Sales of property in Cyprus are continuing to increase
Property sales in Cyprus are edging upwards, the latest statistics from the country have suggested.
According to The figures, reported by Property Wire and released by the Department of Land and Surveys, the rise in property sales is occurring at a slower pace than in previous months, but it remains positive. In good news for property investors in Cyprus, The real estate sales were up 11 per cent during April, compared to 2009, and up 25 per cent in the first quarter of this year. But the growth is down in comparison to the figures that the organization reported for March, which showed a 37 per cent y-o-y growth in sales.
Property sales in Nicosia have increased and are likely to be business acquisitions as Nicosia is not a destination favored by tourists and holidaymakers. Property agents in Paphos and Limassol have reported increased interest. The coastal destination of Paphos was the best performing area, posting a 12 per cent growth in interest in March when compared to February’s figures. The housing market in Cyprus is hoping that the long awaited changes to title deed legislation will help restore investor confidence in the market.
Nearly 130,000 properties in Cyprus are currently without title deeds, according to official estimates. Recently, The Council of Ministers approved six bills concerning reforms to the legal framework governing building permits and the issue of title deeds which is positive news for overseas property investors looking for property in Cyprus. Meanwhile, developers in Cyprus are adjusting its marketing strategy in an attempt to tempt a glut of more up-market overseas buyers. Luxury developments are to be aimed at wealthier buyers in the Middle East.
In related news, Developer Aristo confirmed it is launching a luxury range of properties likely to be marketed through agents in Middle East. Its other properties are aimed at middle to low end buyers from the UK, Scandinavia and central Europe.
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