Foreign buys of Cypriot property saw a stunning increase
There is every reason to believe that the Cyprus property market will come out of its economic woes, in a good shape as foreign buys of Cypriot property saw a shock increase in November, up from 117 the month before to 158.
When sales traditionally slide off at this time of year, the highest number of monthly sales this year is what more interesting to the analysts. It is highly unlikely to be a pure coincidence that this rise in sales against the season comes as the government and Cypriot legal institutions have been working hard to resolve the problems over Cyprus title deeds.
New legislation from the Cypriot government promises to allow people to get their deeds issued from the land registry, from the moment they pay the deposit and sign the sales contract. This will stop developers from selling to multiple people.
Les Calvert director of overseas property portal Property Abroad.com gave a reason for his strong belief in the Cyprus property market that they believe strongly in the Cyprus property market, because the credit crunch will actually have a benefit. Because so many people lost money on developments that will never be completed, today’s buyers are increasingly keen to do their own research. For that reason the problems that Cyprus has had with title deeds needn’t stop people from buying in the country.
Meanwhile, Cyprus’ new golf courses and proposed 2nd Eurodisney are one of the few reasons to believe that Cyprus property has a bright future. The Cyprus government gave permission to build 14 new golf courses on the island; permission was granted last year and construction has started on one of the courses.
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