Cyprus hosts the 62nd International Real Estate Federation (FIABCI) World Congress.

The five-day conference, taking place in the western coastal town of Paphos, aims to emphasize how culture and civilization influence real estate globally.

Cypriot Minister of the Interior Neoclis Sylikiotis, who addressed the meeting on behalf of the President of Republic Demetris Christofias, said in statements that the Congress is unprecedented for Cyprus as the island plays a very important role in real estate transactions.

The Minister outlined the initiatives taken in recent years by his Ministry and the government to rectify problems in issues concerning development, title deeds and new town planning settings which will give new impetus to Cyprus` real estate sector, creating healthy and secure conditions for future customers of this sector, both local and foreign.

Sylikiotis noted that the town planning zones review is in progress and this will create a new environment regarding development and real estate market throughout Cyprus.

These developments will restore Cyprus` good name internationally and will give a new boost to development and the real estate market, he added.

In his address, Sylikiotis recalled that the Parliament has approved four government bills which constitute an important reform of the Cypriot legal framework governing licensing of development projects and the issue of title deeds.

He said that the mechanisms incorporated in the bill have allowed the issue of approximately 25.000 title deeds as of June 2009, while town planning authorities have managed to issue town planning licenses for normal scale developments within three months.