Cyprus real estate market indices fell by 70% over five years

Indicators of real estate in Cyprus fell by as much as 70% since 2007, reports the online edition Cyprus Mail . Vice-president of the Association of Business and land development in Cyprus Michalis Zavos said at the 7th Conference on Physical Planning and Construction, which took place in Nicosia, that the future of the industry depends not only on the pace of economic recovery after the crisis, but also on the sector's ability to cope with the current situation. Since the country's real estate sector is not yet fully grown, some changes need to be made. Association presented to the Ministry of Finance and all political parties of the country possible options for change. They included proposals to reduce real estate prices, changing the order of payment for the transfer of ownership, making some reforms in the package of laws "urban amnesty", as well as the modernization of the Law on International Trusts, creating a model for European countries, stimulating investment in the Cyprus property market. The Association also emphasized the importance of providing incentives for the construction of new large-scale projects such as the marina, and proposed to increase the volume of construction by 20% since 2012. The Minister of Finance of Cyprus, Mr. Kikis Kazamias, who also attended the conference, said that the government will consider some of the proposed measures to stimulate the real estate sector of the country and assured that the property tax system will also be carefully reviewed. HomesOverseas.ru