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Cyprus building projects surge July 2017

July saw another Cyprus building projects surge July 2017 with the building of new homes with a 40.6 per cent increase in the number of building permits issued for their construction compared to the same period in 2016.

THE NUMBER of building permits authorised in Cyprus during July 2017 stood at 492 compared with the 442 authorised during the same period in the previous year; an increase of 11.3% according to official figures released by the Cyprus Statistical Service.

VALUE

The total value of these permits reached €202.3 million and their total area reached 176.1 thousand square metres. During July 2017, building permits were issued for:

Residential buildings – 356 permits

Community buildings – 1 permit

Non-residential buildings – 87 permits

Civil engineering projects – 13 permits

Division of plots of land – 27 permits

Road construction – 8 permits

During the first seven months of 2017, 3,362 building permits were issued compared to 3,053 during the same period in the previous year; an increase of 10.1% The total value of these permits increased by 49.2% and the total area by 41.6%. Building permits for new homes

The 356 residential building permits approved in July provided for the construction of 537 new homes comprising 259 single houses and 278 multiple housing units (such as apartments, semis, town-houses and other residential complexes); an increase of 40.6% compared with July 2016 when permits were issued for the construction of 382 new homes.

Building Permits Issued for the Construction of New Homes (Number of Dwellings) Month 2016 (Dwellings) 2017 (Dwellings) THE NUMBER of building permits authorised in Cyprus during July 2017 stood at 492 compared with the 442 authorised during the same period in the previous year; an increase of 11.3% according to official figures released by the Cyprus Statistical Service.

The total value of these permits reached €202.3 million and their total area reached 176.1 thousand square metres. During July 2017, building permits were issued for:

Progress

During the first seven months of 2017, 3,362 building permits were issued compared to 3,053 during the same period in the previous year; an increase of 10.1%

The total value of these permits increased by 49.2% and the total area by 41.6%. Building permits for new homes

The 356 residential building permits approved in July provided for the construction of 537 new homes comprising 259 single houses and 278 multiple housing units (such as apartments, semis, town-houses and other residential complexes); an increase of 40.6% compared with July 2016 when permits were issued for the construction of 382 new homes. 

Cyprus building projects surge July 2017

Cyprus property sales up 46 per cent

Cyprus property sales up 46 per cent

Cyprus property sales up 46 per cent in November 2016 Cyprus property sales continued their upward trend in November 2016 with sales rising by 46 per cent compared to November 2015 according to official figures from the Department of Lands and Surveys.

November’s increase follows a 37% increase in October, a 50% increase in September, and a 50% increase in August.

Of those 651 contracts, 463 (71%) were deposited by domestic (Cypriot) purchasers, while 29% (188) were deposited by overseas (non-Cypriot) purchasers.

With the exception of Famagusta, where sales fell 42%, sales rose in all district compared with November 2015.

In percentage terms Limassol led the way with sales up 82%, followed by Famagusta, where sales rose by 74%.

Meanwhile, sales in Nicosia and Larnaca rose by 43% and 3% respectively.

During the first 11 months of 2016 property sales have risen 34% to reach 5,929 compared with 4,439 during the first 11 months of 2015.

Sales have increased in all districts. Sales in Limassol have risen 48% and by 28% in Famagusta, Nicosia and Paphos. Meanwhile, sales in Larnaca have risen by 24%

In 2017 sales are expected to increase as the island becomes more and more affluent and out of recession with unemployment falling and tourism increasing year on year. 2016 was a record year for tourism in Cyprus.

So with Cyprus property sales up 46 per cent could be a good time to buy property for sale in Cyprus, contact us for more information here  http://www.cypruspropertydreams.com/cyprus-property-contact-us/

We are here to help in every way possible to make your search for that fantastic Cyprus property an enjoyable experience.

Read the testimonials from our previous clients who are still enjoying thier life in the sunshine on the fantastic island of Cyprus. Why not take the plunge and come and see for yourself the laid back lifestyle, the fantastic food and people.

During the first eleven months of 2016 sales to the overseas (non-Cypriot) market are up 20% compared with the first eleven months of 2015 with sales reaching 1,459 compared with 1,214 during the corresponding period last year.

The RIGHT time to buy a Cyprus Property

The RIGHT time to buy a Cyprus Property

The new Law

As of 14 July 2016, the Lands and Surveys Department (Fees and Rights) (as amended) (No 2) Law, the reduction of transfer fees of immovable property is now permanent. Buyers can obtain title deeds for their properties in Cyprus and pay:
• no transfer fees; or
• reduced transfer fees; and
• zero capital gains tax for properties purchased up to 31/12/2016

The new Law is applicable

a) when a contract of sale to purchase a property was deposited at the relevant District Land Registry Office on or before 31st December 2014;

b) even if buyers who failed to deposit their contract of sale can obtain a court order in order to deposit it at the relevant District Office;

c) where a title deed for the property has already been issued and the purchaser has fully paid the purchase price and has duly conformed with every other obligation under the contract of sale then the Land Registry Office shall transfer the title deed of the property in the name of such a purchaser albeit the existence of any mortgage or charge due to the seller;

d) where a title deed has not been issued yet, and the purchaser has duly paid the purchase price and conformed with all of his obligations under the sale of contract, then he can proceed to the transfer of the title deeds of his property in his name along with the filing of another application for the update of the title deeds that will make the issuing of separate transfer deeds even faster. This is so, irrespective of the existence any mortgage or other charge on the property.

Transfer Fees

• no transfer fees impose if VAT is paid on the purchase price of the property till 31 December 2016;

• 50% reduction in the payment of transfer fees apply for new purchases until 31 December 2016;

• additional 10% reduction, over and above of the reduction of the 50%, if the purchaser pays the transfer fees within 60 days and before 31st December 2016; and

• a payment scheme of 12 monthly instalments available.

The transfer fees are calculated on the basis, of the market value of the property as at the date of the transfer and are payable at the time of the transfer.

The rates are:
Property value

Example: a property is valued at €200.000, the transfer fees are:
• first €85.430 = €2.563
• next €85.429 = €4.271
• next €29.140 = €2.331
Total: €9.165 less 50% exemption: €4.582

Capital Gains Tax
The sale of immovable property situated in Cyprus till 31 December 2016 will incur 0% capital gains tax.
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