PROPERTY sales in Cyprus totalled more than €1.9 billion in 2012, according to Department of Lands and Surveys’ figures released last Monday, with the value of sales in the fourth quarter reaching approximately €571 million.
The total value of voluntary sales amounted to €1,903,530,424; forced sales reached €10,203,897.
During the fourth quarter of 2012, voluntary sales amounted to €568,563,913; forced sales amounted to €2,341,650.00.
There were 10,846 voluntary sales and 184 forced sales during the year of which 2,968 voluntary sales and 60 forced sales took place during the fourth quarter.
Also during 2012 a total of 101,896 Title Deeds were issued, of which 24,565 were issued during the fourth quarter of the year.
The term “forced sales” means any sale of property by public auction performed in pursuance to a statutory provision or as a result of the execution of a writ of sale of immovable property, judgement or order issued by a competent Court. Such forced sales may be divided into two categories:
- Sales regarding the settlement of a debt, the main ones being:
- sale of properties under mortgage upon an application filed by the mortgagee;
- sale of properties under mortgage upon judgment issued by a competent Court;
- sale of properties upon the execution of a writ of sale issued by the Court;
- sale of properties upon an application filed by a judgment creditor.
- Any other sale; the sale of properties held in undivided shares being the most common.
(Sales by public auction are carried out by auctioneers appointed by the Director of the Department of Land and Surveys).