Last month the Cypriot Government passed a new “town planning amnesty,” and the new situation is likely to make an even bigger mess than we already have, which will make property investment in Cyprus – especially the North – something to be avoided until this plays out.
More on Property Investing in Cyprus Just Got a Little Riskier
Real Estate Investments in Cyprus – The Ugly
Once again, the justice system in Cyprus displays its customary incompetence and reluctance to do any real work. The archaic laws concerning real estate investments in Cyprus still contain gaping loopholes, allowing unscrupulous developers to steal money from buyers. Thousands of foreign buyers have been scammed by property investors, in a scheme dating back to the 1980’s, with little sign of any attempt to fix the system.
The Legitimate Scam.
Whilst the Cypriot Government appears to be making some genuine strides in reviving the tourism industry and the property investment sector, it still fails to grasp some of the basic principles of marketing. If you rip people off, the bad publicity scares other investors away – make 2000 Euros now but lose 200 000 in the future is the usual Cypriot mantra. Blindly, the government continues to give a tacit nod to some of the shady development practices happening on their watch.
Real Estate Investment in Cyprus – The Latest News
The property investment news in Cyprus once again throws up the Good, the Bad and the Ugly. The Cypriot government appears to be following its usual course of one step forward and two steps back, but there are some encouraging signs that the politicians are making a concerted attempt to revive the fortunes of the island.
FALLING OFF THE HORSE
The Cyprus property boom is over. Whatever the internet investment websites and realtors claim, the Cypriot property market has irreversibly collapsed. The worldwide economic crisis has completely deflated the speculative bubble, and many property owners are desperately trying to sell properties on an already flooded market. Sadly, they face a long wait or must sell at an obscenely low cost, losing around 30%.
Property For Sale in Cyprus – Investment in Northern Cyprus: Foolish or Inspired?
With the economic crisis biting deep, investors are beginning to explore other European destinations for investing in property. Turkey and much of Eastern Europe have reasonably priced property, but the integration into the European Union is not yet complete. Albania is attracting a lot of interest, but has to update and complete its land registry.
It is easy to see why people are drawn to look for Cyprus property for sale in Paphos. Paphos offers some of the most beautiful coastline scenery in the world. Many people come to Paphos simply to relax and experience the Mediterranean lifestyle. History buffs come to Paphos for the ancient Roman and Biblical ruins.
More on Cyprus – Property For Sale In Paphos – Buy A Piece Of History
