The real estate market of Cyprus frequent machinations

08.02.2011 10:28
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 declined 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, according to

Nevertheless, the current situation in 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. In particular, it is a scandal associated with the sale of real estate development company one residential facility to different buyers, as well as the machinations of District land commission appointed by the wrong amount of the fee for registration of transfer of immovable property ownership. In some cases, the overpayment was 10 000 euros.

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All this affects the reputation of the Cyprus property market and provokes cautious attitude on the part of foreign buyers. 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.
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