Cyprus Property Sales to Foreigners Increasing

Foreign buys of property in Cyprus saw a shock increase last month, up from 117 the month before to 158.

This is not the first time sales have risen on the month, nor is it the highest number of monthly sales this year, but what is significant is the size of the increase at this time of year when sales traditionally slide off.

It is highly unlikely to be a pure coincidence that this rise in sales against the season comes as the government and Cypriot legal institutions have been working hard to resolve the problems over Cyprus title deeds and have begun to make some headway. Firstly with Cypriot lawyers revealing how buyers could cut out the middleman and get their own deeds from the land registry, and more recently with the Cypriot government enacting legislation to allow them to do this without going through the courts.

It is also no coincidence that Cyprus should start to benefit from the recent increases in British demand for overseas property.

Cyprus has been named as the site of the second Euro Disney world, which will boost tourism to the region surrounding the chosen site massively.

The Cyprus government also gave permission to build 14 new golf courses on the island; permission was granted last year and construction has started on one of the courses. Golf represents a massive portion of why Brits choose Cyprus property and new courses can only boost tourism and the property market.

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