2010 is the time to restart investment in Cyprus property
There is every reason to believe that the Cyprus property market can come out of the credit crunch. Although the Cyprus economy is still in recession it may have started to climb out in the fourth quarter of 2009, according to the latest estimates from the Cyprus Statistical Service (CYSTAT).
In the fourth quarter of 2009, Cyprus GDP shrunk on a seasonally adjusted by just 0.3% compared to the previous quarter and by 2.7% compared to the corresponding quarter of 2008. Only 1,800 Cyprus properties were sold to non-Cypriots in 2009. This compares to over 11,000 in 2007. According to the latest figures from the Cyprus Land Registry, 158 contracts of sale were deposited by non-Cypriots at the Land Registries throughout Cyprus in November, compared to 117 in October. Cyprus is one of very few countries to produce official data on the number of homes sold to foreigners, so a comparison with other similar markets is difficult.
While Cyprus may well have seen the fewest foreign sales in 2009, it could well see the same level of rebound as seen elsewhere as 2010 progresses. At this time of year when sales traditionally slide off, the increase in sales in November signifies that the Cyprus property market will recover quickly as the international economic recovery gathers pace. At the first signs of recovery, and demand growing for overseas property, demand has begun to increase for Cyprus property. The title deeds crisis has also been a massive barrier to sales, but there is hope that this is now resolved by new government legislation.
Les Calvert director of overseas property portal Property Abroad.com said that Cyprus’ new golf courses and proposed 2nd Eurodisney as reasons to believe that Cyprus property has a bright future.
Popularity: 17% [?]
