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Cyprus Property sales surge

Cyprus Property sales surged by 54% in February compared to the same month last year according to official figures issued by the Department of Lands & Surveys.
This 54% rise in February follows a 2% rise in January and a 13% rise in December 2015.
February saw a total of 501 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across; the highest monthly figure recorded since May 2014 when 551 contracts were deposited.
Cyprus property sales increased in all districts, with Limassol leading the way with an 85% increase in sales compared with February last year. Sales in Nicosia rose 76%, while those in Larnaca, Famagusta and Paphos rose by 52%, 30% and 18% respectively.
During the first two months of 2016 sales have risen 28% to reach 828. This exceeds the number of sales during January and February of 2013 that preceded the island’s bailout.

This significant Cyprus property sales surge in demand for property may be attributed to lower lending rates being offered by the banks and simpler procedures for granting loans, together with an improving economic climate and consumer confidence.
In the coming year we expect to see structural changes implemented to accelerate the issuance of Title Deeds. Whether this will enable Title Deeds to be issued by the time a purchaser takes delivery of a property remains to be seen; but things are moving in the right direction.
We will update this article with a further analysis of the sales statistics as soon as the Department of Lands and Surveys publishes the figures.

Ayia Napa marina

Ayia Napa marina

The construction of the Ayia Napa marina which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

CONSTRUCTION works for the new Ayia Napa marina are expected to start in the beginning of April, Mayor Yiannis Karousos announced on Monday.
“The process for the construction of the Ayia Napa marina is progressing according to existing schedules. Expressions of interest from companies was a great success after more than 30 companies showed interest,” the mayor stated, adding that 12 companies would be bidding in the end.
February 15 is the due date for submission of the tenders which will be evaluated, Karousos said.

“According to our calculations they will be expected to sign the relevant contracts in late March and in early April the work which is anticipated not only by Ayia Napa but indeed the whole of Cyprus will begin,” he added.
He said the companies would include bids from Cyprus and abroad.
The project also includes villas, apartments, restaurants, bars, shops, cafés and boutiques, as well as a square for holding events. The marina will be able to berth 600 vessels with a length of up to 60 metres and support work on minor repairs and servicing, he said.
During the construction of the marina, which is expected to last about three years, 800 jobs will be created with the majority of employees consisting of people of the region, while 350 people will be needed for the marina’s operation.
The vast complex is going to be built in the area between the Ayia Thekla chapel and Makronisos beach.

Is not the time to buy property in Ayia Napa and the Famagusta area?  Contact us today for more information. Contact us

 

Article courtesy of Cyprus Mail.

Cyprus Property Sales.

Cyprus Propert Sales Increase

Cyprus Property Sales 

Cyprus’ number of property transactions island-wide reported in June to authorities rose 15 per cent to 464 compared to the respective month of 2014, the department of lands and surveys said.
The overall increase was mainly on an annual 20 per cent rise in real estate transactions in the district of Paphos which rose to 124 in June, more than offsetting a 3 per cent drop to 135 of those in Limassol, the department said in a statement on its website.

The number of Cyprus Property Sales transactions rose in the districts of Nicosia, Larnaca and Famagusta 13 per cent, 37 per cent and 27 per cent to 61, 111 and 33 respectively reports Cyprus Mail

THE NUMBER of Cyprus Property Sales properties sold in Cyprus during June increased 15 per cent compared with June 2014 with sales improving in all districts with the exception of Limassol.
Industry pundits anticipate that the recent announcements by the government to resolve the ‘hidden mortgage’ problem and reduce Property Transfer Fees by 50 per cent will help boost the market. (Further announcements concerning a planning amnesty are anticipated.)
In June a total of 464 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus, compared with the 403 contracts deposited in June last year.
Although sales fell 3% in Limassol, they increased in all the other districts. Sales in Larnaca rose 37% to reach 111 compared to the 81 sold in June 2014.
Sales in Famagusta went up 27%, while those in Paphos & Nicosia increased by 20% and 13% respectively.

Overall sales during the first half of 2015 are up 6% compared with the first half of last year with sales reaching 2,348 compared to 2,213.
Although sales in Limassol fell in June it remains the most popular place for those buying property, with half-year sales reaching 737. Paphos is in second place with 566 sales, followed by Larnaca (505), Nicosia (409) and finally Famagusta (131).
Courtesy Cyprus Property news Magazine
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