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1 2016





Introducing ONE, the tallest residential seafront

development in Europe!
Pafilias flagship tower development in
Limassol is now officially on the market.
ONE will be the tallest residential seafront
tower in Europe and the most groundbreaking development in the history of
Cyprus. At 37 storeys it will redefine the
ultimate Limassol view. For exceptional
seafront living, for exclusivity, for security of investment, ONE will be the most
iconic address not only in Cyprus but the
region as whole.
ONE offers unparalleled living facilities
with the visionary development creating
a new category of luxury living in Cyprus.
Offering the sanctuary of home and the
service of a hotel, residents of the 84 opu-

lent apartments will have unlimited access to an exclusive spa, fully-equipped

fitness centre and swimming pool with
extended sun decks and outdoor terrace.
And, in order to ensure residents enjoy
the very best ONE has to offer, owners of
the impeccable apartments will also have
a comprehensive, 24 hour concierge service at their full disposal.
These all encompassing facilities will be
further complimented by an area dedicated to premium dining and shopping,
stretching across two floors of the coveted tower.
With a maximum of just three apartments per floor, every residence at ONE

will offer unrivalled, unobstructed sea

views, also capturing views over the city
and to the Troodos Mountains beyond.
The Residences are ingeniously designed
with uninterrupted flow of space running
from one side of the tower to the other
capturing high levels of natural light. As
you would expect from a development
of this calibre and standard, the interior
finishes and fittings have been designed
by highly awarded London based interior
designers, ensuring that living areas are
as practical as they are beautiful, emphasising their natural surroundings.

Cyprus Economy:
Property market
predictions for
The European Commission and the
IMF forecast that the economy in
Cyprus will remain positive in 2016,
the projections as illustrated below
in Graph 1, include a GDP growth
rate, reaching 1,86% in 2016 and
then 2,35% in 2017.
The Fund marginally upgraded its
economic growth projection for
2016 from 1.4% to 1.8%. It notes that
in the period 2017-2020 growth is
projected to average at 2% of GDP.
The improvement is raising optimism for the sector as both domestic and foreign demand appear to
be gaining momentum. The stabilisation of the economy and the light
improvement in the labour market
are also benefiting the sector. In the
market there are expectations for an
improvement in sentiment following government moves to reduce
transfer fees, the promotion of planning incentives and the issuance
of title deeds for delayed property
buyers. Interest rate cuts by banks
also had a positive contribution.
Experts also predict that the transactions in the property market will
remain concentrated on prime assets by overseas buyers, encouraged
by the governments Naturalisation
Schemes that focus on highend
residential properties. The investors
are mainly interested in the freedom
of travel, European education opportunities and producing income
from their investments, therefore
premium real estate can expect to
see a continual development and
increase in demand.

US Secretary of State visits Cyprus

US Secretary of State John Kerry visited Cyprus on December 3 as part of a six-nation
European tour.
During his visit he held talks with President
Nicos Anastasiades and Turkish Cypriot
leader Mustafa Akinci to encourage progress towards ending the islands division.
In a statement after meeting, Kerry said he
had been closely following developments
in Cyprus for decades and that the US has
always been and is focused on Cyprus at
the highest levels.
It has been a priority for me and President
Obama, he noted.
I am more convinced than ever that a settlement is within reach. This will not happen automatically, but it can be done.
A united Cyprus can stand as a beacon for
peace in a troubled region of the world, he
Speaking of tangible progress in the Cyprus peace talks, Kerry went on to refer to

the two leaders by their first names, saying I am impressed with both Nicos and
Our focus must be on what we can change.
Today I have witnessed that desire, he said.
I am more convinced than ever that a settlement is within reach. It can be done.
Mr Kerry then travelled to Paris to join President Barack Obama for the opening of international climate talks. He went on to Brussels to attend NATO meetings, to Kosovos
capital Pristina and to the Serbian capital
Belgrade, where he took part in a meeting
of the Organization of Security and Cooperation in Europe. For the final leg of his trip,
he will be in Athens for talks with Greek officials discussing the migration, refugee crisis
and economic reforms.
The high profile visit demonstrates that
there is support for Cyprus with a solution
closer than there has ever been.

Casino licensing progressing

The first selection phase for licensing a casino resort in Cyprus has been completed
and eight parties continue to express interest for the license.
According to sources, the eight bidders
include the American group Hard Rock
through its collaboration with businessman
Menelaos Shacolas, the Philippine company
Bloomberry Resorts Corp which is owned
by Filipino billionaire who also owns International Container Terminal Services, one of
the largest container-port terminal services
in the world, the Asian group NagaCorp the
largest hotel, gaming and leisure operator
in Cambodia, a company listed on the Hong
Kong stock exchange, the consortium of
French companies Bouygues, Accor Hotels,
and Lucien Barrire, the Russian company
Absolute A company that owns banks land,
commerce and used to run a casino in Russia, the French Partouche Group in collaboration with Greek businessmen, the American company Karloutsos Mak and South
African company Sun International.
The interested companies will be notified
of the EOI procedure results 45 days after
their submission date. This will mark the
beginning of the process to find a final bid-

der to secure the licence within 2016 and

then build the casino resort, approximately
two years later. The operator will have the
choice of building a temporary casino construction within the first year so that it can
start receiving returns on its investment as
soon as possible.
The next stage of the process is to select
three candidates to take part in the 2nd
phase of the evaluation process during
which interested parties will be asked to
submit a detailed and comprehensive proposal for the project, a Ministry of Commerce press release says.
Both the ministry and the coordinating
committee overseeing the project are satisfied with the level of interest expressed.

Chinas Minister of Foreign Affairs visits President of Cyprus

The Minister of Foreign Affairs of the
People`s Republic of China, Wang Yi, visited
Cyprus during December.
The Chinese minister arrived to hold meetings with President Nicos Anastasiades and
President of the House Yiannakis Omirou, to
participate in official talks between delegations of the two countries headed by his
Cypriot counterpart Ioannis Kasoulides.
Mr Wangs visit is the last in recent weeks by
a number of high-level foreign arrivals including the foreign ministers of Russia, Brit-

Pafilia House
33 Nicodemou Mylona Street
Marina Court
PO Box 60159
8101 Pafos Cyprus
Tel: +357 26 848 800
Fax: +357 26 934 910

ain, Germany and the US, plus a brief stopover by French President Francois Hollande.
President Anastasiades was in China in October to boost ties and came away with the
message that there was willingness on the
part of Beijing, in investing in Cyprus.
He said at the time that Cyprus participation in the Silk Road Initiative would benefit
relations by default as the policy itself implied the strengthening of Chinas economic relations with participating countries.
It was also announced during the visit that

Pafilia Property Developers Ltd
Naberezhnaia 12
Podezd 6, Office 1032
123610 Moscow, Russia
Tel/Fax: +7 (495) 258 1970/71

the government was implementing a series

of measures which included the simplification of procedures for the faster issuing of
permits and licensing of investment projects and operation of businesses, as well as
the speedier granting of residence permits
to foreign investors, and visas for visitors
that would help in securing more investment and visitors from China.

Room 3305, No.6 Building, Jianwai
SOHO, No.39 East 3rd Ring Middle Road,
Chaoyang District, Beijing
Tel: (+86) 1572 476 1031