Hartlepool, United Kingdom (PressExposure) June 08, 2009 -- The International Monetary Fund is forecasting that economic growth will continue in Cyprus this year, a 0.3% growth to be precise.
There hass been a lot of doom and gloom reports on the Cyprus economy in the last few months, but it seems that the economy is faring better than the property market has been. But the property market may be about to pick up also, now that Sterling is strengthening against the Euro, according to Les Calvert, director of overseas property portal Property Abroad.com.
"British buyers made up the largest share of buyers in the Cypriot market until they stopped buying at the end of last year -- though perhaps not the main factor, the strong Euro would not have helped in this. Now Sterling is strengthening against the Euro, Eurozone property markets, including Cyprus are expected to see rising numbers of British buyers," he said.
There has also been a problem in Cyprus with people who have bought off plan properties not getting their titled deeds, but a solution has been offered to that problem recently.
Buyers of off plan property should always register their sale and lodge the contract with the Land Registry for specific performance purposes. Specific performance is a court order requiring that a specific act be carried out, which is, in this case the transference of title deeds.
This was never considered a solution before, because the title deed is necessary before the court can act, which is why the problem arises with off plan properties, because they don't have a title deed.
However, Tasos Coucounis, a partner in the Law Firm of Andreas Coucounis & Co, has unearthed the fact that in the case of off plan property, the court can still order the vendor to have the title deeds issued, or appoint and authorise someone else who can do so. In short this allows buyers to obtain title deeds whether vendors drag their heels or not.
Property Abroad.com is currently advertising Cyprus property for sale, prices start from Â£25,000.