Cyprus is looking at a new idea called tokenisation. This can change the way people invest in property. It aims to make buying property easier for more people. It also wants to bring more money from around the world into the market. Experts met to talk about how digital money, like cryptocurrencies, can help attract foreign investors. It can also help with tax rules.
There are good reasons for this change. Property prices in Cyprus are going up. Old ways of getting money for projects are difficult. Project owners need new ways to find money. Tokenisation is a good choice. It divides a property into many digital tokens. Each token is a small part of ownership. This makes it cheaper for people to invest. More people can invest, even with less money.
Tokenisation uses blockchain technology. This is a special computer system. A real property becomes a digital asset. Tokens are created for parts of the ownership. People who buy tokens get a share of the money the property makes. This can be from rent or when the property is sold. This makes investing simpler. It also allows these digital tokens to be traded easily worldwide. Some companies are building the systems for this.
Leaders in the industry believe digital money is the future. They say that as property prices rise, tokenisation is smart. It lets more people invest. This shows that new ideas are needed. They help the market stay active and open to everyone.
The market for tokenised property is expected to grow a lot. Experts think it will be worth much more by 2027. Cyprus is in a good place. It has a good location and a strong property market. By using tokenisation, Cyprus wants to make its property market more active. It also wants more international investors to join.