Hartlepool, United Kingdom (PressExposure) August 17, 2009 -- "Yes everything is pretty miserable at the moment; there are hundreds of units languishing unsold as foreign demand practically dries up altogether, and yes there have been many problems with fraud over title deeds, and yes, now the economy has fallen into recession, but we have faith that things will recover pretty quickly once the international recovery begins, especially when there is economic recovery in key Cyprus markets like the UK," said Les Calvert, director of the portal.
The biggest hurdle to a recovery in the Cyprus property market may well be the title deeds scandal Les said.
"But it is really no different to anywhere else. The deeds problem exists on off plan properties and if people do their research into the developer as part of their own due-diligence then they can limit the risk," Les explained.
There have been thousands of disappointed people who have bought Cyprus property and then failed to receive the title deeds leaving them in limbo. A few months ago a major Cypriot law firm offered a solution; that off plan property buyers register the transaction with the land registry so that they can legally circumvent the developer and have the title deeds issued through the legal system.
View Information on property in Cyprus