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QIS Ltd Newsletter 5May 2009 Welcome to the fifth issue of our QIS newsletter. This month read about what Cyprus is doing to overcome the drought issues of recent years, what is happening to property prices in Cyprus, the progress on Q Business Park and most exciting of all our partnership with DAME TANNI GREY-THOMPSON on Q Well Being... Cyprus & Larnaca NewsWater shortages no more
However, over the winter months and continuing into the Spring, rainfall has been plentiful. The month of March was the wettest for the last ten years with the monthly average being exceeded by 20%. This has led to a healthy flow of water into dams and reservoirs, where water levels are at approximately 30% of capacity. This compares favourably to last year when water levels were at 11% of capacity. Work also commenced earlier this year on the first of several planned new water desalination plants. The first of these new plants is located in the Paphos area and is expected to come on stream within the next three to four months. A further three plants are also expected to be announced in the coming months. The flow of plants coming on stream together with the increased rainfall over recent months is likely to mean that water shortages will be no more. Cyprus Property MarketThe local property market has clearly not been immune from the global financial turmoil. Certain parts of the island, such as Paphos, have seen price falls. This is as a result of oversupply of property and an almost complete withdrawal of mortgage facilities by banks. Certain developers are having their hands being forced by the banks looking to recover monies and are cutting their prices in a move to shift unsold stock. Other parts of the Island such as the Larnaca region continue to be underpinned by solid fundamentals and infrastructure projects coming on stream. Cyprus is also expected to benefit from the flight of investor capital out of other property markets such as Dubai with the Cyprus government keen to capture part of this money. For example, Iranian investors have been major investors in UAE property. The Cyprus government has proposed that should an Iranian national invest more than €350,000 in Cyprus property, then they would be granted a residency visa. Whilst this has not come into effect yet it is indicative of how the Cyprus government is looking to keep the property market moving forward. EU court backs return of Northern Cyprus propertyThe top court of the EU on Tuesday backed the right of Greek Cypriots to reclaim property they ababdoned in the north of the island when it was divided, and which was then sold to foreigners. The European Court of Justice supported the claim of a Greek Cypriot to receive restitution from a British couple who built a holiday home on land he was forced to leave when Turkish troops invaded Northern Cyprus in 1974. Whilst this judgement will clearly not solve all of the problems associated with occupied land it is likely to bring us one step closer to ultimate resolution and it clearly highlights the risks associated with buying property in the north of the island and we firmly believe that investors should stay clear of any such investment. Project NewsQ Business Park
The building work will still dovetail nicely with the development of the new port and surrounding area. Q Business Park will be the tallest building in Cyprus and the first building people see leaving the Port. It will also become a truely iconic building. Q Well BeingDame Tanni Grey-Thompson DBE joins the project team
During her sporting career, Dame Tanni Grey-Thompson DBE won 16 Paralympic medals, including 11 golds, held more than 30 world records, and won the London Marathon 6 times. The daughter of an architect, Tanni is ranked top woman in the Times Newspaper's Sporting Power 100 most influential people in British sport today, placing her number one both on and off the track. Tanni was also invited by Gordon Brown to meet Michelle and Barack Obama at No. 10 at the recent G20 Summit Dinner. Like many disabled people, Tanni found it hard to find suitable property to stay in or buy - especially abroad. "Now I'm retired from competitive sport, I still want my family to have somewhere we can all relax comfortably and safely together. That's why I was delighted to find out about Q Well Being in Cyprus. It's a complex of luxury apartments, fully accessible but designed with the whole family in mind - with a gym, pool, spa and restaurant on site. I was delighted to be involved from an early stage having been asked to assist with the design of the gym and the spa. I plan to invest in an apartment to enjoy with my family, to share with friends and to rent out to cover the costs". We also hope to announce a partnership with The Lord's Taverners soon who will become our beneficial charity on Q Well Being. Q Well Being will be launched at the Mobility show on 4th to 6th June 2009. 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 |
It is well known that Cyprus has suffered from water shortages over the last couple of years with drastic measures being taken last summer when tankers of water were shipped in from Greece to alleviate the problem.
Construction work at Q Business Park continues. With the site now being fully cleared work has started on piling and foundations as shown in these recent pictures of the site.
We are delighted to announce that Dame Tanni has joined the project team on Q Well Being.