Cyprus Villas – How To Buy The Right One

Summary: Cyprus is a famous beach resort and therefore it is also the home for dozens of villas. Let us in this article try and get some idea as to what it takes to identify the right villa here.

If you are looking for a beach resort that is one of the best in the world, then there is no doubt that Cyprus is the place to be in. it has some of the most magnificent beach resorts in the world. Hence, it is hardly surprising that each year millions of tourists make a beeline to this place in quest of a peaceful and memorable holiday. Hence, there is a big demand for accommodation almost throughout the year. While there are many hotels which provide quality accommodation for those who are looking for something unique and special, the villas that are a part of this city are extremely popular. Staying in a Cyprus villa and spending the holiday has its own advantages and benefits.

Hence, there is hardly any element of surprise when we see wealthy individuals willing to spend thousands or even millions of dollars in buying villas in this city. Apart from being very good investment avenues these villas also provide the ideal getaway for families at least once or twice a year. They can save lot of money on hotel accommodation while enjoying the various benefits and advantages associated with stay in villas.

While this is all great news, buying a villa in Cyprus is not an easy job. There are quite a few points that has to be kept in mind. First and foremost, choosing the right villa from amongst the hundreds could be a challenging task. It may not be possible for you as a buyer to do this job. You may have to take the help of professionals and when we talk about these professionals, the role of property valuers becomes quite important and evident. They help in identifying the right property after taking into account various factors. They have a look at the location of the property that is very important. They help in finding out more about the quality of the property because beach properties are always at a higher risk of damage from the elements. Last but not the least, they will help the prospective buyers with the right information on the commercial property valuation fees of these villas after factoring in various inputs and other such valuable information.

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The CBD will continue to show more improvement than the suburbs, primarily due to the lack of new construction over the past five years and the frequent occurrence of mid-size users leasing additional space or purchasing existing vacant product. Class A properties should display a more positive movement in value than other classes, due to the significant hit — down 15 to 20 percent — to Class A rates over the past two years. This precipitous drop encouraged many companies to acquire Class A space at what, in previous times, were Class B rates. Sales prices have leveled off as well, with $70 to $90 per square foot representing the most common range of product sales.

With an impressive start in 2003, Indianapolis has continued to prove itself as a major distribution hub for many retailers and third party logistics companies. The first half of 2003 saw 2.3 million square feet of bulk distribution space leased including 1.1 million square feet in build-to-suit activity The Property Valuation Report This large absorption of space left the market with little speculative space at midyear. To counter the shortage, Keystone Property Trust with Browning Investments.

Opus North, Quadrangle Development and Lauth Property Group started construction on another 2.9 million square feet of spec space across the western and southern suburbs

Medium distribution did not fare quite as well during 2003. Landlords signed deals as low as $2.40 per square foot, triple net, in order to boost activity and fill space. Flex and R&D asking rental rates remained steady as activity slowly increased. The east submarket remained a concern with few major leases occurring in 2003.

Tax incentive programs, including 10-year real estate tax abatements, continue to draw companies to Indianapolis. The market has some of the most aggressive bulk rental rates in the country. And with the relocation of Interstate 70 and construction of the Six Points Road interchange on the city’s southwest side, an improved artery west of the city will soon be in place, providing more convenient access to Plainfield’s industrial parks and the Ameriplex mixed use development.

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The Indiana legislature’s decision in 2002 to eliminate the state inventory tax by 2007 is helping industrial tenants in most areas of the city. On the flipside, this program will challenge the City of Indianapolis to develop new incentives for tenants to locate in the city’s enterprise zones — areas with pockets of older industrial property targeted for revitalization. Elimination of the inventory tax had been one of the most attractive features of this program.

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Increasing demand for flex product suggests that the economy is slowly improving. As vacancy is reduced, rental rates will begin to pick up again in the flex and medium distribution segments. Meanwhile, bulk activity will continue to be strong in 2004, with Plainfield seeing the most leasing activity. Developers will likely stall construction of additional bulk buildings, though, until activity occurs in any of the four spec buildings under construction across the market. Flex and medium distribution construction will be minimal in 2004. Saxony, a 500-acre multi- use development in Fishers on the city’s northeast side, will likely see its first large industrial tenant in 2004 or early 2005, while the east side market will continue to be sluggish.

The retail market in central Indiana was relatively calm in 2003 with dramatically reduced levels of construction, putting pressure on rental rates for well-located shopping centers. Demand for highly visible and accessible small shop space drove rates up by more than 17 percent in certain submarkets—a dramatic increase by Indianapolis standards.

Also, an increasing number of property owners are leasing their sites rather than selling, leaving buyers with a shrinking pool of viable choices and fueling competition for sites.

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The Indianapolis retail market mirrored the national picture as consumer demand kept pace with new store openings and banks jumped off the sidelines to acquire sites. Among anchor activity of note, Saks Fifth Avenue opened in September at the Fashion Mall, quickly filling the void left by the bankruptcy of Jacobson’s Department Store, and large discounters continued to fill in gaps across the market. Meanwhile, multiple banking institutions sought to create or beef-up their positions in the market, keeping land prices rising even as convenience and drug stores dramatically slowed store openings.

Three major trends to watch in 2004 will be: 1) the emergence of the lifestyle center concept in Indianapolis; 2) the entrance of the Wal-Mart Neighborhood Market concept into the already crowded grocery sector; and 3) Wal-Mart’s continued construction of SuperCenters in an ongoing effort to grab market share from Meijer and Target.

In spite of job losses in the Indianapolis region, historically low interest rates drove a modest rebound in investment activity across all four segments of the market. Retail led the pack locally as the market reflected the national strength in consumer spending. Cap rates for all retail product declined, led by single-tenant net-leased opportunities best property valuation process. The backpedaling economy kept a lid on office and industrial absorption. Fear of rising vacancy rates gave pause to buyers evaluating investments in these product categories, however they did not halt activity.

Following retail, industrial was the second strongest category with a number of significant transactions throughout the year. Office was the weakest of the four categories, yet there were also significant transactions in this segment during 2003. In spite of weak fundamentals locally, the multi housing segment experienced solid demand.

The key to boosting investment activity back to pre-2001 levels will be job growth. Indiana has done much in the last two years to restructure its tax base and now has the 11th lowest business tax burden in the nation. An aggressive campaign touting the state’s position should dovetail nicely with the long awaited rebound in employment. Occupancy levels in the office, industrial and multi-housing markets are anticipated to rise, which should drive increased operating profits and allow landlords to begin increasing rents during the coming year. Investment dollars are available from local, regional and national buyers seeking better yields and portfolio diversification. Assuming stable interest rates, all of these factors should combine to make 2004 an excellent year to buy and sell all categories of investment properties in central Indiana.

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The land market saw demand for new single family residential and retail projects drive most of the activity in 2003. Activity in these two sectors accounted for the vast majority of transactions as developers of industrial, and particularly office projects already hold an ample supply of land in their inventories.

Demand for residential land is expected to stabilize somewhat, as interest rates creep upward and several significant new projects begin construction. Pockets of strong demand will remain, however, with Fishers, Westfield, Northern Hendricks County and the SR 135 corridor drawing considerable interest. In addition, prices for infill condominium and town home sites will remain strong, as demand persists for both product types. how much do a property valuation cost?

For the second year in a row, consumers and businesses, landlords and tenants waiting on the much-heralded economic recovery were left standing at the gate It never arrived! As predicted in last year’s forecast, modest net absorption coupled with new construction completions pushed the vacancy rate above 20 percent at year-end 2003.

Despite a slowdown in new construction, the overall vacancy rate hovered at the 20 percent level throughout 2003, exacerbated by bouts of negative net absorption and space givebacks. Both the CBD and suburban markets stabilized during 2003, yet vacancies remain above the national level and are expected to remain high throughout 2004. Leasing activity for 2003 exceeded 1 million square feet, but net absorption will finish the year right around the zero mark or a little higher. Tenants are moving around in the market in response to aggressive lease proposals from anxious landlords, which is fueling the leasing activity. Effective rents drifted lower during 2003 and may drift even lower in early 2004, with concessions plentiful for at least the next six months. The migration of tenants from Class B space into bargain-priced Class A space will continue well into 2004.

The Class A suburban market continued to struggle with vacancy rates near 25 percent throughout 2003. While improvement may be at hand during 2004, it may come at the expense of the CBD as several larger tenants consider suburban alternatives with abundant free parking.

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On a brighter note, efforts to reinvigorate the CBD have met with great success as evidenced by the almost $400 million in construction projects currently underway. These projects include a Marriott convention hotel, the 4th Street Live! urban entertainment center, a 22-story high-rise residential condominium known as Waterfront Park Place, and the 76,551- square-foot Preston Pointe office building in the rapidly developing East Main Street neighborhood. Efforts to promote market rate housing in the downtown area also have added to the vitality and appeal of the area.

Adding to concerns over the CBD is the announced agreement to combine RJR and Brown & Williamson Tobacco’s U.S. tobacco operations into a new company to be called Reynolds American, Inc. Regrettably, the transaction will ultimately mean the loss of some 460 local jobs as the company with an 80-year history in Louisville consolidates operations in Winston-Salem, North Carolina. Brown & Williamson currently occupies over 200,000 square feet in a CBD tower that bears its name. While no decisions relative to this space have been made, much, if not all of the space will find its way back to the market, presumably as sublease space. Whether sublease or direct space, the impact will be negative on the CBD by the end of 2004.

Quarter-to-quarter industrial activity during 2003 was very erratic, unlike the consistent market performance during 2002. First quarter 2003 absorption of 542,000 square feet suggested that the industrial recovery was underway Property valuation structure but that activity was all but erased during the second quarter when the market recorded negative absorption of -471,000 square feet.

Net absorption for 2003 will fall short of 1 million square feet compared to the 2002 year-end figure of nearly 2.3 million. However, the overall industrial vacancy rate remains below the national average, and prospects for improved activity in 2004 have developers cautiously optimistic.

Significant 2003 transactions included a 331,000-square-foot ProLogis building leased to Plastech, an auto parts manufacturing firm, and a 231,000-square-foot First Industrial facility leased to Derby City Warehousing. In addition, Circuit City elected to place a 562,000-square-foot distribution center back into service after previously offering it for sublease. Construction completions for 2003 exceeded 1 million square feet, which increased the overall vacancy rate only slightly to 9 percent at year-end. Warehouse-distribution vacancies are expected to decline throughout 2004 as the economic recovery strengthens and net absorption accelerates. As a result, we expect rental rates in the bulk market to recover somewhat along with net absorption. For those tenants able to make a commitment, the next six months should offer attractive opportunities that may slip away by mid-2004.

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Expect new construction activity during 2004, particularly in the Bullitt County submarket just south of the Louisville International Airport, home of the $1.1 billion UPS Worldport sorting hub. The cost and availability of land for industrial development property valuer estimator coupled with aggressive state incentives, have made Bullitt County the market of choice for major industrial developers like ProLogis.

Centre, Catellus and Patillo. Existing land positions will enable these developers to respond quickly to the strengthening demand forecasted for 2004, whether for build-to- suit opportunities or speculative product.

The strength of the industrial recovery remains a matter of debate both nationally and within the local community. Although durable goods orders are up and inventory levels are falling, job losses continue and more manufacturing operations are moving offshore. Increased consumer spending is likely to stimulate the warehouse-distribution sector, which has become the backbone of the Louisville industrial market. Let’s keep our fingers crossed that the election year promotes consumer confidence in the U.S. economy and that the industrial recovery now underway can be sustained.

The City of Louisville, in an effort to energize the Central Business District, has partnered with the Cordish Companies of Baltimore to create an urban entertainment center to be known as 4th Street Live!. The 300,000-square-foot center, anchored by Hard Rock Café, Borders Books and McFadden’s, will draw interest from the seven-county metropolitan area with a population of just over one million.

In the regional mall market, high-end department stores have had a difficult time in the Louisville market. The year just past saw the closing of Jacobson’s Department Store and the announced closing of Lord & Taylor. Jacobson’s has been replaced with Von Maur in the Oxmoor Mall, and there has been no announcement to date for the replacement of Lord & Taylor at the Mall St. Matthews. The two malls in southern Indiana, Green Tree and River Falls, are trying to capitalize on the new interchange developed at I-65, which has dramatically changed ingress and egress into their properties. Wal-Mart and Sam’s Club have already announced that they will locate on the east side of I-65, which until late 2003 had been underdeveloped land.

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Two new grocery store concepts have entered the local market. Wal-Mart has introduced three sites for its neighborhood market, while Whole Foods has announced a 50,000-square-foot store that will anchor the Bluegrass Manor Shopping Center in St. Matthews. Kroger, which traditionally dominated the Louisville grocery market, is feeling the heat from Wal-Mart and Meijer, which have introduced their super center concepts. The introduction of Whole Foods and Wal-Mart neighborhood groceries provides greater competition at opposite ends of the grocery spectrum.

Investor demand for real estate continued strong throughout 2003, driven largely by record low interest rates and apathy toward the stock and bond markets. Buyers, armed with low interest rates and favorable leverage experienced property valuer pursued stabilized returns in a variety of investment product categories. Nowhere was this more evident than the retail arena where five shopping centers, each over 100,000 square feet, traded in the Louisville metropolitan area.

Four of these centers traded at cap rates between 9 and 10 percent as investors sought stabilized product offering reliable, long-term cash flow. We expect this trend to continue well into 2004 thanks to robust consumer spending fueled by tax cuts and cash-back mortgage refinancing.

We expect 2004 to be a much more active year in the Louisville retail marketplace. The opening of Louisville’s first CBD entertainment district, 4th Street Live!, should provide a shot in the arm for all downtown retail and entertainment venues. Louisville should also continue to see single tenant build- to-suits throughout the metropolitan area as well as the repositioning of some grocery stores to take advantage of expanding residential development.

Institutional owners continued to express interest in the Louisville industrial market, but transaction volume was nominal. Promising activity at the United Parcel Services Louisville operations points toward improvement in the distribution sector for 2004, which in turn should reduce vacancy rates and further stimulate investor interest in the warehouse-distribution market. Distribution center product traded in the $30 to $32 per-square-foot range with few investors willing to pay above $34 per square foot.

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Continued softness in the office market discouraged investor interest in large multi-tenant product. Average cap rates drifted higher in both the CBD and suburban markets as the jobless recovery undermined demand and forced vacancy rates up throughout the year. As a result, several portfolio offerings were withdrawn from the market during 2003, including a 700,000-square-foot Class A office tower in the heart of the CBD. While most office product is relatively well occupied, the lack of meaningful absorption has forced potential buyers to discount prices to compensate for rollover risk, higher than usual vacancies and limited upside potential in the near term. At the same time, low interest rates have improved performance of otherwise marginal properties.

This situation is likely to continue until interest rates begin to increase, forcing sellers to be more realistic about pricing, which could significantly increase the volume of investment transactions in the office sector West Coast Valuers Conditions should improve during 2004 as the economy gains momentum and job growth translates into increased demand for multi-housing product.

The five Midwestern markets covered in the Great Plains represent small to mid-sized metropolitan areas that are largely influenced by the national economy and experience similar trends as first-tier markets. The region’s central location is a beneficial aspect, and provides a bridge between the active coastal mega-metropolitan markets.

The region’s commercial real estate markets are nearly parallel. In each of the five markets, retail is the leading product type with vast growth and limited ramifications of the economic downturn. However, the question remains whether or not retail can sustain the same rate of growth for much longer. Meanwhile, office and industrial are making a comeback in most of the cities after enduring a two-year slowdown.

St. Louis, the largest metropolitan area in the region, is the healthiest. Nearly every property type in the St. Louis market is performing well and is poised for further growth. The St. Louis office market is recovering with a gradual uptick in demand and a shallow speculative construction pipeline. The recent trend towards corporate consolidations is further fueling activity. Companies such as MCI WorldCom, MasterCard International and Express Scripts constructed new corporate facilities. Now, two more companies are continuing this trend, as CitiGroup and A.G. Edwards move into their new headquarters facilities.

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For the second consecutive quarter, demand for industrial space increased, posting positive absorption and stabilizing vacancies. A majority of the activity is taking place across the Mississippi River in Illinois in the 2,300- acre, Gateway Commerce Center. The giant warehouse/distribution park is prompting many companies, such as Proctor & Gamble, Dial Corporation, Unilever and Hershey Foods, to build large facilities here.

Our professionals of valuation solutions have a great knowledge big-box retailers continue to grow in St. Louis. Many developments are power centers anchored by large discounters such as Target and Wal-Mart. One of the largest retail developments in the area is St. Louis Mills, a 1.2-million-square- foot mall in Hazelwood. The mall has 18 anchors and more than 200 retailers, predominately discounters, illustrating the strength of discounters in today’s economy.

Kansas City is perhaps one of the more stable markets in the Great Plains region. A diverse economy and steady residential growth keeps the city on an even keel and shielded from any drastic changes in a given industry. Retail is developing in nearly every part of the metropolitan area. The largest of the recent projects is in Kansas City, Kansas, near the Kansas Speedway. Village West, a 400-acre development anchored by Nebraska Furniture Mart, Cabela’s Sporting Goods and Great Wolfe Lodge evolved into a retail destination. The Legends is the planned 1 million-square-foot shopping center component to Village West expected to kick-off construction in 2004.

The Kansas City office market did stumble somewhat in 2002, but the market proved its resiliency in 2003 by absorbing much of the space pushed on the market from corporate downsizing and restructuring. Vacancy peaked at 19.9 percent before declining to 18.2 percent. The office market is expected to continue improving over the course of the next two years as the economy strengthens and companies become more secure.