ONE of the bailout conditions Cyprus agreed with its international lenders (troika) was that it should “Publish quarterly progress reviews of the issuance of building and planning permits, certificates, and title deeds, as well as title deed transfers and related mortgage operations throughout the duration of the programme.”
The Department of Lands and Surveys has published a commentary in Greek and English together with mortgage and Title Deed issuance statistics:
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Mortgages
The Banking Sector’s problems since 2010, along with the lack of liquidity in the market and the rise of non-performing loans, have severely affected the financing of new housing developments.
The lack of financing towards any kind of investment i.e. commercial, touristic, has put a negative pressure on the amount of mortgages registered within DLS. This limited amount of 386 mortgages registered during April, can be explained as an after-effect following the on-going resolution of the two large main banks.
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Transfers of Sale
The construction sector and more generally the property sector are facing very low levels of demand. Currently, there are no new developments in property projects, existing developments are being postponed and new projects with building permits issued are being halted.
The very low numbers in transfers of sale registered at DLS involves older contracts of sales. In addition, the inability of buyers to pay the requested transfer fees has put a negative pressure on the amount of transfers of sale registered.
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? ?????? ???? ?????? ??????????? ?? ???? ????????? ????????? ?????? ???? ???? 1200 ?? 1300 ???????. ???? ???? ????? ?? ??? ??????????? ???????? ??? ?? ??? ??? ???? ????????.
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Certificates of Registration (Title Deeds) for Development Projects
The issuance of certificates of registration for development projects amounts to an average of 1200-1300 per month; this amount relates to both existing, as well as new applications registered at DLS.
The negative situation in both the construction and property market sectors, along with the halt in new development projects may lead to a reduction in applications and the amount of new titles issued.
However, the strengthening of the productions teams at our local District Land Offices, dealing with specific problems resolution along with the issuance of new titles, is expected to have a positive effect on the whole process.
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? ????????? ?????? ???? ???????? ?????????? ????????, ? ????? ???????????? ???? ???? ????? ???????, ???? ??? ?????? ??? 2013 ?? ????? ?? ?? 2012, ????? ????????? ??? ?????????? ??? ?????? ??? ??????? ??????????? ??? ????????????? ???? ?????????? ??????????. ???? ??? ???? ??????????? ?????? ????? ? ???????? ?????????????/?????????????? ???? ??? ????? ??? ?????????????? ????????? ???, ???? ??? ????????? ???????? ??????????? (?????????, ?????????????, ????????? ???????????? ?.?.) ??? ??? ????????. ?? ????????? ???? ?????? ?? ???????????? ??? ?? 2010 ??? ????????? ??? ???????? ?????? ????? ??????.
Contracts of Sale
The decrease in the numbers of Contract of Sales registered within DLS during Q2-2013 in relation with the same quarter of the previous year, is an after-result of the situation in the economy itself and the problems in both the construction and property market sectors.
The lack of liquidity and financing by the banks both for developers and buyers is the main reason for this decrease; the problem has been evident since 2010 and continues with a negative trend up to today.
Statistics
Certificates of Registration (Title Deeds) issued for development projects ? 2013