THE NUMBER of properties sold in Cyprus during October 2015 increased according to the latest official statistics issued by the island’s Department of Lands and Surveys.
During October a total of 463 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 375 deposited in October 2014; an increase of 23 per cent.
Of those 463 contracts, 76% (352) were deposited by domestic (Cypriot) purchasers, while 24% (111) were deposited by overseas (non-Cypriot) purchasers.
With the exception of Larnaca, where sales fell by 1%, sales rose in all the other districts. Sales in Nicosia (the island’s capital) rose 64%, while sales in Paphos went up 30%. Sales in Limassol and Famagusta rose by 28% and 4% respectively.
Sales during the first ten months of 2015 are up 8% compared with the same period last year with the number of properties sold reaching 3,993 compared to 3,703 in 2014.
It appears that Cypriots in particular are returning to the market following the introduction of legislation reducing Property Transfer Fees and issuing Title Deeds to ‘trapped buyers’ (the hidden mortgage law) – and the introduction of a building amnesty allowing building coefficients to be increased by 20 per cent or 60 square metres without penalty.
Domestic sales
Property sales to the domestic (Cypriot) market in October rose 36% compared to October 2014, with sales reaching 352 compared with 258 in October last year.
Sales rose in all districts with Paphos leading the way with sales up 105%. Sales in Nicosia rose 58% and those in Limassol rose 23%, while property sales in Famagusta and Larnaca rose by 9% and 7% respectively.
Domestic sales during the first ten months of 2015 are up 8% compared with the first ten months of last year with sales reaching 2,917 compared to last year’s figure of 2,700.
Overseas sales
In contrast with domestic sales, property sales to the overseas (non-Cypriot) market fell 5% in October compared with October 2014 with 111 properties being sold compared with the 117 sold during October 2014.
It appears that Cyprus has some way to go before it can regain the confidence and trust of foreign investors.
Athough sales in the mainly business districts of Nicosia and Limassol rose by 300% and 44% respectively, they fell in the mainly tourist districts of Paphos (-30%), Famagusta (-17%) and Larnaca (-15%).
During the first ten months of 2015, property sales to the overseas market have risen 7% compared with the first ten months of 2014, increasing to reach 1,076 from last year’s total of 1,003.
Thanks to you I have fixed my Title Deeds. Now I have a question about the Association and committee forming process. What rules or laws exist here on Cyprus about that?
We in Regina gardens I Paphos are just starting up the work but we need some information.
Tank you for a very good information website.
Suune Olsson
(Editor’s comment: The Jointly Owned Buildings Law (in English) describes how to set up a Management Committee.)
Human nature being what it is, the solid arguments for not buying are not as influential on the decision to purchase as some other factors.
First, if people sense a bargain or a good profit and they see others doing it, they will follow the money. That’s why pyramid schemes work and stock markets and housing markets boom and also bust.
Second, people believe they are special and bad things only happen to other people.
The UK lottery now has a 50 million to one chance of a jackpot. These are impossible odds, but the response is usually along the lines of “Well, someone’s going to win it.” By which they mean, “I can win it because my numbers are special.” In the same way, people believe their particular purchase of Cyprus property will be incident-free.
They should remember the old adage – Don’t meddle in what you don’t understand.
Certainly British people should be put off from buying in Cyprus. The internet is littered with stories of legal groups taking Alpha Bank and Alpha Panaretti to court as well as local lawyers. MPs have brought it up in the House of Commons about underhand dealings in the property market in Paphos where people feel duped. Property shows in the UK are targeted by groups of people who feel they’ve been cheated by buying in Cyprus where the legal system certainly Is Not the same as the UK like they suggest. Beware do not buy in Cyprus.