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Record year for Cyprus property transactions

During the first three months of this year property sales valued at £560 million have been made and it looks as if 2007 could set a record for the number of properties transacted on the island.

2007 APPEARS set to be a record year for property transactions, as statistics for the first three months alone show £560 million worth of property sales.

Last year was the year with the most amount of money changing hands in property transactions, with £1.7 billion spent to buy property. With sales showing no signs of falling, the £560 million spent from January until the end of March this year indicate that this year will exceed the total value for 2006.

Moreover, 2007 could be a record year in relation to the amount of money in loans Cypriots have taken from banks. The last five years has seen a constant increase in mortgage loans.

Since 2002, banks have shelled out £15 billions in loans, nine of which have been paid back.

The last two years (2005 and 2006) have recorded a total of around seven billion pounds in mortgage loans. In the first three months of 2007 a total of £1.3 billion has been taken.

This massive increase in loans can be attributed to the enlarged demand in the housing market, but most of all to the competitive loan packages offered by the banks in the last two years.

According to the report published by Simerini, a total of £5.5 billion has changed hands in the five years from 2002 to 2006, with 185,861 properties changing hands.

Nicosia still marginally tops the property demand list with Limassol coming in a close second.

In the first three months of 2007, Limassol has continued its increasing trend in property transactions and is staking its claim as the most popular place to buy property on the island.

In the first three months of the year, 1,572 transactions took place in Nicosia with just 47 less for Limassol.

By Nassos Stylianou

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