The Cypriot property market which had been served a double blow from title deed rows and the economic downturn appears to have got over the worst with house price gains and investment from Qatar
Some welcome statistics from the Department of Lands and Surveys show that property sales were up 11% in April compared to the same time last year and up by 25% over the first four months of this year compared to last.
The harsh reality is that although more overseas property buyers are returning to Cyprus house sales are still down 60% compared with the peak in 2008.
Meanwhile Qatar and Cyprus recently signed an agreement together to build a multimillion dollar luxury hotel, office and residential complex in the commercial centre of the island’s capital.
Qatar‘s Emir Sheik Hamad bin Khalifa Al-Thani and Cyprus President Dimitris Christofias signed the deal to establish a joint venture in which the two countries will hold an equal stake in the 55,000 square-meter (592,020 square foot) complex that will also include retail shopping and residential quarters.
Construction crews are expected to break ground for the first phase of the complex — a 5-star hotel — by the end of the year, said Mohmmed Bin Ali Al Hedfa, Chief Executive Officer of Qatari Diar, Qatar’s real estate investment company.
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