Price Readjustment In Property Purchase

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 27-01-2013

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


Price Readjustment In Property Purchase


According to the latest data of the Land Registry, buying Properties for sale in Cyprus ended in 2012 with a decrease of 11% as compared to the filed deeds which were 6269 in 2012 compared with 7018 deeds in 2011. December was the month with the greatest pancyprian fall to 24% after 495 deeds were filed while in the corresponding month of 2011, were 651 deeds. Specifically the reduction by province was as follows:
Nicosia: 20% reduction compared to 2011, while in December reached 30%.
Limassol: 23% reduction compared to 2011, while in December reached 35%.
Larnaca: 4% reduction compared to 2011 and for the month of December reached 20%.
Famagusta: 18% reduction compared to 2011 while in December reached 27%.
Paphos: 15% rise compared to 2011 after 200 and more deeds were filed. The month of December ended negatively with a decrease of 9%.
The Cyprus Association of Estate Agent Entrepreneurs believes that while there was a decrease in purchasing a property in 2012, the image for 2013 would be totally different, with sales growth and price stability in Cyprus real estates. The uncertainty towards the banks and the change on investors’ psychology due to the elections and the new government, will bring stability to the property market while with slow and steady rhythm there will be an increase in selling Properties in Cyprus. The negative psychology of investors the last few months due to the uncertainty regarding the memorandum which supposedly exists but has not yet been presented by the current Government, made the investors to wait and see the developments. A great share of responsibility has the state as well as the financial institutions since uncertainty ‘kills’ the Cyprus property market. However, real estate purchase by Chinese and Russian investors seems to have a positive development. The association stresses that the new Government and all public services involved in this process should respond responsibly and quickly to their duties toward foreign investors by presenting a comprehensive plan for proper coordination of investments in Cyprus and also to take action for the promotion of the Cyprus Real Estate Market. With the real estate purchase by Chinese and Russian investors there will be stimulation of the construction sector and increase in the tourist resources in Cyprus. The lengthy procedures of the State to issue title deeds and the continuous announcements on multiple taxations keep the property market stagnant and do not help for its revival. If the new government realizes that they should respond immediately and professionally without lengthy procedures that create problems in purchases and with a correct taxation system for tax collection then the Property market and the Economy of Cyprus will bloom again. An immediate aim for the new Government should be a series of positive measures to revive the Cyprus Real Estate Market, e.g. abolishing transfer fees for all the properties for sale in Cyprus for the next two years. Cyprus was, is and always will be a geographically favorable destination for foreign investors due to good weather conditions and access to the EU.
The Cyprus Association of Estate Agent Entrepreneurs stresses the need for measures to revive the real estate market by the Government, since it is the greatest pillar of development of the Cypriot economy, without multiple taxations but measures which will bring positive rhythm of progress. Cyprus is still an attractive destination for foreign investors and with the correct measures both by the Government and all stakeholders we can quickly see positive developments.

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