SOLID LEVELS OF INVESTMENT IN CYPRIOT PROPERTY MARKET
Efforts to open up the property market in Cyprus to new overseas markets have had success with increases in property purchases by foreign nationals.
According to government figures, over 400 contracts of sale were deposited and the number of properties purchased by overseas buyers has increased by more than two thirds. Total sales of property in Cyprus rose by 67 percent in November 2012 when compared to the same period in 2011.
According to Land Registry figures, increases were reported across all districts and property sales in Paphos increased the most by 67 percent.
Cyprus has demonstrated its continued commitment to removing barriers to international investment and its efforts have been well-received. Since the Cypriot government introduced a new residence scheme in the final months of 2012 that allowed non-EU nationals purchasing properties of €300,000 or more to seek residency permits, it is reported that 50 permits have already been issued to non-EU nationals and the Interior Ministry is considering a further 600 applications.
A further change in the law will also allow non-EU citizens to invest in more than one property in Cyprus and purchase up to two units in the same development. The two units must be adjoining but maybe merged into a single unit.
The solid increases in overall sales and the sale of property to overseas buyers combined with the government’s dedication to increasing investment in Cypriot real estate will allow future growth in the sector, and will continue to attract high levels of international investment to Cyprus.
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Source: Cyprus Property News