Archive for May, 2010

Scores of studies do reflect that real estate industry in Nicosia is witnessing a steady increase once again and the first and foremost reason behind this happens to be the rejuvenated property industry in the realm of the city. What has been the fallout then? Property owners in the sphere of the city are witnessed to have steady gains but lots of other reasons are also fortifying the property industry.

It is worthwhile to mention that Nicosia, besides being the capital and largest city in the dominions of Cyprus, is also the business capital of the region. This seems to be obvious also. A business district must have the endorsement of local administration and positioned on the River Pedieos and nearly in the centre of the island, Nicosia happens to be the seat of government in addition to the main business centre. This also one of the factors that heightens its property sector.

Again recent announcements made by cost-effective airlines that they would have new routes to the island before long has stimulated this island in the eastern Mediterranean to a large extent.

Other reasons rejuvenating Nicosia’s property sector

• The city does enjoy a fine weather, sun shines for nearly 330 days in a year.
• The rate of crime is excessively low with 1/6th of the European Union’s Average.
• Nicosia does enjoy a lower-rate of cost of living than other parts of Europe.
• English is one of the most popular language of the island and no less that ninety percents of Cypriots are familiar with the English language.
• Legal and banking systems of Nicosia are rooted in the British system and hence, other parts of Europe do not find any problem.
• Both telecommunication systems and medical care are highly advanced in Nicosia

Other prominent reasons of rejuvenation of Nicosia’s property sector

It is useful to mention that net rental returns in Cyprus do differ between 4.5% to 11% and capital appreciation is in double figures yet, all set to depict 10 to 17.5%. Again, the Land Registry Department in Cyprus has an exceedingly proficient and reliable system.

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Nicosia, apart from being the capital and largest city in the realm of Cyprus, enjoys the tag of being the business capital of the region. And this is quite natural. A business district must have the endorsement of local administration and positioned on the River Pedieos and nearly in the centre of the island, Nicosia happens to be the seat of government in addition to the main business centre. There are in fact lots of attractions in Nicosia but the shopping mall culture, in this day and age, has taken the city by storm almost.

Shopping mall, a definite building complex containing shops standing for merchandisers, together with interlinking walkways allowing visitors to walk from unit to unit with no trouble, in conjunction with a parking area, is not a new thing in the sphere of Nicosia. What is more striking is that inhabitants of Nicosia are taking pleasure in this culture increasingly.

New Shopping centre enthralls Nicosia

A new shopping mall or centre has come to the fore in Nicosia and is known as the Shacolas Emporium Park. Even though it was opened only a few months ago, the same has been getting lots of media attentions from then.

Offers of Shopping Mall

Shacolas Emporium Park, in short, can be termed as the ultimate specimen of architecture and the concerned authority has left no stone unturned to make it an ideal epitome of beauty. There are, in fact, two floors in the mall and you can come across a multiplex cinema, depicting latest movies, in the top floor along with lots of eateries of globally renowned companies. Shops related to merchandising of books, DVDs, most up-to-date computer games and music are also present in this floor. What’s in the other floor? There are also lots and some of these are Next, Debenhams, Carrefour (hypermarket), Zara (men and women’s fashion), Intersport (a large sports shop), The Early Learning Centre and many more.

What’s more?

Next to the shopping mall there is a novel IKEA store, responsible for telephone ordering throughout Cyprus (only the southern part). This is a great convenience and hence, any item can be ordered and received devoid of visiting the venue.