A Highly Promising Real Estate Market
The Real Estate Market in Cyprus has known an explosive development the recent years, which was predicted, but not so quickly after the 2009 crisis. Notably, the value of off-plan properties has risen remarkably. The greatest thing about the local real estate market it is not its current condition, but its future, which is rather promising according to estate experts. The market is gradually becoming more active, partly due to improving local and international economic conditions. There is also increasing appetite from foreigners to acquire real estate in Cyprus. This has been seen both in terms of sales involving exchange of titles deeds (“Sales”) and contracts of sale deposited at the Land Registry (“CoS”).
The foreign segment of the real estate sector continues to be of great importance to Cyprus. This is reflected through the statistics of transactions relating to foreign buyers.