Weakening property sales

Cyprus property sales have fallen significantly following the introduction of stricter criteria for acquiring passports in May highlighting the real market’s dependence on the ‘citizenship by investment’ scheme.

Earlier this year property sales surged as foreign investors rushed to buy property in Cyprus before the government introduced stricter criteria. But now, following the reduction in sales, economists are sounding alarm bells over the real estate industry’s reliance of foreign investors seeking Cypriot passports. According to reports, tens of passports have been issued since May compared to the hundreds issued earlier. (Cyprus has issued around 2,000 passports to foreign investors since the scheme was launched in 2013.)

Read more at: https://www.news.cyprus-property-buyers.com/2019/10/10/weakening-property-sales/id=00157280
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