PROPERTY sales in Cyprus rose 5 per cent in February compared to the number sold in the same period last year following a 10 per cent increase in January.
During February a total of 325 contracts for the purchase of commercial and residential properties and land were deposited at Land Registry offices across Cyprus, up from 311 contracts deposited in February 2014.
Speaking to Stockwatch Solomon Kourouklides, the vice president of the Pancyprian Association of Real Estate Agents, said that he expects the increase in sales to continue in the months ahead.
Although sales fell in Nicosia by 35%, they increased in all the other districts.
In percentage terms, Famagusta performed best achieving 27 sales; an increase of 50% compared to the 18 sold during the same period last year and sales in Larnaca rose 42% to reach 71 compared with the 50 sold in February 2014.
Meanwhile, property sales in Paphos rose 8%, while those in Limassol rose 2%.
Year to date sales
During the first two months of 2015 total property sales reached 646; an increase of 7% on the 604 sales achieved during the first two months of 2014.
Larnaca saw the biggest increase of 58% with the number of contracts deposited rising to 161 from 102. In Famagusta sales increased 19% rising to 43 from 36, while in Limassol they increased 10% rising to 192 from 175.
However, the number of contracts deposited in Nicosia and Paphos fell 24% and 8% respectively.
They have not sold these properties until the title deeds have been obtained. They have exchanged a contract with a promise that the purchaser will eventually own the property if the developer hasn’t got any loans secured against it and that he will also run a successful business until such time the deed are passed on. This must be the most scary period for the purchaser. As it has been pointed out in so many cases this period can run into years. Why, when armed with all this information do people still want to risk their life savings trying to buy a property in Cyprus.
I don’t know anywhere in the world where this type of action is allowed to be carried out and why member states in the EU feel powerless to allow it. Maybe somebody can keep me up to date.
Probably at a third of the price people paid for them!.