1. Introduction
General
Nowadays the world population is growing rapidly and so is the demand for land. The need for land is not limited to the residential sector; it occurs in the agricultural, industrial, commercial and tourist sectors as well. Land is a finite material and therefore its value worldwide is constantly increasing.
This increase in value is aggravated by inflation and by the instability of the monetary systems and fiscal policies of the countries that lead the race in the financial field, thus making investment in the safer sector of immovable property more attractive. The great technological progress in communication, transportation and international trading has made investment in this field easier and more accessible than in the past.
Man's affinity with the land stems from time immemorial and it is easy to understand why land has always been considered as one of the most precious commodities, closely connected with social and economic stability and progress, and why the various legal systems have always tried to regulate in detail the rights of possession, occupation and ownership of immovable property.
Cyprus
Cyprus is no exception to the rule. The economic and social evolution that has taken place in recent years and the sophisticated methods of cultivation and industrialization, together with the absence of alternative forms of investment, have diverted capital both from home and abroad to land ownership and land transactions.
This trend has necessitated the establishment of a suitable legal framework whilst allowing the involvement of Cyprus in the international land market, protects the social, economic, agricultural and industrial interests of the island and its people.
Cyprus has achieved this task. Despite its troubled history, it has managed to develop a constructive legal system for immovable property that is as efficient as similar systems in other advanced countries. It is operated through a series of laws which are regularly amended to meet everyday demands and balance conflicting interests in this vital sector of the economy.