is 2010 the year for cyprus property investment
News Posted On: 01 February 2010
The debate has begun about whether now is the time to restart investment in Cyprus property. The Cypriot market has fallen among the hardest in the world, because two factors both capable of significantly reducing demand emerged at around the same time:
Of course, the impending doom of a financial world in turmoil was one of them. To be more precise in Cyprus' case, it was when the crunch struck and then intensified to crisis levels in the UK. Brits and Irish have always been the biggest buyers of Cyprus property, and the UK recession was a massive factor in the collapse of foreign demand for Cyprus property last year.
Unfortunately for the Cyprus property market, the UK falling into crisis late the year before last, came shortly after a crisis of its own: most people have now heard of the Cyprus property deeds crisis, which blew up in a storm of bad publicity 2 years ago, when it emerged that significant numbers of people who had bought off plan property in Cyprus had not received their title deeds, and that this was a lot to do with fraud and dodgy practices within the industry. The scandal plagued the industry last year.
However, both of these problems are likely to cause far less problems for Cyprus in 2010 than they did in 2009.
The British recession finally ended with a 0.1% GDP growth in the fourth quarter of last year, and, more importantly there have been increasing numbers of reports that Brits have been back out there buying property overseas again since the second half of last year.
Also, the Cypriot government has now put legislation in place that pretty much solves the problems people have had securing the title deeds for the properties they purchase.
On top of that, Cyprus was given permission to build 14 new golf courses, one of which has started and more likely to in the coming weeks, months and years. Golf has been a massive draw of tourists and property buyers to Cyprus, and the new courses can only benefit the market.
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