Rising trend Cyprus Property Sale
Rising trend Cyprus Property Sale
A rising trend Cyprus Property Sale.
New property deals have brought in about €1 bln in foreign funds in the past two years, defying the negative climate in the market, especially after the Eurogroup decision in March 2013 to impose a €10 bln bailout and austerity programme on Cyprus.
Pantelis Leptos, Chairman of the Cyprus Land and Building Developers Association, told the group’s annual meeting that “the property industry remains one of the dynamic sectors of the economy that is attracting new capital, developing new projects and creating jobs.”
He said that based on “conservative estimates” more than €1 bln in foreign funds poured into the Cyprus economy in the past two years, with 3,767 property sales completed in 2013, the year of the economic crunch, with 1,017 of these sales being to foreign buyers, while in 2014 that number rose about 20% to 4,527 property deals, of which 1,193 were to foreigners.
So far, a 10% year-on-year increase in property sales has already been recorded in January. Rising Trend Cyprus Property Sale
You can read more of the report here courtesy of Financial Mirror
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