According to experts, the real estate market of the island will emerge from the crisis only after acceptance by the Government to settle the legal relations in the housing sector.
In 2009, the situation on the Cyprus property market was critical. In early 2010 there were some signs of activity in the market, but then the number of transactions declined continuously for six months. By year-end decline has slowed, and the emerging positive signs of the market, which led to optimistic forecasts about a possible stabilization in 2011.
However the current situation in Cyprus property market is far from perfect and it is enhanced by the fact that there are new stories about the scandalous fraud cases related to real estate operations on the island, says Cyprus Property News.
These cases are actively discussed in English-language press that harms the reputation of the Cyprus property market and provokes guarded attitude from foreign buyers.
One example illustrating the imperfect legal system of Cyprus, which regulates real estate, is a recent decision in the case of Conor O'Dvayera case which lasted for five years. Mr. O'Dvayer sued a developer which has repeatedly sold his house to another buyer. Despite the clear evidence of fraud by the developer, the plaintiff lost the case. Moreover, the court ordered him to compensate moral damage to the accused party. The story received wide publicity in the media.
For different versions, the judge was bribed by, felt pressured by criminal or deliberately ruled in favor of the accused party incorrectly interpretuvavshy law.
In addition, last week became known machinations carried out district land commissions (RPR), which incorrectly calculated the amount of the fee for registration of transfer of real property ownership (similar to stamp duty). Its amount is directly proportional to the value of the house. In calculating the amount of duty is considered the RPR actual transaction amount, and inventory, cost estimates that exceeded the actual two or more times. In some cases the overpayment exceeded € 10 thousand
According to experts, such unrest in real estate is a major barrier to market stabilization. The obvious need for strict government regulation and measures to solve problems in real estate, and restore confidence among foreign investors. As long as any visible signs of stabilization will occur only occasionally.
Source: Prian.ru
In 2009, the situation on the Cyprus property market was critical. In early 2010 there were some signs of activity in the market, but then the number of transactions declined continuously for six months. By year-end decline has slowed, and the emerging positive signs of the market, which led to optimistic forecasts about a possible stabilization in 2011.
However the current situation in Cyprus property market is far from perfect and it is enhanced by the fact that there are new stories about the scandalous fraud cases related to real estate operations on the island, says Cyprus Property News.
These cases are actively discussed in English-language press that harms the reputation of the Cyprus property market and provokes guarded attitude from foreign buyers.
One example illustrating the imperfect legal system of Cyprus, which regulates real estate, is a recent decision in the case of Conor O'Dvayera case which lasted for five years. Mr. O'Dvayer sued a developer which has repeatedly sold his house to another buyer. Despite the clear evidence of fraud by the developer, the plaintiff lost the case. Moreover, the court ordered him to compensate moral damage to the accused party. The story received wide publicity in the media.
For different versions, the judge was bribed by, felt pressured by criminal or deliberately ruled in favor of the accused party incorrectly interpretuvavshy law.
In addition, last week became known machinations carried out district land commissions (RPR), which incorrectly calculated the amount of the fee for registration of transfer of real property ownership (similar to stamp duty). Its amount is directly proportional to the value of the house. In calculating the amount of duty is considered the RPR actual transaction amount, and inventory, cost estimates that exceeded the actual two or more times. In some cases the overpayment exceeded € 10 thousand
According to experts, such unrest in real estate is a major barrier to market stabilization. The obvious need for strict government regulation and measures to solve problems in real estate, and restore confidence among foreign investors. As long as any visible signs of stabilization will occur only occasionally.
Source: Prian.ru
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