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.
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.