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QIS Ltd Newsletter 2September 2008 Welcome to the second issue of our QIS newsletter. This month read about our new upcoming development "Q Well Being" and about our forthcoming trip to Cityscape Dubai... Cyprus NewsThe Cypriot Economy continues to grow
According to Forbes which cited the official government figures, the country's gross domestic product in 2007 was 4.4 per cent up on the previous year. This has prompted officials in Cyprus to forecast a similar rate of economic growth during 2008. The Economic Intelligence Unit (EIU) has predicted that the island's gross domestic product (GDP) should go up by 3.7 per cent this year. Lucas Papademos, vice president of the European Central Bank has praised Cyprus economy and said that it has developed into a highly stable country and added that the island had set an example for other countries that wanted to pursue similar economic reforms. The ramifications of this ecomomic growth has been the impact it has had on demand for both commercial and residential property. Average price increases across the island have seen Cyprus move into 7th position globally. Larnaca specifically has significantly outperformed the island overall. According to the Knight Frank Global House Price Index Survey (annual % growth)Cyprus is now ranked 7th in 2008 compared to 20th in 2007. Added to this impressive performance is the exciting news that on 3rd September Cyprus leaders launched talks which are seen as the best chance in decades to reunite their divided island and end a conflict threatening Turkey 's EU membership hopes. Cypriot President Demetris Christofias, representing the Greek Cypriot community, and Turkish Cypriot President Mehmet Ali Talat, who met in the no man's land dividing their capital Nicosia , represent what diplomats and analysts say is the first opportunity for a breakthrough in years. Larnaca NewsThe Larnaca story continues at a pace...
Zenon beat off intense competition from two other international consortia to secure this DBFO (Design - Build -Finance - Operate) contract for the new cruise/tourism project, which will take Larnaca forward into a new era, managing and operating the new cruise facility for the next 35 years, according to cruise news specialist Off Radar. They will prepare a port master plan for the new cruise facility, marina and Superyacht port. Coupled with the construction of a new airport just 10 minutes away that will completed in November 2009, the cruise port project will firmly place Larnaca at the forefront of cruise tourism. Running in parallel with the cruise port project is the building of a new marina and Superyacht facility, five start hotels, leisure and retail development, all linked via a promenade to 'down town' Larnaca and its beaches. Construction work is expected to start at the end of 2009 and the ambitious project is expected to be completed by 2016. Phase One of the project, the new cruise port and marina, is costing 1bn. However, the final bill for all areas is expected to be around € 3bn. DevelopmentsQ Well Being
In partnership with Quality Group we will be developing a truly luxurious development of holiday homes for the investor who has some disability in their family yet wants the whole family to go away to enjoy a pampered holiday in a warm and sunny location. The development will be a fully fledged luxurious resort. The architect responsible for accessibility for the Olympic Games in 2012, David Bonnet, has agreed to act as consultant to the project which we expect to launch in Q2 2009 with completion expected in 2011. Enalia Property Award
Many organizations from all over the world will take part in this competition. Quality Group is hoping to win this award through the Enalia Beach Residence project. QIS NewsCityscape
We expect to finalise negotiations with several developers in new territories during the show and look forward to presenting these opportunities in the coming months. To learn more about Cityscape take a look at the official website www.cityscape.ae. Thanks for taking the time to look through this month's newsletter. We hope you have found it both informative and useful. We always welcome any feedback you may have for us. The QIS Team |
Cyprus MapFinance Minister Charilaos Stavrak speaking to Reuters said that its economy will grow by about four per cent this year and a slight drop during the second quarter of 2008 was a seasonal discrepency, partly because the tourism season had not got underway. He added that the tourism sector peaks in July and August, which means the slight fall earlier in the year should be reversed.
Larnaca MarinaThe massive development project to transform the port of Larnaca into the eastern Mediterranean's leading cruise ship hub has taken a significant step forward with the Ministry of Communications and Works awarding the €1bn first phase contract to the Zenon Consortium, which includes the two leading cruise lines Costa and Louis.
Q Well BeingQIS continues to innovate in developing new property investment concepts for both the property investor and end user.
EnaliaQuality Group is taking part in the 'CNBC International Property Awards' competition and more specifically, the 'European Property Awards 2008' competition.
Cityscape DubaiThe QIS team will be visiting the Cityscape Dubai Show in early October. The show is the largest business to business real estate and development event in the world with 1,000 exhibitors and 60,000 delegates attending.