Cyprus is changing its property market. It will use digital tokens for properties. This uses new technology called blockchain. It means people can own small parts of buildings. Developers and investors from other countries are interested. This makes it easier to buy and sell property. Experts think this will bring money from abroad. It will also help developers find money to build.
Tokenisation means making a digital copy of something real. For property, it means a digital token for a part of a building. Companies can sell these tokens. Each token is a small share of a property. This helps more people invest. They do not need to buy a whole building. They can buy small digital pieces. This makes investing in property cheaper.
This new way can attract foreign money. It works well with digital money like cryptocurrency. The world market for property tokens is growing fast. Cyprus wants to be part of this growth. Yervant Bohdjalian from Eurivex said digital shares are the future. He also said that as prices go up, tokenising properties is a good idea. It lets many people invest in them.
When you own a token, you get money from the property. This could be rent money. If the property is sold for more money, you get some of that too. Blockchain technology helps trade these tokens easily. People can buy and sell them all over the world. This is easier than buying a whole building.
This change is good for Cyprus. It helps more people invest. It can bring more money from other countries. It also helps developers get money for new projects. This can lead to more building. Cyprus is moving into this new digital area. It can help the economy. It will change how people invest in property. The government is thinking about taxes for digital money. This shows they want to help this new market.