CYPRUS MARKET IS STILL A FAVORITE

Cyprus’s property market still has plenty of pulling power when it comes to attracting foreign investors, but it needs to improve the way it issues title deeds if it wants to keep foreign investor interest. According to the Chairman of the Cyprus Land and Building Developers’s Association, Pantelis Leptos, who noted the upward trend in property sales recorded in recent months, the Cypriot property market hasn’t lost its touch, attracting foreign investors from many different countries.

According to the island’s Land Registry data, which looked at the total number of property sale contracts submitted to the Registry, the sale contracts reached 539 in March this year, compared to 452 in March 2015. Meanwhile, the first quarter of 2016 recorded 1367 of sale contracts compared to 1098 in the corresponding quarter of 2015, recording an increase of 24%. Significant growth was also recorded in sales from foreign buyers with an almost four-fold increase in sales by foreign buyers at 157 sales this March compared to just 41 in March last year.

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