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Ten thousand six hundred this year and counting

More than ten thousand six hundred properties have been transferred to new owners this year by District Land Offices across the Island, according to the latest figures from the Department of Lands and Surveys.

LATEST figures published by the Department of Lands and Surveys show that 761 properties were transferred to their new owners during November.

So far this year, 10,682 properties have been transferred compared with the 6,367 contracts of sale deposited at District Lands Offices across Cyprus over the same period.

Cyprus property transfers - November 2011

Source: Department of Lands and Surveys

The Land Registry’s assessment of the market value of the properties transferred so far this year totalled €1,730,755,231.42. This is an uplift of 7.8% on the price €1,605,733,628.64 declared by vendors and purchasers

As well as residential property, such as houses and apartments, the figures include transfers of land and commercial properties, such as shops, offices and warehouses.

Readers' comments

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  • Spike says:

    The numbers clearly demonstrate the efforts being made to protect the interests of ex-pats in the Famagusta and Paphos regions.

  • @Denton Mackrell – As the Department of Lands and Surveys does not publish the number of Title Deeds issued, it’s impossible to say whether or not the backlog is reducing.

    If the six-month suspension/abolition of Property Transfer Fees has any affect on the market, the December sales figures should give us an indication.

  • Denton Mackrell says:

    @Nigel. Thanks for the clarification but does it mean that the TD backlog is getting significantly less and that buyers are now getting the TDs in their hands much faster? Or, could it be even longer if the 6-month moratorium on VAT does spark a burst of new buying? You imply that the 130,000 backlog is about the same as it was a year ago and not some 10,000 less. Have I understood you correctly?

  • @Denton Mackrell – These are the number of transfers that have taken place, not the number of Title Deeds that have been issued. It would be good if the Department of Lands and Surveys published this information, but they do not (presumably, they would find it too embarrassing).

    The number of transfers only accounts for a percentage of the total number of deeds issued by the Land Registry. In these times of financial hardship, many people are unable to afford the Property Transfer Fees.

    Maybe I should have not made the comparison between the number of contracts deposited and the number of transfers – it’s like comparing oranges and apples. Some of the transfers will be for properties whose Title Deeds were issued some time in the past.

    @Andrew – To calculate the Property Transfer Fees, the Land Registry assesses the market value of all property at its date of purchase – and I have heard from some people who have not been overcharged as well as those who have been asked to pay more than expected.

    Unfortunately, the Department of Lands and Surveys does not publish how long people have been waiting for deeds to be issued.

    And it’s worthwhile mentioning that people who buy a property that has a Title Deed can get title transferred immediately.

  • Andrew says:

    Do they believe any declared value or do they “assess” all property. It is simply an additional tax scam. It would be interesting to know how long those buyers have been waiting.

  • Denton Mackrell says:

    So that’s another 10-12 years or so to clear that 130,000 backlog, is it?

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