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Posted On: 30/09/2009
The Cyprus property market is to recover well in 2010 as foreign buyers, especially from Britain return in search of bargains, according to overseas property specialists Azure Overseas.
"Cyprus has a bright future, with Disney to build the second Euro Disney in the country and 14 new golf courses also being constructed. These developments will add thousands onto property values in those areas, and people are already showing a keen interest in buying property in Cyprus now, when prices are historically low," said Frank Crowley, Azure director.
There have been many stories in the industry press in the last few weeks about the increasing activity in the overseas property market. Today Property Wire ran a story quoting the Property Investor Show reporting a 43.3% increase in confidence in property investment in the UK.
"Activity is up, both from within the UK and around the world, including a remarkable amount of leads coming in from the world's emerging markets like Morocco for property in places like Turkey. That is remarkable as in worth mentioning not as in loads," Frank said.
Frank went on to say that Cyprus was currently about the 4th most popular, after Turkey, Egypt and Portugal, but he expected it to move into 3rd place in the next few months. Frank said that it had already move up from the 6th position it held in 2008.Frank explained why the title deeds issue, which has been partially solved, will not be a problem in the future.
"Firstly if people register off plan sales in the Land Registry they can now go to court and have their title deeds gotten without the developers cooperation. Secondly, this is not so much an issue, because the new wave of investors that are buying now are doing their own research at great length. By the time they put a deposit down they are on first name terms with the developer's dog, and so they are not likely to get stung by the dodgy developers anyway," Frank said.
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