Imperfection of laws hinders the development of the property market of Cyprus

31.01.2011 12:48
According to experts, the real estate market of the island will be able to overcome the crisis only after the adoption of government measures to settle the legal relations in the housing sector.

In 2009, the situation on the Cyprus property market was critical. In early 2010, there were some signs of activity in the market, but then the number of transactions sokraschalosv continuously for six months. By the end of the decline has slowed, and there have been positive signs of market development, which was the basis for optimistic predictions about a possible stabilization in 2011.

Nevertheless, the current situation on the Cyprus property market is far from ideal and it is compounded by the fact that there are more scandalous stories about fraud-related real estate transactions on the island, wrote Prian.ru with reference to the Cyprus Property News. These cases are being actively discussed in the English press that harms the reputation of the Cyprus property market, and provokes the cautious attitude on the part of foreign buyers.

Last week it became known fraud carried out by District Land Commissions (CLS), which incorrectly calculated the amount of the fee for registration of transfer of immovable property in the property (similar to stamp duty). Its value is directly proportional to the value of the house.

In calculating the fee CLS into account not the real value of the transaction, and inventory, the estimated value in excess of the actual two or more times. In some cases, the overpayment exceeded ? 10 thousand

According to experts, similar disturbances in real estate are the main obstacle to stabilizing the market. Obvious need for stringent government measures to regulate and solve problems in the real estate sector and restore confidence among foreign investors. Until any visible signs of stabilization will occur only by chance.

www.zagorodna.com


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