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Sales of property to foreign buyers in Cyprus rose by 19 per cent in April thanks to new property laws and improving consumer confidence in the country.
Forget the rat race – buying abroad offers bargain properties and the living is easy, says Christopher Middleton.
The Cypriot government has passed a new bill ensuring property buyers on the island will receive title deeds to their properties, regardless of whether the seller owes money on the home.
THE ECONOMIC crisis contributed to a “disappointing” drop in Cypriot property prices in the last quarter of 2010, the fifth official survey of house prices revealed yesterday.
The island nation's current laws restricting ownership of a holiday home by an EU national may soon be a thing of the past, with the European Commission issuing formal proceedings last week to force Cyprus to open up its markets.
Property sales in Cyprus fell for the ninth consecutive month during March and recorded the largest fall over the past 15 months, heightening fears that the crisis in the real estate sector may be worsening.
The Royal Institute of Chartered Surveyors latest European Property Review indicates many of the Eurozone's major markets, including the Nordic countries, Germany and France, are coming out of the recession-era slump.
With Turkey and Cyprus looking to be the new booming areas for European holiday homes, the local property industries could do with learning a thing or two from Spain's woes.
Home purchases in the island nation fell to a surprising low in the first month of 2011, with demand in all but the capital city appearing to have leveled off.
In the face of stagnating housing markets across Europe, the newest EU member state has shown a surprising rate of growth.
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