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Property title deed transfers fell in July

The number of properties in Cyprus transferred to their new owners fell during July, possibly as a result of the crippling power cuts that we all have to endure and the lack of office air-conditioning in the blistering summer heat.

FIGURES released on Tuesday by the Department of Lands and Surveys show that 989 property transfers took place at District Lands Offices throughout Cyprus during July; a fall of more than 300 on the transfers that took place in May.

So far this year 7,202 property transfers have taken place compared with the 2,601 contracts for the purchase of property deposited at the District Lands Offices this year. But with an accumulated backlog of properties for which Title Deeds have yet to be issued, which is estimated to be in the region of 130,000, it is going to take several years for many of those who have purchased property on the Island to receive their all important Title Deeds.

Source: Department of Lands and Surveys

The Land Registry’s assessment of the market value of the 7,202 properties transferred so far this year totalled €1,201,595,662.48. This is 7.8% more than the sale price of €1,114,575,389.98 declared by vendors and purchasers.

Readers' comments

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  • Costas Apacket says:

    So the lodging of sales contracts and their related admin is down by 66% on 2007 and now Title Deed transfers and their related admin are down?

    Are there less people employed in the District Lands and Planning Offices since 2007?

    I doubt it very much!

    I bet the carpets in front of the coffee machines are getting worn out!

    There appears to be no chance of the cash strapped Government getting any kind of efficient tax collection!

    Can’t touch their inalienable rights though!

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