HPA Cyprus - Welcome to the Frontpage

A Professional Property Service Thriving in an Unstable Economy

Global Property and Fine Art Auctions have thrived in the last few months despite the general financial crisis, showing that Auctions are immune from tough economic failures.

Selling or purchasing by Auction has, for centuries, been one of the most efficient methods for capital growth. Prospective purchasers who hold Capital and Property Investors can benefit from Property Auctions in times when the economy is unstable, since they can invest their funds and capital in the most secure way, that of real estate.

The expertise of Professional Auctioneers in choosing the eligible properties in all aspects to be sold on Auction and the assessment of the reserve prices is of prime importance for the conduct of the Auction and knowledge of the property market can have a dramatic effect on the success of each Auction. This is one of the major aspects that the Auction Team of Harrison Property Auctioneers (Cyprus) Ltd advances in offering its professional services to clients and investors.

The Legal Team of Harrison Property Auctioneers (Cyprus) Ltd is comprised of Professional Lawyers holding a professional practicing license in Cyprus and has been appointed to be mainly responsible for carefully examining the legal status and for performing all the necessary professional searches at the relevant authorities for each property to be sold on Auction, thus safeguarding each potential purchaser from any risk associated with the legal status of each property. Furthermore, they can offer legal professional services to clients ensuring that the Auction Rules and Procedures are adhered to by all parties, making the Auction procedure a very pleasant experience.

The Team’s invaluable experience in the Cyprus Property Market and skill is also a vital ingredient in the healthy conduct of the Auction and their ultimate weapon is the correct use of a reserve price and their ability to decide whether to sell or not to the highest bidder, if in their view a reasonable value has not been obtained for each Lot.

The ability and expertise of an auctioneer is in fact a gift and the role requires intense concentration during the Auction. The skills required take years to be achieved and Harrison Property Auctioneers (Cyprus) Ltd are proud of being the First Property Auctioneer Company conducting private Auctions in Cyprus. The success rate of the Auctions has literally been improved with time and the HPA has become very popular for its professionalism on the island of Cyprus and other jurisdictions such as Germany and Greece.

Auctions are becoming increasingly popular with investors, builders, developers and property owners, around the Globe. More people are turning to auctions to buy and sell rather than using alternative services to achieve a positive result because of the simplicity and the speed of the process and due to the fact that properties are usually available at competitive prices.

The Lots come from a variety of sources including Private Sellers, Companies, Investment Funds, Agencies and Banks.

The present economic times require a different approach for the conduction of property sales and it can be estimated that there will be a marked increase in buying power in property auctions in the near future. Auctions have become more transparent and open and Auction Venues are an ideal place to find properties at competitive prices and safeguard your Investment.

Harrison Auctioneers Cyprus - Up- coming Auctions :

Car & Boat Auctions

Land Auctions

The Cyprus Real Estate Market and the shade of the Economic Crisis

The Cyprus real estate and property market remains firm despite the global economic crisis, but there is a need for urgent measures to be introduced by the government in order to ensure future stability, improvement and growth. The major problem in the property sector of newly constructed and off-plan properties has been the imposition of the 15% VAT on property since 2004, which has lead to a dramatic increase in the prices and generated millions in added revenue for the Republic of Cyprus in the form of taxation. Thus, the Purchase of immovable property though property Auctions does not entail any taxation in the form of VAT, since all the properties are Re-Sales.

The growth of the real estate sector has been further hindered by the red tape procedures, and the imposition of VAT on land purchases in 2009 will provide more dilemmas for the real estate industry. The Ministry of Finance in its revised budget calculations has assumed that the revenue from the property sector would decline by 50% or revert back to the year 2006 levels.

The Economic growth in Cyprus has held firm over the course of 2008 with the International Monetary Fund expecting an expansion of around 3,4% in 2008 and 2,8 in the year 2009. According to Financial Analysts, the Cyprus Economy is expected to continue expanding into 2009 at the rate of 2,8%. Notwithstanding the global economic situation, economic growth is projected at 3,7%. Inflation is expected to be between 2% - 3% and public debt is expected to decline to 45%. Despite the expanding economy, the investment market will inevitably slow down but remain secure.

In the recent weeks the Finance Minister has confirmed that the Cypriot Banking System has been largely unaffected by the global economic turmoil due to its minimal exposure to high-risk financial instruments and complex procedures. He has furthermore acknowledged that the economy remains sensitive to global conditions but he is confident that growth will still advance and full employment would be maintained. The Budget would be achieved through fiscal disciplines and the fact of economic growth, without any need for increase in taxation.

The European Property Market which is huge has also been affected by the financial crisis but still remains powerful enough for property transactions to be executed. The demand for purchasing property in Cyprus from UK citizens has decreased due to the credit squeeze and the weakening of the Pound Sterling which has lead to great luck of liquidity with the Banks failing to grant mortgages for property purchase. The purchase of properties around the Globe is currently leading an extraordinary way, since the depreciation of property prices is obvious in many Countries. The crisis which is currently affecting the UK property market is also adversely affecting the Cyprus market in a way, and especially in areas for which the highest demand has been emanating in the last few years from British Investors.

The extreme instability in the Stock Exchange Market has forced many Investors to invest their funds in a more stable and less risky investment, that of Immovable Property. Capital owners now have the opportunity to purchase properties through property Auctions, the performance of which provides a safeguard for the growth of the re-sale real estate market.

The property market plays an important role in the fundamental aspects of wealth growth for each country, but it is also a very sensitive sector which needs to be carefully observed. The consequences of the emanating crisis for the Cyprus economy are yet unknown.

The State Of The Cyprus Market

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