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
Hopefully, the new government in Greece may just provide the impetus that Cyprus needs to finally sort out the political morass that has soured relations in this corner of the Mediterranean. For too long, any social and economic progress on the island has been hampered by the division of Cyprus and by the dogged refusal of the two sides to shift position. The opening up of the dividing wall across Ledra Street, in 2008, was a start, but there has been no clear progress in deciding upon a long-term future. For those thinking of investing in property Northern Cyprus, finding an answer to the issue of property claims is essential before risking large sums of money.
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.
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.
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.
