices. We exhibited at the NY State Food and Wine Festival - and it was packed! Unbelievably I was offering a nice couple a 'taster' and discovered they were British. I asked them where they lived and they said, 'Cyprus.' What a small world!

Anyway, I have a bit of news from Jackie in Cyprus. She told me that the Tiffany Shopping Mall, the new shopping and fashion destination for Limassol and Cyprus opened its doors last Friday to a dazzling event! Hundreds of guests enjoyed a spectacular ice skating display and jazz music from the Philly George Orchestra straight from the USA, along with songs from Greek singer, Antonis Remos.

Opened by Trade, Industry and Tourism Minister Antonis Pashalides and Limassol Mayor Andreas Christou, the event was also attended by many members of Parliament, diplomats and the media.

The Tiffany Mall is the biggest shopping complex ever built in Cyprus has been developed on two floors with over 130 stores. In addition, there are fast food, casual dining restaurants and cafeterias and a variety of leisure venues and entertainment for everyone. There are 1600 parking spaces available at what is deemed to not only become a regular venue for locals, but also a huge tourist attraction.

One stumbling block is the name. Unfortunately, “Tiffany Shopping Mall”, for legal reasons, is being renamed “My Mall” from now on. Clearly someone, somewhere should have checked that there was no objection to the famous “Tiffany” name being used! I will say no more ….Cyprus is embarrassed enough!

Right - I'm flying back to London Heathrow tomorrow at 5am in the morning, so I'm going to get this set off. Have a GREAT month, and give me a ring if you need anything. I'll be back in the office next week on 0207 898 0549.

Kim

Cyprus Buying Guide
The Overseas Guides Company
Kim@CyprusBuyingGuide.com

A credit check…

Many, if not all, countries have been affected by the credit crunch and subsequent world recession but there are some that are not quite as badly affected as others. As a discerning buyer you will want to ensure that you are investing in countries and markets that are still sound and possess the ingredients for long-term success.

For this reason, many markets that were enjoying high levels of growth and investment before the crunch will now need to be reassessed and traditional investment favourites may need to be crossed off the property purchase list, at least for the time being. Other markets may found to be performing surprisingly well, and included here I think is Cyprus.

Cyprus finds itself in a better economic situation than many other countries. While the UK, Germany, Ireland and other countries are in recession and the eurozone as a whole is seeing its economy contract, this Mediterranean island nation is merely seeing its rate of growth slow down.

Speaking about this in Limassol in January, governor of the Central Bank of Cyprus Athanasios Orphanides - who is also a member of the governing council of the European Central Bank - commented that Cyprus is "doing relatively better than most other economies in the European Union", with growth projected to be 1.1 per cent this year according to European commission projections. While Mr Orphanides noted that this figure was a departure from the 2.9 per cent predicted by the commission in the autumn, it is growth nonetheless. That is more than can be said about most major economies!

Last year it was said that there was an overall reduction in the rate at which Cypriot property values appreciated, down from 15.25 per cent in 2007 to 1.01 per cent in 2008. However, at least that is an increase, albeit a much smaller one than enjoyed in previous years.

The re-scheduled A Place in the Sun Live Show, which took place alongside the Ideal Home Show in March/April, found the country one of the best represented. The Place in the Sun’s website says: "Cyprus is a solidly Mediterranean and yet very British island - for while the sun beats down the locals are driving on the left, speaking English fluently plus many of its laws and customs will be familiar to Brits - making it an ideal place to own a place in the sun."

It is this combination of the historical British connections the island has, the weather and a market where prices have still risen despite the crunch, that could influence property prices and maintain the island as a good investment opportunity.

We have a truly magnificent agency in Cyprus, one that many Overseas Guides readers have actually bought homes through and raved about the service: please call me on 0207 898 0549 if you would like to talk about this option or fill in the form at: http://www.CyprusBuyingGuide.com/requirementsform.htm
and I will contact you to arrange that they contact you with your requirements in mind

Stop the Value of Your Pension from Decreasing!

by Smart Currency’s Charles Purdy.

Many expats abroad unknowingly lose money when receiving their monthly pension payment. Often a pension is paid in sterling at a UK (or off-shore) bank, exchanged into the local currency required, and then sent to the pension holder’s overseas bank account. Alternatively, pensions are paid into a Sterling account in their overseas bank account, and then exchanged into local currency.

By using the standard banking system, money saving options are often overlooked, unnecessary charges can be made and poor currency conversion rates applied. Charles Purdy states “On average, a pension holder loses around £30-£50 unnecessarily on every transfer – this amounts to actually giving away £600 a year – and in some cases, much more!” So what is the solution? It’s simple – use an international payment specialist, not a bank.

The money saving option – fix the currency exchange rate
Charles comments, “Take Mr Benson, who retired overseas at the end of 2007. He needed to receive his Sterling pension in Euros. In January 2008, he explained that his monthly pension amounted to £1,134 and wanted to know which options were available. After a brief conversation, he decided to set up a regular payment with a fixed exchange rate of 1.33 for the next 24 months until the end of 2009. In January, he received €1,508.22 in his overseas bank account and will continue to do so every month until December 2009”.

If Mr Benson had decided against fixing a currency exchange rate, his monthly amount would have decreased along with the weakening sterling rate - and by December 2008, his monthly transfer would have fallen to €1,190.70 - a 21% drop in value!

Avoid charges
Charles continues, “Mr Benson, like many other expats, assumed he was getting the best possible deal from his bank - but sadly, banks often fail to offer or even mention the option of fixing a currency exchange rate for use in the future. They tend to offer customers lower exchange rates and usually charge commission and transfer fees, all of which can be reduced, if not eliminated altogether. There is absolutely no point paying fees you don’t have to, particularly in the current economic climate where every penny counts! And no matter where you are in the world, with the loss in value of sterling over the last 18 months, this scenario can apply”.

Get good exchange rates
International payment specialists offer exchange rates that are guaranteed to beat the rates provided by the bank. Banks often set their buying and selling rates for currency first thing in the morning – when you visit a branch, you’ll see them hanging on the wall. Specialists, however, don’t set the rates in advance but call into the market floor to obtain the best rate possible at the time of the transaction.

Charles states, “For many expats, watching the value of their Sterling pension depreciate over the last year must have been soul-destroying. When €1,508 is expected in the bank and only €1,190 arrives, the recipient clearly suffers great anxiety”. Charles Purdy’s final comment is “Always remember, a short phone call could save you up to £600 a year!”

Charles Purdy is a Director at Smart Currency Exchange Limited – the only international payment specialists in the UK who work specifically to help people save money on regular transactions such as mortgage or pension payments. To move money overseas, including funds for property purchases and also the repatriation of funds back to the UK go to www.SmartCurrencyExchange.com for further information.

To read the latest market information on Serling and the Euro go to: http://www.CyprusBuyingGuide.com/Currency240609.htm

Why overseas property buyers lose money...
...and how you can avoid it!

To get a copy of the report at no charge go to: http://www.smartcurrencyexchange.com/freereport.htm

To get a Better-than-Bank rate go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
or call Carl on 08081 630 102 freephone.

A wonderful property in Paralimni Town, Famagusta District

Prices start at €105,000

These stylish and spacious apartments of one or two bedrooms are built over three floors. There is private covered parking and a communal swimming pool. The star features of this complex are the luxurious penthouse apartments with their amazing large balconies, big enough in which to throw a party!

Situated within walking distance of the town centre, convenient for shops, banks and restaurants and just a two minute drive from the nearest sandy beach, they are only 10 minutes from the lively tourist resort of Protaras.

Right at the heart of Paralimni lies a convenient shopping centre with many shops and a small entertainment scene including modern cafes and bars. Due to the fact that Paralimni has rapidly grown in size, the island's biggest food retailers have built or rented branches there including Carrefour, Orfanides. There are also many local supermarkets such as Kokkinos.

The countryside surrounding Paralimni is famous for its picturesque windmills, which used to draw water to irrigate agricultural land. The twin-aisled 13th century vaulted church, dedicated to the Virgin Mary, is worth visiting. It is decorated with unusual 18th century porcelain plates and houses a small ecclesiastical museum.

In the evening things start to hum and there is a vibrant but intimate buzz about the town, with Paralimni offering a smaller and less noisy alternative for anyone who is tired of the city hustle and bustle.

Apart from all the usual water sports on offer nearby, there are wonderful off road 4 x 4 safaris. These safaris from Paralimni to the Troodos Mountains are an absolute must. The trip offers stunning scenery in the heart of the Troodos, where it would be difficult to reach on foot. The stop-offs in the villages for wine tasting, shopping and monastery visits are highlights of a very enjoyable trip. It is also a really lovely way to famiiarise yourself with the area.

These apartments would be an ideal investment and their position in an edge-of-town location makes them ideal for both permanent living and a long-term rental option. To receive more information about this development just call me for a chat on 0207 898 0549 or go to:

http://www.CyprusBuyingGuide.com/requirementsform.htm
and I will call you to discuss this.

Question from a reader…

I received this very sad email – I am withholding the name to protect the identity of the writer:

“Initially we went with an overseas development company and were coerced into buying a property in Peyia promising us that we could sell the property on completion of development and they would help us through this process. This property is now due for completion in June and the development company have pulled out of Pathos thus leaving us in limbo.

We appreciate that selling houses in Cyprus is now getting more and more difficult because of the 'credit crunch' which leaves us with this property on our hands until such time the market starts to pick up again. If we decided to rent then another of the companies promise to us was that they were going to help with the fixing of the property, furnishing and rental if we decided to go in that direction.

I am a pensioner living in the Channel Islands so it is very expensive for us to travel to Cyprus to sort things out as we have to travel via London, so we are looking for a contact who could put us in touch with someone who could help us sort these things out and not 'be ripped off'.

I would be grateful for your help in any way.

Many thanks”

One of the things that I put in one of my very first newsletters I ever wrote was that you google the name of the company that you are going to be dealing with. I repeat my warning…I say no more but do the exercise yourself.

I do have a very reputable property person on Cyprus – one that many other Cyprus Property Buying Guide readers have used. Give me a call and we can chat about this: 0207 898 0549.

Top Tip

I was looking on the Internet at ten Top Tips for buying in the north of Cyprus - I have only one: DON’T!

The island is in a state of flux at the moment. Properties are far cheaper in the Turkish northern side of the island…but there is a good reason for this. Many properties in the north are illegally ‘owned’ – indeed, even with the legal help of Cherie Blair, an English couple lost their case land dealing with land they thought they had legally bought in the north.

Turkey would like to join the EU, but until the question of the division of Cyprus is solved that is just not going to happen. Land ownership is one of the thorniest issues connected to this and I, along with the British Government’s website, would strongly suggest either buying in the south of the island or waiting until the problem has been fully resolved before rushing in and buying.

Cyprus Property Buying & Investment Guide

If you haven't already purchased our excellent FULL Guide...why not get a copy today?

The completely educational guide covers the start to finish process of buying a property in Cyprus. Every step is outlined starting with the initial idea to b.uy in Cyprus all the way through to areas, how to b.uy lan.d, investment options and many top tips. This guide is for anyone thinking about or currently in the process of buying property or lan.d in Cyprus.

In the course of three years our Guide has been graded a 9 out of 10 and we’ve received huge amounts of positive feedback.

There’s a money-back guar.antee if you don’t like the Guide so there’s no risk in buying one – please get yourself a copy to ensure you know what to do and what not to do when buying in Cyprus.

More information about the Guide got to: http://www.CyprusBuyingGuide.com/guide.htm

And to end...

Well, its official – Cyprus has the cleanest beaches in Europe!

Every year the European Commission produce an annual report on the quality and cleanliness of beaches – and Cyprus is top for yet another year according to the results just announced!

The great news is that 98.2 per cent of beaches in Cyprus comply with all the obligatory standards on beach water quality.

Samples were taken from Cypriot beaches between October 2008 and May this year. They were then analysed for bacteria count and the presence of any chemical substances. Out of 111 beaches checked in 2008, a staggering 109 of these were found to be “exceptionally clean”.

How did other countries fare? Greece came second with 97.7 per cent up to standard, France came third with 96.3 per cent and Malta came fourth with 94.3 per cent.

So you can rest assured that when you are in Cyprus, you are swimming in the cleanest water in Europe!

With that thought I leave you for anther month…If you too want to be lounging on the best beaches in the world on a permanent basis, remember – we are here to help you with all facets of buying a property on this lovely island. Just give me a call and I will be happy to give any assistance I can.

Kind regards,

Kim
Cyprus Buying Guide
The Overseas Guides Company Limited.
mailto:Kim@CyprusBuyingGuide.com