The real estate sector in Cyprus is an essential aspect of the country’s economy. This is due to the high homeownership rates of the locals as traditionally Cypriots tend to prefer to own their place of residence.
And there is important interest from foreigners in purchasing property for holiday or second homes and investment purposes. As for the last five years, the improvements noticed in Cypriot economics were also seen in the real estate sector.
Especially the last years the interest for Cyprus real estate has been steadily increasing. Thus many projects are under construction and present an exciting industry for investments for foreigners and locals.
The Cyprus legal system is based on the British requirements as Cyprus was a British colony until 1960. Further, with EU membership, Cyprus property law, real estate laws and regulations were harmonised in line with the European Union laws and regulations.
Cyprus immovable property law was enacted in 1946. It is regarded as the cornerstone of immovable property in Cyprus, dealing with all matters concerning the tenure, registration, disposition and valuation of immovable property within the framework of the Cyprus land registration system, in which immovable property is defined, drawn, recognised, and valued.
The Land Registry Department of Cyprus was established in 1858. It is considered to be one of the most advanced, reliable and trustworthy worldwide. It was founded and is based on the British model.
Every interest or right over or affecting immovable property (land, buildings, trees, plantations, rivers, wells, and all rights relating to estate and buildings) is registered and can be traced in the Registries of the Department.
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