PROPERTY sales in Cyprus rose 10% in January compared with January 2014, but although sales increased in Larnaca and Limassol, they fell in the other districts.
During January a total of 321 contracts for the purchase of commercial and residential properties and land were deposited at Land Registry offices across Cyprus; a 10% increase on the 293 contracts deposited during January 2014.
In percentage terms, Larnaca performed best achieving 90 sales; an increase of 73% compared to the 52 sold during the same period last year, while sales in Limassol rose 19% to reach 95 compared to the 80 sold in January 2014.
However, sales in Paphos, Famagusta and Nicosia fell by 20%, 11% and 8% respectively.
A recent article in Stockwatch referred to what it called a “slow correction in property prices” that troubles foreign investors, many of whom believe that property prices do not reflect the economic conditions.
It considers that investors believe that the vast over-supply in the property market will continue to push prices down in the coming years, especially after the vote of regulations for foreclosures and insolvency.
Thanks again Nigel. Seems very complicated to me, but I suppose that’s a useful way of fudging facts!
@Nigel
I wonder why the boost in Larnaca? Must be the oil/gas tanks getting moved but is that really going to happen I wonder.
Today’s news about the port workers striking shows that Zenon are not keeping their promise of investing €50 million of their own money into the €700 million the cruise port/marina/hub space style tower’s project.
Any news about the overseas buyers yet?
@Mike G on 2015/02/19 at 5:57 pm – Still no news about the overseas buyers (there was one month last year where the figures weren’t published until the following month).
All the publicly available statistics can be found at Department of Lands and Surveys – Data Files (They’re in Greek)
Thanks for the info Nigel. I thought that ALL sales i.e. contracts, were deposited at land Registry, whether or not Title was available.
So how do they keep track of sales with Titles?
@Deanna on 2015/02/19 at 4:09 pm – Providing that the Title Deed is available for transfer and you’re an EU citizen you and the vendor can both visit the Land Registry with the relevant documents and transfer the property immediately.
Unfortunately there’s no information freely available on how many properties are sold with Title Deeds. The Department of Lands and Surveys publishes monthly statistics on the number of transfers that have taken place, but as it can take aeons for Title Deeds to be issued this figure will include sales that took place years ago.
For what it’s worth – in 2014 a total of 4,527 contracts were deposited at Land Registry offices and 9,398 transfers took place.
Maybe these were properties that had got their Titles?
@Deanna on 2015/02/19 at 12:15 pm – The main reasons for lodging a contract of sale at the Land Registry are (1) The Title Deed for the property is not available for transfer (2) The purchaser is a non-EU citizen and required permission from the Council of Ministers to own property (3) The purchaser has yet to pay the vendor the full purchase price.
As presumably some of these sales were residential and to foreigners it proves that some just do not care that there is a risk of losing their investment or home in the face of perhaps making a profit. I wonder if they will be the same ones bemoaning the fact in a few years. Surely there is enough information out there now to ensure anyone is adequately informed of the potential dangers and risks of losing everything they have saved for. Oh well, no accounting for greed or ignorance perhaps. Perhaps it is a risk they are prepared to take.