FIGURES released on Tuesday by the Department of Lands and Surveys show that 1,046 property transfers took place at District Lands Offices throughout Cyprus during September.
So far this year 8,975 transfers have taken place compared with the 5,317 contracts for the purchase of property deposited at the District Lands Offices this year.
The Land Registry’s assessment of the market value of the 7,202 properties transferred so far this year totalled €1,462,442,460.16. This is 7.8% more than the sale price of €1,356,106,366.13 declared by vendors and purchasers.
I wonder how many have been transferred to Expats? And at what cost both personal and financial .
Andrew comments “What proof do they have that home buyers have under declared the purchase price of there property?”
None whatsoever, is my opinion. The questions to ask are, does my developer have either a tax investigation or criminal proceeding in progress or completed since the day my contract was registered.
We all know that the answer will be “NO”
So its the contract price!!! Chase me for the rest when you have convicted the Developer.
Someone please tell me, how they can increase the declared price with no evidence?
Don’t say this is Cyprus? they can do anything?
Does not wash with me any more!
@Andrew – these are the number of transfers that have taken place – not the number of Title Deeds that have been issued.
It seems that only some 21% of people take up the offer to secure undisputed legal ownership of the property they have purchased, so the number of Title Deeds issued so far this year by the Land Registry will be many more than the 8,975 transferred.
No doubt the economic downturn means that some people do not have the money to pay, but I suspect that some transfers will be blocked due to outstanding charges on the property (such as developers’ loans) and that some vendors are either unable or unwilling to provide a tax clearance certificate, which is necessary before a transfer can take place.
What they can do for one thousand they can do for all. But they will need to be one heck of a lot quicker. At that rate it will take over 8 years just to clear the backlog.
Sharpen your pencils and make it happen!.
What proof do they have that home buyers have under declared the purchase price of their property?.
I see that the Land Registry officials are still overvaluing property, even in a falling market, to extract more unnecessary title deed transfer taxes from hapless property owners.
Perhaps they don’t see the Aristo 30% – 50% off signs at the side of the roads when they drive into work?