Real estate sales for the year 2019 have increased 12% on a Cyprus-wide basis compared to 2018 and this is very encouraging, according to George May, vice president of the Cyprus Land Development and Construction Association and president of the ERDF.

In his remarks to the CCP, Mr May said that real estate prices today are reasonably high and in many cases they are seen as attractive to both Cypriots and foreign buyers. Indicatively, he said that for 2019 Cypriot markets saw a 21% increase on a Cyprus-based basis compared to 2018, reaching 5909 in number or 57% of total sales. The majority of buyers, he said, are Cypriots, followed by third-country nationals at 28% and European non-Cypriot citizens at 15%.

He pointed out that the problems faced by investors in Cyprus are little known and mainly concern the handling of the various processes required which are considered time-consuming, overly bureaucratic and in some cases anachronistic.

The issue of authorizations is, he said, at a crucial point, adding that the system has come to an end very long and very rightly for the state, and various bodies have decided and announced the new licensing policy. Completion of the details of the system and its implementation has continued, after the necessary legislation has been preceded.