cyprus property down but not out
News Posted On: 14 May 2009
Cyprus property is more popular this year than it was this time last year, overseas property portal Property Abroad has revealed.
In the first quarter of 2008 Cyprus property was the 7th most popular with those searching for overseas property on Property Abroad.com, and in the last quarter it was 6th most popular, a position it held in the first quarter of this year.
This is not a major jump, but it shows that the negative press Cyprus has received lately has not affected it as badly as people thought, and that people are still actively browsing Cyprus properties eve if they aren't currently buying.
"Cyprus has an exceptionally warm climate, great beaches and cheap property, as such it appealed massively to the British (middle classes) masses, in much the same way as Spain property did several years ago. The British middle classes have been among the worst affected by the credit crunch and as such Cyprus property sales dropped off in the past 6 months," said Les Calvert, Property Abroad director.
"Yes, the property deeds affair also affected sales, but the fact that Cypriot property is still as popular with those looking for overseas property shows that this is less of a factor as the inability to get finance hindering the completion of sales. And we mustn't forget the fourteen new golf courses and second Euro Disney in Cyprus' future." he added.
Les was referring to the long delays foreign buyers have experienced waiting for their title deeds to be transferred. A solution to the problem was recently offered, and as long as off plan buyers register their purchase with the land registry, there are avenues they can take to ensure they get their title deeds promptly.
Property Abroad.com is currently advertising hundreds of properties for sale in Cyprus, prices start from £25k.
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