- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Property transfers continue to improve

FIGURES recently released by the Department of Lands and Surveys show that 1,316 property transfers took place at District Lands Offices throughout Cyprus during June; an increase of more than 100 on the number that took place in May.

Speaking with INBNews last week Interior Minister Neoclis Sylikiotis noted that there is now the possibility of issuing Title Deeds at the rate of 1,200 a month and 25,000 annually by reducing cumbersome procedures and making the system faster.

Source: Department of Lands and Surveys

So far this year, 6,213 transfers of property have taken place. These properties had a declared sale price of €953,715,113.69, which the District Lands Offices uplifted to an accepted price of €1,027,779,359.71; an increase of 7.8%.

Note however that there are still some 130,000 properties that have yet to be issued with Title Deeds and even at the rate of 25,000 a year, it’s going to take the Land Registry more than 5 years to clear the backlog – let alone deal with new applications.