Give New Incentives To The Property Market

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 10-02-2013

Marinos Kineyirou: President of the Cyprus Association of Estate Agent Entrepreneurs -President of the Real Estate Agent Entrepreneurs Association of Larnaca/ Famagusta and Property Auctioneer

Marinos Kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD


Give New Incentives To The Property Market


Real estate purchase was reduced but fully justified for the month of January 2013. According to the latest Land Registry data, the deeds of the new year totaled 375 and were in low levels reaching 53% less on a pancyprian base in relation to January 2012. The Cyprus Association of Estate Agent Entrepreneurs believes that this reduction is justified in relation to last year’s large number of deeds due to the legislation to abolish or reduce 50% of transfer fees as well as the reduced rate of VAT to 5% from 17%, on the acquisition of a first residence which gave life in Properties for sale in Cyprus. Specifically the reduction by province was as follows:
Nicosia: 46 filed deeds in January 2013, compared with 182 of last month’s deeds.
Limassol: 94 filed deeds in January 2013, compared with 209 of last month’s deeds.
Larnaca: 35 filed deeds in January 2013, compared with 117 of last month’s deeds.
Famagusta: 22 filed deeds in January 2013, compared with 86 of last month’s deeds.
Paphos: was the province with the most deeds reaching 178 compared to the other cities even though there was a slight decrease (31 deeds) in comparison with last’s month 209 deeds.
The Cyprus Association of Estate Agent Entrepreneurs provides the increase of real estates sales for 2013 and with the election of the new Government a proper promotion of Cyprus properties abroad. Cyprus Developers and generally the real estate sector ‘is suffering’ as a result of the global economic crisis. However, a proper redefinition by the new government and the avoidance of previous mistakes will bring closer the Cypriot buyers, resulting in the boosting of the Cyprus property market through the special offers available for purchasing residential real estates, commercial use or even for investment purposes promoting Cyprus villas, apartments and so on.
Buying a property even during an economic downturn is safe since long-term it has been proved that it offers significant value as a safe and secure investment due to the demographic and geographic specificity of Cyprus. Hence, acquiring a real estate and investing financially on it will not lose its value. But, the Cyprus Association of Estate Agent Entrepreneurs points out that the lack of consistent and targeted policy that has as its sole aim the revival of the direct interest in the real estate market continues to create delay in the revival of the Cyprus property market. So far there is no evidence that they are studying a possibility to support Cyprus developers and the purchase of real estates since everyone awaits the change of the existing Government. The situation might have been very different if there was a clear desire to support the real estate market by addressing the key problems hindering its recovery. The first concerns the channeling of liquidity and the second to provide incentives for financing qualified buyers. If both of these options were combined and the creation of a stable and simple tax system that will ensure for some time the tranquility offered by the assurance of security for tomorrow, then no doubt many more buyers would appear compared to those that exist today.

Use our comprehensive online Cyprus property finder service to find properties to buy, to rent or to sell. Also, we provide property management services and the latest Cyprus real estate news in the news section of the website. Marinos Kineyirou real estate agents, specialize in the Cyprus property market with exclusive properties in the cities of Limassol, Nicosia, Pafos, Larnaca, Famagusta, Protaras and Ayia Napa.

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